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Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes Tax Year 2021

Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes Tax Year 2021-2026

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The document IT-612 is a form issued by the Department of Taxation and Finance for claiming the Remediated Brownfield Credit for real property taxes on qualified sites accepted into the Brownfield Cleanup Program before July 1, 2015. It outlines the necessary information and schedules required to file for this tax credit, including details about the brownfield site, employment numbers, and computations related to eligible real property taxes and credits.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name(s) and identifying number as shown on your tax return at the top of the form.
In Schedule A, provide the date of execution of the Brownfield Cleanup Agreement (BCA) and fill in details from your Certificate of Completion (COC), including site name, location, and DEC region.
For Schedule B, calculate the average number of full-time employees at your qualified site across specified dates. Ensure you meet the minimum requirement for credit eligibility.
Complete Schedule C by entering eligible real property taxes and calculating your remediated brownfield credit based on provided instructions.
If applicable, fill out information in Schedule D regarding partnerships or S corporations you are involved with, ensuring all employer ID numbers are accurate.
Finally, review all sections for accuracy before saving or exporting your completed form directly from our platform.

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See more Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes Tax Year 2021 versions

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Versions	Form popularity	Fillable & printable
2023	4.9 Satisfied (45 Votes)
2022	4.1 Satisfied (40 Votes)
2021	4.8 Satisfied (60 Votes)
2020	4.1 Satisfied (46 Votes)

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How do brownfield tax credits work?

The Brownfields Tax Incentive first passed as part of the Taxpayer Relief Act of 1997. It allowed taxpayers to deduct remediation expenditures for the cleanup of a property if the property was used for trade, business, or producing income.

Can you claim your property taxes on your income tax in 2021?

Homeowners who itemize their tax returns can deduct property taxes they pay on their main residence and any other real estate they own. This includes property taxes you pay starting from the date you purchase the property. The official sale date is typically listed on the settlement statement you get at closing.

How to claim property tax deduction on federal taxes?

To deduct expenses of owning a home, you must file Form 1040, U.S. Individual Income Tax Return, or Form 1040-SR, U.S. Income Tax Return for Seniors, and itemize your deductions on Schedule A (Form 1040). If you itemize, you cant take the standard deduction.

What happens if you miss the local property tax deadline?

If unpaid property taxes are left unaddressed, it could accumulate additional fees and penalties, and the County could ultimately auction the property to recover taxes owed. This process takes some time, but if you act quickly, you have a better chance of saving your home.

What is a brownfield remediation?

Deduction for Seniors (Sec. 70103) New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.

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