It’s tax season! Though that phrase may cause a handful of emotions and feelings, we have some good news for you. As a liquid fuel user in New York, you already know of the plethora of benefits Bioheat® fuel provides: it reduces greenhouse gas emissions, shrinks your carbon footprint, and provides an additional stream of revenue for farmers and restaurants. But wait, we’re not done yet!
Did you know that you can earn up to 20¢ back in tax credits for every gallon of Bioheat® fuel that you used during a calendar year?
If you don’t claim your credit, that’s essentially like throwing money in the trash. Be sure to read through this blog post to learn how you can take advantage and earn cash back as a reward for using low-carbon Bioheat® fuel to heat and power your New York home.
To meet the requirements for the Bioheat® fuel tax credit, homeowners must:
If audited, you should be prepared to show the following proof of purchase for your Bioheat® fuel delivery. These documents can likely be provided by your heating fuel delivery company.
By offering a tax credit to residents that utilize biofuel, New York continues to support the growth of alternative energy. If you’re looking for a Bioheat® fuel provider near you, it won’t be too hard to find one! New York has recently enacted a biodiesel blending requirement that mandates every liquid petroleum delivery provider to include minimum biodiesel blends in every gallon of fuel delivered.
Related Post: New York Enacts Biodiesel Blending Requirement in 2022
If you used Bioheat® fuel this past winter, claim your gallons from 2021 on your upcoming tax return. Need assistance? Visit the NY State Taxation and Finance website or get in touch with your local tax refund expert. When that Bioheat® fuel tax credit reward hits your online bank statement, you’ll be glad you took the time to fill out the form.