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Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes Tax Year 2024

Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes Tax Year 2024-2026

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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 required to file the claim, including details about the brownfield site, employment data, and computation of eligible credits. The form must be submitted with personal income tax returns and includes various schedules for reporting credit calculations and recaptures.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name and identifying number as shown on your tax return. Ensure accuracy to avoid processing delays.
In Schedule A, provide the date of execution of the Brownfield Cleanup Agreement (BCA) and details from the Certificate of Completion (COC), including site name, location, and DEC region.
For Schedule B, calculate the average number of full-time employees at the qualified site across specified dates. If fewer than 25 employees are reported, no credit is allowed.
Complete Schedule C by entering eligible real property taxes and calculating your remediated brownfield credit based on provided factors.
If applicable, fill out Schedules D through H for partnership or fiduciary information, ensuring all shares of credits are accurately reported.

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How do I claim the Nebraska property tax credit?

An individual or entity may claim the credit by filing the appropriate Nebraska income tax return together with a 2021 Form PTC. If an individual does not owe Nebraska income tax and paid Nebraska school district taxes, a Nebraska income tax return and the 2021 Form PTC should still be filed to receive the credit.

What is homestead property tax credit claim?

California exempts the first $7,000 of residential homestead from property taxes. Colorado allows a 50% deduction for up to the first $200,000 (equivalent to a $100,000 exemption if the property is valued at $200,000 or above) for seniors (over age 65) who have lived in their property for ten consecutive years.

How does the 30% tax credit work for geothermal?

Advantages for Brownfields Site Redevelopers: Brownfields redevelopers can choose to sell or syndicate rehabili- tation tax credits in exchange for an upfront cash investment in the project.

What is the brownfield remediation?

Brownfield remediation is the removal or sealing off of that contaminant so that a site may be used again without health concerns. There are hundreds of thousands of brownfields in the United States, including many prime downtown and waterfront properties.

How do brownfield tax credits work?

How the Program Works: By using the federal brownfields tax incentive, environmental cleanup costs are fully de- ductible in the year that they are incurred, rather than capitalized over time (up to 30 years in some cases).

What is a qualifying property for the investment tax credit?

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.

What is the Brownfield remediation tax credit?

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.

Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes Tax Year 2024-2026

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How to use or fill out Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes Tax Year 2024 with our platform

Complete this form in 5 minutes or less

Got questions?

How do I claim the Nebraska property tax credit?

What is homestead property tax credit claim?

How does the 30% tax credit work for geothermal?

What is the brownfield remediation?

How do brownfield tax credits work?

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What is a qualifying property for the investment tax credit?

What is the Brownfield remediation tax credit?

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Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes Tax Year 2024-2026

Here's how it works

How to use or fill out Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes Tax Year 2024 with our platform

Complete this form in 5 minutes or less

Got questions?

How do I claim the Nebraska property tax credit?

What is homestead property tax credit claim?

How does the 30% tax credit work for geothermal?

What is the brownfield remediation?

How do brownfield tax credits work?

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People also ask

What is a qualifying property for the investment tax credit?

What is the Brownfield remediation tax credit?

Related links

Try more PDF tools