Heating Oil Receives Product Code

July 12, 2003
/ Print / Reprints /
/ Text Size+
ALEXANDRIA, Va. — Support for low sulfur heating oil from the National Oilheat Research Alliance (NORA) has spurred the Federation of Tax Administrators to commit to establishing a specific code for this fuel oil product. According to NORA, this move will be followed with recognition by the Internal Revenue Service for reporting purposes.

Product “151-Low Sulfur Heating Oil (Dyed)” will be implemented at the end of summer. The code designation will appear on various regulatory forms with which wholesale heating suppliers comply, including Form 782C used by NORA to collect the assessment of $.002 placed on heating oil sold to end-use consumers. NORA said that wholesalers and retailers will want to bring this new code into their accounting systems.

The need to ensure that the heating oil receives a different designation from low sulfur dyed diesel is due to the fact that this category of heating oil, while gaining in use, has not been specifically subject to the NORA collection process. Ensuring collection of the fee requires the industry to develop a new name for the low sulfur fuel and to ensure that the code is in the product codes of the various account and tax software.

Publication date: 07/14/2003

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.



Image Galleries

2014 Energy Efficiency Forum

Highlights from the 25th annual Energy Efficiency Forum in Washington, D.C.


NEWSMakers: Joseph Groh

Joseph Groh, an industry veteran boasting 35 years of HVAC experience, discusses the 2008 bicycle accident that cut his career tragically short, and how the Joseph S. Groh Foundation is his way of giving back to the construction trade. Posted on Aug. 22.

More Podcasts


NEWS 08-18-14 cover

2014 August 18

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Prohibiting HFCs

EPA is proposing a rule that would prohibit some HFCs in select refrigeration applications. Do you agree with this move?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con