You may be entitled to a tax credit on your electric and natural gas costs

Good news for farmers, nursery/greenhouse folks, fishermen and other agribusinesses. You can now claim taxes that you paid to your energy supplier as a refundable tax credit on your income tax return.

How to receive your tax credit

• Call your supplier of natural gas and your electric supplier. (They may be the same.)
• Mention that you want to claim the Industrial or Manufacturing Business Credit (IMB) on your state income taxes. (Be sure to have your account number handy when you call.)
• Ask your supplier to give you the amount of tax you paid to them over the past year.
• Provide your tax preparer with this amount or enter it yourself on your return.
• If you prepare your own return, you will also need to include form DTF-623.

Tax credits should be about 2.35 percent of the amount you paid for electric and slightly less for natural gas.

Contact information for suppliers

Farm Credit can help

For more information, contact us at info@farmcreditwny.com today! Our tax specialists are ready to answer your questions or prepare your business or personal returns for you.

*According to regulations, this tax credit applies to businesses engaged in manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture, commercial fishing or research and development.

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