Biomass Fuel Credit


K

KSB

My oil company just told me that I can get a tax credit by using biomass
fuel in my existing home heating oil burner. Is this correct.

KSB
 
M

Mark Bole

KSB said:
My oil company just told me that I can get a tax credit by using biomass
fuel in my existing home heating oil burner. Is this correct.

KSB

The most likely thing is a credit for federal excise tax paid on the
fuel. Most of the other credits seem related to the purchase of the
heating equipment itself (not fuel), production of biomass fuels, or use
in a trade or business (not residential).

There does not appear to be one single IRS pub or table which lays this
all out, but I'd love to learn otherwise. Compounding the murkiness is
that certain credits have come and gone and come back again over the
last few years with each major new tax law, it seems.

And of course your state may have its own credits. Did your oil company
at least specify whether or not it was a federal credit?

-Mark Bole
 
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D

Dick Adams

KSB said:
My oil company just told me that I can get a tax credit by
using biomass fuel in my existing home heating oil burner.
Is this correct.
I don't know, but I have an oil furnace. So what is biomass
fuel and why would I want to burn it?

Dick
 
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B

Bill Brown

I don't know, but I have an oil furnace.  So what is biomass
fuel and why would I want to burn it?

Recyled cooking oil and so your house will smell like french fries.
 

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