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.
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.
- Form CT-243, Claim for Alternative Fuels Credit, and its instructions (for corporations); or
- Form IT-243, Claim for Biofuel Production Credit, and its instructions (for all others).