Get Form It-611.1:2014:claim For Brownfield Redevelopment Tax Credit:it6111. This Fact Sheet Provides

Filling out Form IT-611.1 for the Brownfield Redevelopment Tax Credit can be straightforward if approached correctly. This guide provides clear, step-by-step instructions to help users navigate each section of the form efficiently.

Follow the steps to complete Form IT-611.1 accurately.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Indicate your filing status by marking an X in the box for calendar-year filers or entering the tax period for other filers. Ensure that you are completing a separate Form IT-611.1 for each Certificate of Completion (COC) as you finalize your personal income tax return.
3. Complete section A by confirming whether the Department of Environmental Conservation (DEC) accepted the site into the Brownfield Cleanup Program on or after June 23, 2008. If 'Yes', proceed with the form; if 'No', utilize Form IT-611 instead.
4. In Schedule A, provide identifying information about the brownfield site, including the date of execution of the Brownfield Cleanup Agreement (BCA), site name, DEC region, location (municipality and county), and the DER site number. Include the date the COC was issued.
5. Answer the questions regarding whether the qualified site is in an environmental zone and if it is primarily used for manufacturing activities.
6. Proceed to Schedule B to report on credit components. For each site preparation cost incurred, fill out the details including the description, date costs were paid or incurred, and associated amounts.
7. Continue recording other credit components such as on-site groundwater remediation and tangible property. Include necessary percentages and totals as described in the form.
8. If applicable, complete Schedule C for details related to partnerships, S corporations, or estates and trusts claiming a credit for the qualified site.
9. In Schedule E, summarize the total brownfield redevelopment tax credit. Ensure that all previous calculated components are accurately added.
10. Finally, review the recapture sections to address any tangible property that ceases to be in qualified use and follow through with the necessary recaptures listed. Ensure total sums are computed correctly.
11. Once all sections are completed, you may save changes, download the form for your records, print, or share it as needed.

Begin the documentation process online today to ensure your eligibility for the Brownfield Redevelopment Tax Credit.