Instructions For Form It-611 - Claim For Brownfield Redevelopment Tax Credit - New York State Department Of Taxation And Finance - 2005 Page 2
ADVERTISEMENT
1
2
3I
Page 2 of 3 IT-611-
(2005)
Line 4 Fiduciaries — Include the line 4 amount in the Total line of
Certificate of Completion (CoC) is a certificate issued by the
Commissioner of Environmental Conservation.
Schedule D, column C.
Part 2 — Tangible property credit component
An environmental zone (EN-Zone) is an area designated as such
by the Commissioner of Economic Development. An EN-Zone is
The tangible property credit component includes the costs (or other
a census tract and block numbering area that, as of the year 2000
basis of the property, as computed for federal income tax purposes)
census, (1) has a poverty rate of at least 20% and an unemployment
paid or incurred for qualified tangible property.
rate of at least 1.25 times the statewide unemployment rate, or
(2) has a poverty rate of at least two times the poverty rate for the
Costs paid or incurred before the effective date of the BCA do not
county in which the area is located. However, to qualify under this
qualify for this component.
second set of criteria, the qualified site must be the subject of a BCA
Costs may include those for leased property if:
entered into prior to September 1, 2006.
1. the lessee was not or is not the party legally responsible for the
To find out whether a site is located in an EN-Zone, contact
disposal of hazardous waste or the discharge of petroleum at the
Empire State Development at 1 800 782-8369 or visit their Web site
qualified site; or,
at
2. the lessee is legally responsible but only because the lessee
operated the site after the disposal of the hazardous waste or the
Important reminder to file a complete return
discharge of petroleum.
You must complete all required schedules and forms that make up
To qualify, the lessor must request and receive certification for the
your return, and include all pages of those forms and schedules
lessee from the Commissioner of Environmental Conservation.
when you file. Attach only those forms and schedules that apply to
your return, and be sure that you have made all required entries.
The tangible property credit component is allowed for the tax year
Returns that are missing required pages or that have pages
in which the qualified tangible property is placed in service on a
with missing entries are considered incomplete and cannot be
qualified site. However, if the property was placed in service on
processed, and may subject taxpayers to penalty and interest.
a qualified site in a tax year that began prior to April 1, 2005, the
property will be treated as if it were placed in service in the first tax
Filling in your tax forms
year beginning on or after April 1, 2005. This credit component may
For complete information on how to fill in New York State scannable
be claimed for up to 10 years after the year of issuance of the CoC.
income tax forms, see the instructions for:
If the property ceases to be in qualified use, a recapture of the credit
• resident return (Form IT-201),
may be necessary (see Schedule F).
• nonresident and part-year resident return (Form IT-203),
Columns A and B — Describe costs paid or incurred during this
• partnership return (Form IT-204), or
tax year. If this tax year is the tax year in which the effective date of
• fiduciary return (Form IT-205).
the CoC occurs (or is treated as having occurred), enter all costs
paid or incurred to prepare the site to qualify for the CoC. List costs
Also see the instructions for the above returns for the Privacy
separately. Attach additional sheets if necessary.
notification or if you Need help in contacting the Tax Department.
Column D — Enter the useful life of each item claimed. See the
Specific instructions
definition of life or useful life on the front page. Do not use the
recovery period for depreciation under the accelerated cost recovery
Partnerships with corporate partners — Corporate partners will
system (ACRS) or the modified accelerated cost recovery system
include their allocable share of the component costs used by the
(MACRS).
partnership to compute the credit in their own computation of the
credit on Form CT-611. Do not allocate the credit calculated on this
Column E — Enter the cost or other basis for federal purposes of
Form IT-611 to corporate partners.
the qualified property.
Schedule A — Credit components
If the qualifying property was not in qualified use at the end of
the tax year it was placed in service, figure the amount to enter in
Part 1 — Site preparation credit component
column E as follows:
The site preparation credit component includes site preparation
• For depreciable property under IRC section 167, multiply the cost
costs paid or incurred by the taxpayer with respect to the qualified
by a fraction; the numerator is the number of months of qualified
site. Site preparation costs paid or incurred before the effective
use, and the denominator is the number of months of useful life of
date of the BCA do not qualify. Costs paid or incurred on or after
the property.
the effective date of the BCA and up to the date in which the CoC
• For property subject to the provisions of IRC section 168, multiply
is issued are allowed in the tax year in which the CoC is issued.
the credit by a fraction; the numerator is the number of months of
However, if the date the CoC is issued occurs in a tax year that
qualified use, and the denominator is:
begins prior to April 1, 2005, the date of issuance of the certificate
is treated as if the date occurred in the first tax year beginning on or
– 36 for three-year property;
after April 1, 2005. Site preparation costs incurred after the date the
– the number of months you chose for buildings or structural
CoC is issued are allowed in the tax year that the improvement to
components of buildings; or
which the applicable costs apply is placed in service for up to five tax
– 60 for all other classes of property.
years after the year the CoC has been issued.
Line 8 — Fiduciaries include the line 8 amount in the Total line of
Site preparation costs include, but are not limited to, the costs of
Schedule D, column D.
excavation, temporary electric wiring, scaffolding, demolition costs,
and the costs of fencing and security facilities.
Part 3 — On-site groundwater remediation credit
component
Site preparation costs do not include the cost of acquiring the site
or the amounts included in the cost or other basis for federal income
The on-site groundwater remediation credit component is the
tax purposes of qualified tangible property as defined below.
product of the on-site groundwater remediation costs multiplied
by the applicable percentage. Costs paid or incurred before the
Columns A and B — Describe costs paid or incurred during this
effective date of the BCA do not qualify for this component.
tax year. If this tax year is the tax year in which the effective date of
the CoC occurs (or is treated as having occurred), enter all costs
On-site groundwater remediation costs do not include costs which
paid or incurred to prepare the site to qualify for the CoC. List costs
were included in the basis of the tangible property credit component
separately. Attach additional sheets if necessary.
or the site preparation credit component.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form It-217 - Claim For Farmers' School Tax Credit - New York State Department Of Taxation And Finance - 1997
Financial
Instructions For Form It-215 - Claim For Earned Income Tax Credit - New York State Department Of Taxation And Finance - 1998
Financial
Form Ct-47 - Claim For Farmers' School Tax Credit - New York State Department Of Taxation And Finance - 2011
Financial
Form Ct-47 - Claim For Farmers' School Tax Credit - New York State Department Of Taxation And Finance - 2012
Financial
Instructions For Form It-241-i, Claim For Clean Heating Fuel Credit, New York State Department Of Taxation And Finance
Financial
Instructions For Form It-241 -i (2012) - Claim For Clean Heating Fuel Credit - New York State Department Of Taxation And Finance
Financial
Instructions For Form Ct-33.1 - Claim For Capco Credit - New York State Department Of Taxation And Finance - 2005
Financial
Instructions For Form Ct-3-c - Consolidated Franchise Tax Return - New York State Department Of Taxation And Finance - 2005
Financial
Related Categories
Parent category: Financial