Oregon Taxes: 744 Oregon Biofuel Consumer Tax Credit - Pellets, Biodiesel, Bioethanol

Do you fill up with bioethanol (E85 only, thanks Chris in the comments for that clarification!) or biodiesel? Do you heat your home with pellets, firewood or B20 heating oil? If so, and you're an Oregon resident, you're getting a tax break on your 2007 state taxes.

I'm not a lawyer, accountant or anything even remotely resembling a tax or legal expert. But, I am a schmoe doing my taxes, and I've found the 744 Oregon Biofuel Consumer Tax Credit will save folks like me a few bucks off their taxes, effective with tax year 2007. The program looks like it's expanding in 2008, to include firewood and tax credit incentives for woodburners to upgrade to more efficient stoves:

• Oregon Biofuel Consumer Credit - Google Search
• Biofuel consumer - Oregon.gov - "Oregon now has a tax credit available for consumers of qualifying biofuels"
• Smallwood News :: View topic - OR State & Feds Promote Woody Biomass as Local Heating - "In early December, the Oregon Department of Energy announced the availability of a new Residential Energy Tax Credit for the purchase of highly efficient wood or pellet burning stoves. A household that purchases a qualifying new stove can receive a tax credit of 25% on the net cost of the stove up to $300"

The Biofuel consumer - Oregon.gov link contains info on who qualifies and how to claim the credit.

I could end this by saying "many happy returns," but I just won't. I'll just note that if you have any questions, talk to a tax professional, and good luck on your taxes.

Comments

[Chris Bailey]

Note to Bioethanol users: only E85 (or better) counts, E10 does not (see the link Anthony mentions about what qualifies). I was all excited to see this info, but unfortunately, we still have "regular" gas cars, so can only put E10 in. I look forward to our next cars being hybrids and/or FlexFuel, or something. Of course, the fact that I work at home and rarely drive my car probably saves more than the typical commuter driving a hybrid :)

[Anthony St. Clair]

Thanks Chris, I updated the post with that info.