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To claim the credit, report the tax-paid biodiesel portion of the dyed blended biodiesel fuel removed on disbursement Schedule 13M, Tax-Paid Fuel Removed From a Terminal.

If your business receives fuel tax credits, you can record the amount using a journal entry. The journal entry would involve two accounts: A 4-X or 8-X Income account which would be credited. This increases income which amounts to decreasing expense.

The BTC was created under the American Jobs Creation Act of 2004 and has been amended over time. In its current form, qualified taxpayers may claim the tax credit, at $1.00 per gallon, when the required amount of biodiesel or renewable diesel is blended with petroleum diesel for sale or use in a trade or business.

All heating oil sold for use in any building in New York must contain at least 5% biodiesel by July 1, 2022, 10% by 2025 and 20% biodiesel by 2030. Blending requirements are already in effect in Long Island and New York City.

Bioheat® Fuel is the industry's official registered name for the fuel that consists of a blend of ultra-low sulfur heating oil with renewable biodiesel that's made from organic and recycled products. These products can range from soybean oil, used cooking oils, inedible corn oil, canola, tallow, fats and algae.

Beginning January 1, 2023, fueling equipment for natural gas, propane, hydrogen, electricity, E85, or diesel fuel blends containing a minimum of 20% biodiesel, is eligible for a tax credit of 30% of the cost or 6% in the case of property subject to depreciation, not to exceed $100,000.

Beginning January 1, 2023, fueling equipment for natural gas, propane, hydrogen, electricity, E85, or diesel fuel blends containing a minimum of 20% biodiesel, is eligible for a tax credit of 30% of the cost or 6% in the case of property subject to depreciation, not to exceed $100,000.

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. Example: On February 1, you purchase 250 gallons of bioheating fuel to be used for residential heating purposes within New York State.