It242 2026

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The document IT-242 is a form from the Department of Taxation and Finance for claiming a tax credit related to conservation easements under New York Tax Law. It outlines the necessary information and calculations required for individuals, partnerships, estates, and trusts to report their allowable conservation easement tax credits. The form includes sections for identifying personal and entity information, calculating credits based on real property taxes, and providing details about the conservation easement itself.

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Click ‘Get Form’ to open the IT-242 in the editor.
Begin by entering your name(s) as shown on your tax return in the designated field.
For fiscal-year filers, input the tax period's beginning and ending dates.
In Part 1, list allowable conservation real property taxes in column A. Multiply this amount by 25% and enter it in column C.
Subtract column C from column A and record the result in column D. Enter the lesser of column B or D in column E.
Total all amounts from column E on line 2, ensuring to include any additional sheets if necessary.
Complete Part 2 by providing information for each partnership, estate, or trust that contributed to your credit.
In Part 3, enter your share of credits from partnerships and estates or trusts as instructed.
Proceed through Parts 4 to 6, filling out each section with relevant details about conservation easements and credits.

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Versions	Form popularity	Fillable & printable
2023	4.3 Satisfied (21 Votes)
2022	4.3 Satisfied (30 Votes)
2021	4.8 Satisfied (192 Votes)
2020	4.2 Satisfied (65 Votes)
2019	4.4 Satisfied (135 Votes)
2018	4.3 Satisfied (137 Votes)
2016	4.1 Satisfied (31 Votes)
2015	4.4 Satisfied (323 Votes)
2014	4.2 Satisfied (37 Votes)
2013	4 Satisfied (56 Votes)

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