This Could Be Your Last Chance to Cash in on the NY Clean Heating Fuel Credit
Heating system upgrades aren’t the only way for New York City and Long Island homeowners to save on fuel costs. The New York Clean Heating Fuel Credit provides a tax rebate of 6-20 cents for every gallon of Bioheat® fuel purchased during the calendar year.
How is the credit determined?
Bioheat fuel is classified by the amount of biodiesel it contains. For example, a Bioheat fuel blend containing 6% biodiesel is referred to as B6, 10% biodiesel is B10 and so on – all the way up to 20% biodiesel or B20.
The credit is based on the percentage of biodiesel and the number of gallons purchased. An average homeowner using 800 gallons of B20 Bioheat fuel a year would be eligible for a credit of twenty cents per gallon, which comes to $160! The more fuel you use, the more credits you could earn.
Click here for the 2019 Clean Heating Fuel Credit form to claim your credits.
The tax credit expires on January 2, 2020, so this year’s income tax returns could be the last to offer the Clean Heating Fuel Credit. If you’re using Bioheat fuel, speak with your supplier to find out if you qualify for the Clean Heating Fuel Credit, and how much you can earn!