Instructions For Form Ct-612 - Claim For Remediated Brownfield Credit For Real Property Taxes - New York State Department Of Taxation And Finance - 2005
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CT-612-
New York State Department of Taxation and Finance
Instructions for Form CT-612
Claim for Remediated Brownfield Credit for Real Property Taxes
General information
taxable income base or the fixed dollar minimum under
Article 9-A.
For tax years beginning on or after April 1, 2005, the
brownfield credit for real property taxes is available to
Under Article 9, the credit must first be deducted from the tax
developers of qualified sites who are taxpayers subject to tax
imposed by section 183. Any credit remaining may then be
under Tax Law Articles 9 (sections 183, 184, and 185), 9-A,
deducted from the tax imposed by section 184.
22, 32, and 33.
The credit is not allowed against the metropolitan
Eligibility — To qualify for the credit, you must be a
transportation business tax (MTA surcharge) under Article 9,
developer. A developer is a taxpayer who has
9-A, 32, or 33.
• executed a Brownfield Cleanup Agreement (BCA)
Any unused amount of credit in the current tax year will be
under the Environmental Conservation Law (ECL) and
treated as a refund or an overpayment of tax to be credited
has a Certificate of Completion (COC) issued by the
to next year’s tax. Interest will not be paid on the refund or
Commissioner of Environmental Conservation, or
overpayment.
• purchased or otherwise been conveyed all or any portion
Definitions
of a qualified site for which a COC has been issued. The
purchase or conveyance must occur within seven years
A qualified site means a site for which the taxpayer has
of the effective date of the COC. The taxpayer who is
been issued a Certificate of Completion (COC) by the
purchasing all or any portion of the qualified site and the
Commissioner of Environmental Conservation.
taxpayer and any other party who has been issued the
An environmental zone (EN-Zone) is an area designated by
COC may not be related persons (as defined in Internal
the Commissioner of Economic Development. An EN-Zone
Revenue Code (IRC) section 465(b)(3)(C)).
is a census tract and block-numbering area that, as of the
A developer may also be a partner in a partnership (including
year 2000 census, has a poverty rate of at least 20% and an
limited liability companies (LLCs)) or a shareholder in a
unemployment rate of at least 1.25 times the statewide rate,
New York S corporation if the partnership or New York
or it has a poverty rate at least two times the poverty rate
S corporation has been issued a COC, or the partnership or
for the county in which the area is located. However, if you
New York S corporation has purchased or otherwise been
qualify because the site has a poverty rate that is at least
conveyed all or any portion of a qualified site for which a
twice the poverty rate for the county, the qualified site must
COC was issued.
be the subject of a Brownfield Cleanup Agreement (BCA)
executed prior to September 1, 2006. To find out if a site is
A taxpayer will cease to be a developer on the first day of
located in an EN-Zone, visit the Empire State Development
the tax year during which revocation of the COC by the
Web site at or call 1 800 782-8369.
Department of Environmental Conservation (DEC) is final
and no longer subject to judicial review.
The benefit period is a ten-consecutive-tax-year period
beginning with the tax year in which the COC is issued for
For more information about the Brownfield Cleanup Program
the qualified site or the first tax year beginning on or after
(BCP), visit the DEC Web site at or call
April 1, 2005, whichever is later. The benefit period factor for
(518) 402-9711.
each year of the benefit period is 1.0.
The amount of credit is 25% of the product of the benefit
The employment number factor is a numerical value
period factor, the employment number factor, and the eligible
assigned to the developer based on the average number of
real property taxes paid or incurred by the developer of the
full-time employees (excluding general executive officers)
qualified site during the tax year. For a qualified site that is
employed by the developer and any lessees at the qualified
located in an environmental zone (EN-Zone), the credit is the
site during the tax year. Refer to the Employment number
product of the benefit period factor, the employment number
factor table on the back.
factor, and the eligible real property taxes paid or incurred by
the developer of the qualified site during the tax year.
Full-time employment means a job consisting of at least 35
hours per week or two or more jobs that together constitute
If a qualified site is located entirely or partly within an empire
the equivalent of a job of at least 35 hours per week. A
zone (EZ), and a taxpayer meets the eligibility requirements
seasonal business (a business that regularly operates
for both the brownfield real property tax credit and the
for less than an entire tax year, such as a ski resort) that
qualified empire zone enterprise (QEZE) real property tax
employs individuals full time for at least three months of
credit, the taxpayer may not claim both credits. The taxpayer
continuous duration may include these individuals in the
must make an election as to which credit to take in the first
employment number if they are working in a job consisting of
year the taxpayer is eligible for the brownfield credit for real
at least 35 hours per week.
property taxes.
General executive officers are the chairman, president, vice
The amount of credit allowed cannot reduce the tax due to
president, secretary, assistant secretary, treasurer, assistant
less than the minimum tax due under Article 9 (sections 183
treasurer, comptroller, and any other officer charged with
and 185), 32, or 33 or the greater of the tax on the minimum
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