NYS Tax Credit

New York State Tax Credit

NYS-IT-241.jpgNew York State will pay you to use Bioheat® fuel. Bioheat® fuel consumers who live in residential buildings, including single- and multi-family homes, apartment buildings, co-ops and condos are eligible to receive a New York State tax credit of up to 20 cents per gallon of Bioheat® fuel used, calculated at one cent per percentage of biodiesel in the blend, between B6 (6 percent biodiesel, or 6 cents per gallon) and B20 (20 percent biodiesel, or 20 cents per gallon). This means for every 1,000 gallons of B20 blend you use, you'll save $200. This tax credit has been in effect since 2012, and remains in effect through 2020. It may even be credited retroactively. To receive your tax credits, you must file NY State Form IT-241 along with your income tax return. Please consult with your accountant or tax professional.

Click here to print the Biofuel Tax Credit Form.