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Claim for Environmental Remediation Insurance Credit Tax Law - Sections 23 and 606(ff ) New York Sta

Claim for Environmental Remediation Insurance Credit Tax Law - Sections 23 and 606(ff ) New York Sta 2025

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The document IT-613 is a form issued by the New York State Department of Taxation and Finance for claiming the Environmental Remediation Insurance Credit under Tax Law Sections 23 and 606(ff). It outlines the necessary information and schedules required for individuals, partnerships, and fiduciaries to report qualified environmental remediation insurance premiums paid, as well as details regarding Brownfield sites. The form must be filed with personal income tax returns and includes instructions for calculating the credit and reporting shares from partnerships or S corporations.

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Are environmental remediation costs deductible?

ing to basic accounting information, in most cases, environmental remediation costs can be deducted as ordinary and reasonable business expenses. However, not all of these remediation costs are expensed. In some cases, environmental cleanup costs are capitalized and then depreciated over a number of years.

What is the 198 deduction?

A taxpayer may elect to treat any qualified environmental remediation expenditure which is paid or incurred by the taxpayer as an expense which is not chargeable to capital account. Any expenditure which is so treated shall be allowed as a deduction for the taxable year in which it is paid or incurred. 26 U.S. Code 198 - Expensing of environmental remediation LII / Legal Information Institute PART VI LII / Legal Information Institute PART VI

What is Section 198 of the Internal Revenue Code?

. 02 Section 198(b)(1) generally defines a qualified environmental remediation expenditure as any expenditure that is otherwise chargeable to the capital account, and that is paid or incurred in connection with the abatement or control of hazardous substances as a qualified contaminated site.