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Biofuel production credit

Who is eligible? 

You are entitled to this refundable credit if you or your business:

  • produced biofuel on or after January 1, 2006, and before January 1, 2020, at a biofuel plant located in New York State.

Note: The last tax year this credit may be claimed is 2019. See Previous year tax forms (by tax year) to file Form IT-243 or CT-243 for a prior year.

How much is the credit?

  • The credit is equal to fifteen cents per gallon of biofuel produced at a biofuel plant located in New York State, after the production of the first 40,000 gallons per year presented to market.
  • The credit limit is $2.5 million per entity per tax year and can be claimed for four consecutive tax years per biofuel plant.