What does the start of the year mean to you? New Year’s resolutions? Lots of holiday leftovers in the fridge?
We know that many homeowners on the North Fork and East End of Long Island start fretting about tax time as soon as the calendar year flips over. And after months filled with record-high inflation and painful increases in energy prices, the prospect of ponying up a tax return payment is less than pleasant.
What is this tax credit? It’s a way to reduce the New York income tax burden for Empire State residents that use eco-friendly Bioheat® fuel —the product we deliver to your home!
New York’s government has an ambitious goal to lower greenhouse gas emissions by 40 percent from 1990 levels by 2030, with an 85 percent reduction by 2050. One way they’re encouraging decarbonization is by incentivizing the use of clean-burning biofuel in heating and hot water systems. Biofuel is a gallon-for-gallon substitute for petroleum heating oil that’s produced from recycled and organic products.
So, New York state offers residents an income tax credit for purchasing biofuel-blended heating oil.
You can claim a credit of one cent per gallon multiplied by the percentage of biofuel in your heating oil.
Burt’s Reliable customers receive Natural Heating Oil® at a 20 percent blend, also called B20. This entitles our customers to a 20-cents per gallon tax credit. The average customer, using 750 gallons of heating oil annually, receives a $150 tax credit. That’s nothing to sneeze at!
Homeowners must have proof to back up the clean fuel tax credit they claim. And we provide it to our customers each year.
At the beginning of the year, we send you a summary of all the fuel deliveries you received for the prior year, including the dates and the number of gallons purchased. We send this annual summary via “snail mail” or email, depending on whether we have your current email address on file.
With the statement, you or your tax accountant can quickly calculate your state income tax credit for the year.
Many of our competitors sell a much lower biofuel blend for their heating oil. We opt for a B20 — among the highest blends available — because it’s much better for the planet and your home.
A B20 Bioheat blend burns cleaner than natural gas, and you don’t need to modify any of your equipment. You’ll receive the same robust heat as traditional heating oil, plus Bioheat fuel leaves fewer deposits in your system. This means you’ll need fewer cleanings and less maintenance!
Before you file your income tax returns, be sure to confirm your New York clean fuel credit.