Wood Residuals Credit
On this page find information and instructions for claiming the Wood Residuals Credit.
- Tax Credit Code: 128
Summary
This provides a tax credit for transporting or diverting wood residuals to a renewable biomass qualified facility on or after July 1, 2008. The aggregate amount of tax credits allowed for both the clean energy property tax credit and the wood residuals tax credit is $2.5 million for calendar years 2008, 2009, 2010, 2011; and $5 million for calendar years 2012, 2013, and 2014.
Forms
Taxpayers must request preapproval to claim this credit on Form IT-WR-AP. Credits claimed but not used may be carried forward for succeeding years’ tax liability. For taxable years beginning on or after January 1, 2025, any credits generated but not used may be carried forward for three years.
Form IT-WR-AP Wood Residuals Tax Credit