New York Department of Taxation and Finance
IT-237
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
A – Address of property
B – Project number
C – Date of final
Property
certification or date of
(street, city, state, ZIP)
purchase
1
2
Schedule B – Computation of credit
A – Qualified rehabilitation
B – Multiply
C – Enter the lesser of column B
D – Married filing jointly only:
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)
(see instructions)
1
00
00
00
00
.
.
.
.
2
00
00
00
00
.
.
.
.
1 Total column C amounts and total column D amounts .....................
00
00
.
.
1
1
2 Credit limitation per taxpayer
.............
(enter $50,000 in both columns)
00
00
.
.
2
2
3 Enter the lesser of line 1 or line 2 .....................................................
00
00
.
.
3
3
4 Current year historic homeownership rehabilitation credit
.............................................................................................
(add line 3, column C and line 3, column D)
00
.
4
5 Enter the carryover credit from last year’s Form IT-237, line 14 ..........................................................
00
.
5
6 Add lines 4 and 5 ..................................................................................................................................
00
.
6
7 Enter recapture amount from line 15 ....................................................................................................
00
.
7
8 Total credit
(If line 7 is less than line 6, subtract line 7 from line 6; leave line 9 blank and see instructions.
..................................................
If line 7 is more than line 6, do not enter an amount on line 8; go to line 9.)
00
.
8
9 Net recapture amount
............................................................
00
(subtract line 6 from line 7; see instructions)
.
9
Part 2 – Application of credit and computation of carryover
10 Tax due before credits
................................................................................................. 10
00
.
(see instructions)
11 Other credits that you applied before this credit
......................................................... 11
00
.
(see instructions)
12 Subtract line 11 from line 10 ................................................................................................................. 12
00
.
13 Enter the amount from line 8 or line 12, whichever is less
.......................................... 13
00
.
(see instructions)
14 Amount of credit available for carryover to next year
.................................. 14
(subtract line 13 from line 8)
00
.
(see the instructions to determine if you are required to complete this part)
Part 3 – NYS recapture of credit
A – Project number
B – Number of
D – (C ÷ 24)
E – Enter amount of credit
F – Recapture amount
C – (24 - B)
months home
allowed
(D × E)
(see instructions)
qualified for
(see instructions)
the credit
00
00
.
.
24
1
15 Amount to be recaptured
........................................................... 15
(from column F; enter here and on line 7)
00
.
237001130094