Biomass Fuel Credit

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Subject Author Date Biomass Fuel Credit KSB 05-25-2009  Re: Biomass Fuel Credit Mark Bole 05-25-2009  Re: Biomass Fuel Credit Dick Adams 05-25-2009  Re: Biomass Fuel Credit Bill Brown 05-25-2009
Posted by KSB on May 25, 2009, 1:55 pm Please log in for more thread options 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 foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Mark Bole on May 25, 2009, 3:56 pm Please log in for more thread options KSB wrote: > 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 -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Dick Adams on May 25, 2009, 4:41 pm Please log in for more thread options > 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 -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Bill Brown on May 25, 2009, 9:30 pm Please log in for more thread options On May 25, 4:41 pm, rdad...@panix.com (Dick Adams) wrote: > 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. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Tax credit July 10, 2008, 10:54 am Tax credit October 2, 2008, 4:35 pm Tax Credit March 2, 2009, 11:49 pm Energy Credit November 28, 2006, 1:03 am Credit for 401(k) contributions March 28, 2007, 5:15 pm education tax credit October 19, 2007, 10:20 pm Energy Credit March 24, 2008, 5:26 pm AMT foreign tax credit June 8, 2006, 2:22 pm Foreign Tax Credit October 16, 2008, 3:09 pm Foreign Tax Credit May 19, 2009, 9:36 am