Form It 241 PDF Details

In the quest for environmental sustainability, various measures have been implemented to encourage the use of greener alternatives. Among these initiatives, the Clean Heating Fuel Credit, as outlined in the IT-241 form from the Department of Taxation and Finance, stands out. This credit is designed to incentivize individuals, partnerships, estates, or trusts to opt for cleaner, bioheat fuel by offering a financial return on investments made towards this cause. The form itself navigates through the process of claiming this credit, focusing on the quantity of bioheat fuel purchased, the biodiesel percentage per gallon, and ultimately calculating the credit that can be claimed. Moreover, it caters to a wide audience including individual filers, fiduciaries, and members of partnerships or New York S corporations, each having distinct sections to report their eligible credit based on their role and contribution. The form meticulously guides the taxpayer through several parts, beginning with basic information, moving through calculations of credits based on biodiesel usage, and outlining how to report share of credit from partnerships, S corporations, or estates and trusts. Ultimately, the IT-241 form not only serves as a tool for claiming deserved benefits but also subtly promotes a shift towards more eco-friendly fuel alternatives, aligning individual financial benefits with broader environmental goals.

QuestionAnswer
Form NameForm It 241
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesbioheat, IT-203, NewYork, fiduciaries

Form Preview Example

Department of Taxation and Finance

IT-241

Claim for Clean Heating Fuel Credit

 

Tax Law – Section 606(mm)

Fiscal-year ilers enter tax period:

beginning

Submit this form with Form IT-201, IT-203, IT-204, or IT-205.

and ending

Name(s) as shown on return

Identifying number as shown on return

Part 1 – Individual (including sole proprietor), partnership, and estate or trust (see instructions)

A

Purchase date

B

Gallons of bioheat eligible for credit

C

Percentage of biodiesel per gallon of bioheat

(enter as a decimal, not to exceed .20)

D

Multiply column B by column C

1Total of column D amounts from additional sheet(s), if any..........................................................

2Clean heating fuel credit (add the column D amounts, including any amount on line 1; see instructions).....

Fiduciary: Include the line 2 amount on the Total line of Part 4, column C.

All others: Enter the line 2 amount on line 7.

1

2

.00

.00

Part 2 – Partnership, New York S corporation, estate, and trust information (see instructions)

If you were a partner in a partnership, a shareholder of a New York S corporation, or a beneiciary of an estate or trust and received a share of the clean heating fuel credit from that entity, complete the following information for each partnership, New York S corporation, estate or trust. For Type, enter P for partnership, S for S corporation, or ET for estate or trust.

Name of entity

Type

Employer identiication number

Part 3 – Partner’s, shareholder’s, or beneiciary’s share of credit

Partner

3

Enter your share of the credit from your partnership (see instructions)

3

S corporation

 

 

 

shareholder

4

Enter your share of the credit from your S corporation (see instructions)

4

Beneiciary

5

Enter your share of the credit from the iduciary’s Form IT-241, Part 4,

 

 

column C

5

 

 

 

6

Total (add lines 3, 4, and 5)

6

Fiduciary: Include the line 6 amount on the Total line of Part 4, column C.

All others: Enter the line 6 amount on line 8.

.00

.00

.00

.00

301001150094

IT-241 (2015) (back)

Part 4 – Beneiciary’s and iduciary’s share of credit (see instructions)

A

B

C

Beneiciary’s name (same as on Form IT-205, Schedule C)

Identifying number

Share of clean heating fuel credit

 

 

 

Total (iduciaries, enter the amount from line 2 plus the amount from line 6)

 

.00

 

 

.00

 

 

 

 

 

.00

 

 

 

Fiduciary

 

.00

 

 

 

Part 5 – Computation of clean heating fuel credit (see instructions)

Individual and partnership

7

Enter the amount, or your share of the amount, from line 2 ....

7

Partner, S corporation

 

 

 

shareholder, beneiciary

8

Enter the amount from line 6

8

Fiduciary

9

Enter the amount from Part 4, Fiduciary line, column C

9

 

10

Total clean heating fuel credit

 

 

 

(add lines 7, 8, and 9; see instructions)

10

.00

.00

.00

.00

301002150094

How to Edit Form It 241 Online for Free

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With regards to the fields of this particular document, here is what you should know:

1. The NewYork involves specific details to be typed in. Be sure that the following blank fields are complete:

Stage # 1 for submitting beneficiarys

2. When the previous array of fields is done, you'll want to insert the required particulars in If you were a partner in a, Employer identiication number, Name of entity, Type, Part Partners shareholders or, Enter your share of the credit, S corporation shareholder, Beneiciary, Enter your share of the credit, and Fiduciary Include the line amount so you can progress further.

Enter your share of the credit, Type, and Name of entity of beneficiarys

People who work with this document often make mistakes while completing Enter your share of the credit in this part. You need to revise whatever you enter right here.

3. Through this step, review Total iduciaries enter the amount, Fiduciary, Part Computation of clean, Individual and partnership Partner, Enter the amount or your share of, Enter the amount from line, Total clean heating fuel credit, and add lines and see instructions. All these need to be taken care of with highest precision.

Stage number 3 of filling out beneficiarys

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