Instructions For Form It-611 - Claim For Brownfield Redevelopment Tax Credit - New York State Department Of Taxation And Finance - 2005 Page 3
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IT-611-
(2005) Page 3 of 3
Schedule E –- Computation of credit
This component is allowed in the tax year the CoC is issued for
costs paid or incurred prior to the effective date of the certificate.
Partnerships — Attach a statement to Form IT-204 indicating the
Costs paid or incurred in tax years after the effective date of the CoC
amount of each credit component included in the total on line 21.
will be allowed for up to five tax years after the CoC is issued.
This information must be provided to each partner in the partnership.
Columns A and B — Describe costs paid or incurred during this
Schedule F — Recapture of credit
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
You must recapture all or a portion of the brownfield redevelopment
paid or incurred to prepare the site to qualify for the CoC. List costs
tax credit if one of the following occurs:
separately. Attach additional sheets if necessary.
• Your CoC for the qualified site is revoked by a determination
Line 12 — Fiduciaries include the line 12 amount in the Total line of
issued under ECL section 27-1419 and the determination is no
longer subject to judicial review.
Schedule D, column E.
• Qualified tangible property that is used in the basis for this credit
Applicable percentage table (for Article 22 taxpayers)
ceases to be in qualified use prior to the end of its useful life. In
this instance you must add the difference between the original
Qualified site description
Rate
credit allowed and the credit allowed for actual use back to the tax
otherwise due in the year of disqualification.
Qualified site ...............................................................
10%
Note: If qualified property has a useful life of more than 12 years,
Qualified site remediated to Track 1 ............................
12%
and has been in qualified use for more than 12 consecutive years,
Qualified site with at least 50% located within an
no recapture is necessary.
Environmental Zone (EN-Zone) ..............................
18%
Fill in columns A through H if you have claimed the credit on
Qualified site remediated to Track 1 and at least
property that ceased to be in qualified use prior to the end of its
50% located within an EN-Zone ..............................
20%
useful life. Do not include property that has been in qualified use for
more than 12 consecutive years.
Schedule B — Partnership, S corporation, estate,
Enter in column D:
and trust information
• For depreciable property under IRC section 167, the number of
Enter the appropriate information for each partnership, New York
months of useful life of the property.
S corporation, or estate or trust for which you received a share of the
• For recovery property under IRC section 168:
credit. If you need more space attach a separate schedule.
– 36 for three-year property;
Schedule C — Partner’s, shareholder’s, or
– the number of months you chose for buildings or structural
beneficiary’s share of credit
components of buildings; or
– 60 for all other classes of property.
Lines 14a, 14b, and 14c — Enter your share of each credit
component received from a partnership on lines 14a, 14b, and
Enter in column E the number of months that the property was not in
14c, as applicable. This information can be obtained from the
qualified use (cannot be greater than the amount in column D).
partnership. If you belong to more than one partnership, enter the
Line 24 — If your CoC issued for a qualified site has been revoked
total of all of your shares of each credit component received from the
by a determination issued under ECL section 27-1419, and the
partnerships on the appropriate line.
determination is final and no longer subject to judicial review, enter
Lines 15a, 15b, and 15c — Enter your share of each credit
the amount of any credit allowed with respect to the qualified site in
component received from an S corporation on lines 15a, 15b,
previous tax years.
and 15c, as applicable. This information can be obtained from the
S corporation. If you belong to more than one S corporation, enter
Schedule G — Summary of recapture of credit
the total of all of your shares of each credit component received from
Complete lines 26 through 30, as applicable.
the S corporations on the appropriate line.
Line 26 Individuals and partnerships — Enter on line 26 your
Lines 16a, 16b, and 16c — Enter your share of each credit
recapture of credit from line 25.
component received from an estate or trust on lines 16a, 16b, and
16c, as applicable. This information can be obtained from the estate
Line 27 Beneficiaries — Enter on line 27 your share of recapture
or trust. If you belong to more than one estate or trust, enter the total
of credit from the estate or trust from the fiduciary’s Form IT-611,
of all of your shares of each credit component received from the
Schedule D, column F.
estates or trusts on the appropriate line.
Line 28 Partners — Enter on line 28 your share of the total
Fiduciaries — Include on lines 16a, 16b, and 16c only your share of
recapture of credit made by the partnerships (the total is shown on
the credit components from another estate or trust.
the partnership’s Form IT-204). This information should be provided
to you by the partnership.
•
Include the line 14a, 15a, and 16a amounts in the Total line of
Schedule D, column C.
Line 29 S corporation shareholders — Enter on line 29 your
•
Include the line 14b, 15b, and 16b amounts in the Total line of
share of the recapture of credit made by S corporations. This
Schedule D, column D.
information should be provided to you by your S corporation.
•
Include the line 14c, 15c, and 16c amounts in the Total line of
Line 31 Partnerships — Attach a statement to Form IT-204
Schedule D, column E.
indicating the amount of recapture shown on Form IT-611, line 31.
Schedule D — Beneficiary’s and fiduciary’s share
of credit components and recapture of credit
An estate or trust must complete Schedule D. If an estate or trust
allocates or assigns the credits to its beneficiaries, base the division
on each beneficiary’s proportionate share of the income of the
estate or trust.
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