It 255 2026

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The document IT-255 is a tax form from the Department of Taxation and Finance for claiming a solar energy system equipment credit under Tax Law Section 606(g-1). It outlines eligibility criteria, specifically requiring that the solar energy system must produce energy for residential use. The form includes schedules for computing the credit based on qualified expenditures, limitations, and carryover credits from previous years.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name(s) as shown on your tax return and your Social Security number in the designated fields.
Indicate whether your solar energy system uses solar radiation for residential energy needs by selecting 'Yes' or 'No'. If you select 'No', you do not qualify for the credit.
Proceed to Schedule A. Fill in the date the equipment was placed in service and the qualified expenditures. Calculate 25% of these expenditures, ensuring it does not exceed $5,000.
Complete any additional sections for power purchase agreements or leases as applicable, following similar instructions for dates and expenditures.
In Schedule B, apply the credits calculated from Schedule A against your tax due before credits, following the provided instructions carefully.

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