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New York

New York

Incentives/Policies for Renewables & Efficiency

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Refundable Clean Heating Fuel Tax Credit (Corporate)   

Last DSIRE Review: 09/27/2012
Program Overview:
State: New York
Incentive Type: Corporate Tax Credit
Eligible Renewable/Other Technologies: Biodiesel
Applicable Sectors: Residential
Amount:$0.01/gallon for each percent of biodiesel
Maximum Incentive:$0.20/gallon
Equipment Requirements:Must be used for residential space heating or hot water production within New York State
Carryover Provisions:No carryover; tax credit is refundable
Start Date:01/01/2008 (2008 reinstatement)
Expiration Date:12/31/2016
Authority 1:
Date Enacted:
Date Effective:
Expiration Date:
NYCL Tax ยง 210.39
05/21/2006 (subsequently amended)
01/01/2008 (2008 reinstatement)
12/31/2016 (2011 extension)
Authority 2:
Date Enacted:
Date Effective:
A.B. 7793
10/14/2011
10/14/2011
Summary:

The state of New York began offering a corporate income tax credit for biodiesel purchases used for residential space heating and water heating beginning in 2006. The original credit was authorized for only one year from July 1, 2006 to June 30, 2007. However, in 2008 the law was amended to reinstate the credit for purchases made between January 1, 2008 and December 31, 2011. The window was extended through December 31, 2016 by A.B. 7793 in October 2011. Eligible taxpayers are defined as corporations that are subject to the franchise tax on business corporations, including a corporation that is a partner in a partnership.

The value of the tax credit is $0.01/gallon for each percent of biodiesel blended with conventional home heating oil, up to a maximum of $0.20/ gallon. In other words, the purchaser of a mixture of 10% biodiesel and 90% conventional heating oil is entitled to a tax credit of $0.10/gallon. Biodiesel is defined to include certain fuels created from both animal fats and vegetable oils. Biodiesel use in buildings with both residential and non-residential space and a common oil storage tank is eligible for a partial credit based on the percentage of square footage used for residential purposes. If a taxpayer's allowable credit exceeds their tax liability for a given year, the remaining credit is refunded rather than carried over to a subsequent tax year.

In order to claim the tax credit corporate income taxpayers must complete Form CT-241, which is available on the New York State Department of Taxation and Finance web site.


 
Contact:
  Taxpayer Assistance - Corporate Tax Information Center
New York State Department of Taxation and Finance
W.A. Harriman Campus
Albany, NY 12227
Phone: (518) 485-6027
Phone 2: (888) 698-2908
Web Site: http://www.tax.state.ny.us
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.