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  • Ny It-241 2022

Get Ny It-241 2022-2025

01, IT-203, IT-204, or IT-205. Name(s) as shown on return Identifying number as shown on return Part 1 Individual (including sole proprietor), partnership, and estate or trust (see instructions) A Purchase date B Gallons of bioheating fuel eligible for credit C Percentage of biodiesel per gallon of bioheating fuel D Multiply column B by column C (enter as a decimal; at least .06, not to exceed .20) 1 Total of column D amounts from additional sheet(s), if any.

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How to fill out the NY IT-241 online

The NY IT-241 form is essential for claiming the clean heating fuel credit. This guide will provide you with a clear and structured approach to completing the form online, ensuring you understand each section and field.

Follow the steps to successfully fill out the NY IT-241 form online.

  1. Click ‘Get Form’ button to obtain the form and open it in your preferred editor.
  2. Begin by entering your name(s) as shown on your return and the identifying number in the appropriate fields.
  3. In Part 1, fill out the purchase date, gallons of bioheating fuel eligible for credit, percentage of biodiesel per gallon, and calculate the corresponding total in column D.
  4. For Part 2, if applicable, provide details about partnerships or entities you are involved with, including name, type (P, S, ET), and employer identification number.
  5. In Part 3, enter your share of the clean heating fuel credit from partnerships, S corporations, or fiduciaries. Be sure to sum these amounts accurately.
  6. Complete Part 4 by listing the beneficiaries and their respective share of the clean heating fuel credit.
  7. Proceed to Part 5, where you will compute the total clean heating fuel credit by adding the relevant lines together.
  8. Upon completing all sections, you can save, download, print, or share the form as needed to finalize your submission.

Complete your NY IT-241 form online today to ensure your clean heating fuel credit is claimed efficiently.

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Converting an oil boiler to bio fuel is not as complicated or costly as you might think. The most important adjustment is the burner, due to the different burning temperatures of different fuel mixes. Fitting a biofuel burner will ensure that your boiler performs at the best possible efficiency for the fuel source.

Qualified biodiesel producers or blenders are eligible for an income tax credit of $1.00 per gallon of pure biodiesel (B100) or renewable diesel produced or used in the blending process. Re-blending of blended biodiesel does not qualify for the tax credit.

In December of 2021, Governor Kathy Hochul signed legislation that requires all heating oil sold for use in any building in the state of New York to contain at least 5% biodiesel by July 2022.

Heating oil that contains biodiesel can be referred to as “biodiesel” or “bio-heat.” So what is biodiesel? Essentially biodiesel is a type fuel made from vegetable oils or animal fats. These oils or fats can be harvested from crops like canola or soybeans or it can be made from used oils from restaurants and homes.

Is Biofuel Cheaper than Oil? Biofuel costs roughly the same as conventional oil. It can also be slightly cheaper, depending upon circumstances. For example, some people have made their own biofuel blends if they have access to recycled cooking oil.

What Are the Benefits of Using Biofuel for Home Heating? Biofuel is 100% compatible with your current oil tank & heating system and costs the same as regular heating oil. Biodiesel can also improve the efficiency of furnaces, boilers, and other equipment when it is added to your heating oil.

How much is the credit? The credit is equal to one cent for each percent of biodiesel per gallon of bioheating fuel purchased before January 1, 2026. It may not exceed 20 cents per gallon.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232