IT-241: Claim for Clean Heating Fuel Credit (2024)
New York · NY DTF · Used for tax years 2024
New York Form IT-241 is used to claim the clean heating fuel credit. It reports eligible bioheating fuel purchases, calculates the credit, and includes credit shares received from a partnership, New York S corporation, estate, or trust.
Who files this form
Form IT-241 is used to claim the clean heating fuel credit. It includes sections for:
- Individuals, including sole proprietors, partnerships, and estates or trusts.
- Partners, New York S corporation shareholders, and estate or trust beneficiaries who received a share of the credit from an entity.
What you'll need
Have the information requested on the form ready:
- Your name and identifying number as shown on your tax return.
- Purchase dates, gallons of bioheating fuel eligible for the credit, and the percentage of biodiesel per gallon.
- If you received a share of the credit from an entity: its name, type, employer identification number, and your share of the credit.
- If you are a beneficiary: your credit share from the fiduciary’s Form IT-241, Part 4, column C.
- If you are completing Part 4 as a fiduciary: beneficiaries’ names as shown on Form IT-205, Schedule C, their identifying numbers, and their shares of the credit.
- For fiscal-year filers: the beginning and ending dates of the tax period.
How to file
Submit Form IT-241 with Form IT-201, IT-203, IT-204, or IT-205.
The supplied form does not provide a mailing address or e-file directions.
Common mistakes
- Enter the biodiesel percentage in Part 1, column C, as a decimal. The form specifies at least .06 and no more than .20.
- Include the total of column D amounts from any additional forms on line 1.
- In Part 2, use the specified entity codes: P for partnership, S for S corporation, and ET for estate or trust.
- Follow the separate directions for fiduciaries: include the amounts from lines 2 and 6 on the Total line of Part 4, column C.
- Submit IT-241 with one of the tax returns listed on the form.
Questions people ask
How do I calculate the credit in Part 1?
For each purchase, multiply the eligible gallons in column B by the biodiesel decimal in column C. Enter the result in column D. Add the column D amounts, including any amount on line 1, to get line 2.
What if I received credits from more than one entity?
Complete Part 2 information for each partnership, New York S corporation, estate, or trust that provided you a share of the credit. Report credit shares by entity type on lines 3, 4, and 5, then add those amounts on line 6.
How is the total credit calculated in Part 5?
Line 7 is for the amount, or your share of the amount, from line 2. Line 8 is for the amount from line 6. Line 9 is for the fiduciary’s amount from Part 4, Fiduciary line, column C. Add lines 7, 8, and 9 to get the total credit on line 10.
Do fiscal-year filers need to enter their tax period?
Yes. The form asks fiscal-year filers to enter the beginning and ending dates of their tax period.