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New York Form IT-238 (Claim for Rehabilitation of Historic ...

New York Form IT-238 (Claim for Rehabilitation of Historic ... 2025

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The document IT-238 is a form from the New York Department of Taxation and Finance used to claim the Rehabilitation of Historic Properties Credit under Tax Law Section 606(oo). It outlines the eligibility criteria, required information for individuals, partnerships, and fiduciaries, as well as detailed instructions for calculating the credit amount based on qualified rehabilitation expenditures. The form must be filed alongside other tax forms and includes sections for reporting property details, credit computation, and recapture calculations.

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2023	4.2 Satisfied (50 Votes)
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Who qualifies for the New York State property tax credit?

The state Legislature enacted the real property tax credit to help senior citizens and lower- income households cope with their property tax burden. If your gross income is $18,000 or less and you pay $450 or less for rent or own your home, you may qualify for a tax credit.

What is Form TP 584 NYC?

TP-584 Fill-in. TP-584-I (Instructions) Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax; See notice about address change.

What is the compliance period for the historic tax credit?

Investors may carry Federal HTCs back one year and forward 20 years to fully utilize the credits. The Federal investor must remain as a partner in a project for a minimum of 5 years after construction, which is the compliance period for the Federal HTC program.

What is the New York State historic tax credit?

New York State Historic Homeownership Rehabilitation Credit The value of the credit is applied to your NYS tax liability to reduce the amount you owe. The program covers 20% of qualified rehabilitation expenses up to a credit value of $50,000 per year.

What is Form CT 3 New York?

Corporate tax filing requirements All New York C corporations subject to tax under Tax Law Article 9-A must file using the following returns, as applicable: Form CT-3, General Business Corporation Franchise Tax Return. Form CT-3-A, General Business Corporation Combined Franchise Tax Return.

What is the New York State historic tax credit statute?

The New York State Historic Homeowner Tax Credit Program will cover 20% of qualified rehabilitation costs of owner-occupied historic houses, up to a credit value of $50,000. Requirements: The building must be individually listed in the State or National Register of Historic Places, or in a listed historic district.

What qualifies for historic tax credits?

The building must be a certified historic structure, either individually listed or as a contributing building on the National Register; or be a contributing building to a state and local certified historic district.

New York Form IT-238 (Claim for Rehabilitation of Historic ... 2025

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