Form It-255 - Claim For Solar Electric Generating Equipment Credit
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1IT-255
New York State Department of Taxation and Finance
Claim for Solar Electric
Generating Equipment Credit
Attach this form to Form IT-201 or Form IT-203.
Social security number as shown on return
Name(s) as shown on return
Complete Part 1 and, if applicable, Part 2.
Part 1 — Computation of solar electric generating equipment credit
If the rated capacity of the system exceeds 10 kilowatts (10,000 watts), stop; you do not qualify for this credit.
1 Enter your total expenditures for solar electric generating equipment .......................................................
1.
2 Enter the portion of the expenditures made from nontaxable federal,
2.
state, and local grants
........................................................
(see instructions)
3 Enter any interest and other finance charges included in line 1
3.
(see instructions)
4 Add lines 2 and 3........................................................................................................................................
4.
5 Qualified solar electric generating equipment expenditures
5.
...............................
(subtract line 4 from line 1)
6 Enter in watts (maximum 10,000) the maximum rated capacity of the equipment
6.
...........
(see instructions)
6 0 0
7 New York State expenditure cap rate ($6.00 per watt) ...............................................................................
7.
8 Multiply line 6 by line 7 ...............................................................................................................................
8.
9 Enter the amount from line 5 or line 8, whichever is less ..........................................................................
9.
10 Multiply line 9 by 25% (.25)
This is your current-year solar electric generating
(cannot exceed $3,750).
equipment credit.
10.
(If more than one member of your principal residence is filing Form IT-255, see instructions.)
11 Enter the available carryover of unused solar electric generating equipment credit from the
........................................................................................................... 11.
preceding period
(see instructions)
12 Add lines 10 and 11. This is your total current-year solar electric generating equipment credit................. 12.
Enter the line 12 amount on Form IT-201-ATT, line 5, or Form IT-203-ATT, line 6.
Part 2 — Application of credit and computation of carryover
(see the instructions to determine if you are required to complete this schedule)
13 Total credit
.................................................................................................................... 13.
(from line 12 above)
14 Amount that you applied against your 2005 tax ........................................................................................ 14.
15 Amount of credit available for carryover to 2006
............................................. 15.
(subtract line 14 from line 13)
Instructions
For 2005, this form is not eligible for e-file. If you
installation of a system that generates solar electric energy for
are attaching this form to your return, you must file
residential use. The equipment must be installed and used at the
on paper.
taxpayer’s principal residence in New York State and must be
placed in service on or after January 1, 1998.
New for 2005
Before you can qualify for the credit, you must enter into a net
Form IT-255, Claim for Solar Electric Generating Equipment
energy metering contract with your electric corporation or comply
Credit, is now used only to compute your solar electric
with the electric corporation’s net energy metering schedule.
generating equipment credit. The fuel cell electric generating
The completed solar electric generating equipment system must
equipment credit, previously computed on Form IT-255, is now
also be connected to the electric corporation’s transmission
computed on new Form IT-259, Claim for Fuel Cell Electric
and distribution facility. Other conditions and limitations set by
Generating Equipment Credit.
the electric company may also apply. You should contact your
electric company for more information before you purchase your
General information
equipment.
If the rated capacity of the system exceeds ten kilowatts
If your credit is greater than the amount of tax you owe, the
(10,000 watts), stop; you do not qualify for the credit.
balance will not be refunded to you. However, any credit amount
Effective for tax years beginning on or after January 1, 1998,
in excess of the tax due for 2005 can be carried over for a
Tax Law section 606(g-1) allows a credit for the purchase and
maximum of up to five years.
installation of an eligible solar electric generating equipment
system. The credit is 25% of the qualified solar electric
generating equipment expenditures for the purchase and
Please file this original scannable
2551050094
credit form with the Tax Department.
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