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Did You Know ...The idea of using vegetable oil as a fuel source isn't a new one. In 1900, Rudolph Diesel, a German engineer for whom the diesel engine is named, used peanut oil to power one of his engines at the World Exposition. Today, Rudolph Diesel's original idea of using vegetable oils as a fuel source has been revived with the development of biodiesel. |
In February 2008, Congress passed the Renewable Energy Bill. The bill includes tax incentives for renewable energy and fuel, energy efficient homes and buildings, and hybrid cars. There will also be incentives for the production of renewable energy which could yield nearly $18 billion in tax credits.
Governor David Paterson is making New York a "greener" state with the Bioheat Tax Credit. With this incentive, heating oil consumers will receive a tax credit on each gallon of biofuel they purchase.
Gov. David Paterson has restored the tax credit that was originally enacted by Gov. George Pataki but had lapsed in mid-2007. For each gallon, consumers will receive a $.20 tax credit AND this is retroactive as of January 1, 2008...
Furthermore, the New York state Biofuel tax credit will extend for "Four More Years!" to 2012.
To reduce greenhouse gas emissions from heating oil combustion, the City of New York plans to implement of The Bioheat Act of 2007. Under the act, all heating oil sold in New York City will be required to contain 5% biodiesel by June 2009 and steadily increase to 20% by June 2013.