Form It-237 - Claim For Historic Homeownership Rehabilitation Credit - 2014

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IT-237

New York Department of Taxation and Finance

Claim for Historic Homeownership

Rehabilitation Credit

Tax Law – Section 606(pp)

Submit this form with Form IT-201 or Form IT-203.

Your name as shown on return

Your social security number

Spouse’s name

Spouse’s social security number

Part 1 – Property information and computation of credit

(enter information from Certificate of Completion (COC) for each property)

Schedule A – Property information

C – Date of final

A – Address of property

B – Project number

certification or date of

Property

(street, city, state, ZIP)

purchase

Schedule B – Computation of credit

A – Qualified rehabilitation

D – Married filing jointly only:

B – Multiply

C – Enter the lesser of column B

Property

expenditures

column A by 20% (.2)

or 50,000 for each property

spouse’s share of column B

(married filers, see instructions)

(see instructions)

1 Total column C amounts and total column D amounts .....................

(enter $50,000 in both columns)

2 Credit limitation per taxpayer

.............

3 Enter the lesser of line 1 or line 2 .....................................................

4 Current year historic homeownership rehabilitation credit

(add line 3, column C and line 3, column D)

.............................................................................................

5 Enter the carryover credit from last year’s Form IT-237, line 14 ..........................................................

6 Add lines 4 and 5 ..................................................................................................................................

7 Enter recapture amount from line 15 ....................................................................................................

(If line 7 is less than line 6, subtract line 7 from line 6; leave line 9 blank and see instructions.

8 Total credit

If line 7 is more than line 6, do not enter an amount on line 8; go to line 9.)

..................................................

(subtract line 6 from line 7; see instructions)

9 Net recapture amount

............................................................

Part 2 – Application of credit and computation of carryover

10 Tax due before credits

................................................................................................. 10

(see instructions)