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New York State Department of Taxation and Finance Instructions for Form IT-252 General information I

New York State Department of Taxation and Finance Instructions for Form IT-252 General information I 2025

New York State Department of Taxation and Finance Instructions for Form IT-252 General information I Preview on Page 1

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The document provides detailed instructions for Form IT-252, which allows individuals, estates, trusts, partnerships, and S corporations to claim the Investment Tax Credit (ITC) for the financial services industry in New York State. It outlines eligibility requirements, definitions of qualified property, filing procedures, and calculations for claiming the credit. The ITC is available for tangible property placed in service between October 1, 1998, and October 1, 2011, with specific conditions regarding employee location and usage of the property.

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What qualifies for the investment tax credit?

Eligible technologies include solar thermal process heat, solar thermal electric, solar water heat, solar space heat, fuel cells, geothermal direct use, biomass, wind, geothermal heat pumps, and others.

Can investment tax credits be carried back?

Most unused general business credits may be carried back one year, but several exceptions apply. Unused credits may then be carried forward for 20 years.

What is the carryover of unused investment credit?

An unused credit is a carryback to each of the 3 taxable years preceding the unused credit year and a carryover to each of the 7 taxable years succeeding the unused credit year. An unused credit must be carried first to the earliest of those 10 taxable years.

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How does carryover tax credit work?

What is a carryforward credit? A carryforward credit is the application of a tax credit to a future tax year. This provision exists so that businesses can take advantage of tax credits that were unused because of operating losses or IRS imposed limits on how much can be claimed in a single year.

What is a carryforward of unused tax losses?

A tax loss carryforward allows taxpayers to use a loss from one year to offset income in future years. There are two types of tax loss carryforwards: net operating loss (NOL) carryforwards and capital loss carryforwards. Net operating loss carryforwards apply to businesses.

Do unused tax credits carry forward?

An unused credit is a carryback to each of the 3 taxable years preceding the unused credit year and a carryover to each of the 7 taxable years succeeding the unused credit year.

What are the rules for ITC recapture?

Recapture Risk The full value of the ITC is earned once a project is placed in service. Then, for a five-year compliance period, the tax credit is subject to recapture if (1) the property ceases to be a qualified energy facility, or (2) a change in ownership occurs.

What is qualified investment credit facility property?

Investment credit property is any depreciable or amortizable property that qualifies for the qualifying advanced coal project credit, qualifying gasification project credit, qualifying advanced energy project credit, advanced manufacturing investment credit, energy credit, or rehabilitation credit.

New York State Department of Taxation and Finance Instructions for Form IT-252 General information I 2025

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