New York State Department of Taxation and Finance Investment Credit Name(s) as shown on return Ident 2025

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An investment Tax Credit (ITC) is a tax credit given to individual taxpayers or corporations that invest in specific types of projects that engage in renewable energy.
You are entitled to this nonrefundable credit if you: Filing statusFederal adjusted gross income Single $28,000 or less Married filing jointly Qualifying surviving spouse Head of household with qualifying person $32,000 or less Married filing Separately See the Instructions for Form IT-201 or Instructions for Form IT-203 Apr 17, 2024
If you itemize your deductions, you can deduct the property taxes you pay on your main residence and any other real estate you own. The total amount of deductible state and local income taxes, including property taxes, is limited to $10,000 per year.
We may communicate with you by mail for many reasons, including: to send you a check for your refund or an additional payment; to let you know we adjusted your refund; to request information that supports what you reported on a return; and.
The Senior Citizen Homeowners Exemption (SCHE) provides a reduction of 5 to 50% on New York Citys real property tax to seniors age 65 and older. To be eligible for SCHE, you must be 65 or older, earn no more than $58,399 for the last calendar year, and the property must be your primary residence.
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The fiscal year 2023 property tax rebate is for homeowners whose New York City property is their primary residence and whose combined income is $250,000 or less.
The real property tax credit may be available to New York State residents who have household gross incomes of $18,000 or less, and pay either real property taxes or rent for their residences. The amount of the credit for each household will vary depending on income and real property taxes paid (see table to the right).
The federal tax code includes a variety of tax credits designed to promote different types of investment. Taxpayers claim many of these credits using IRS Form 3468.

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