Department of Taxation and FinanceClaim for Brownfield Redevelopment Tax CreditIT611For Qualified Sites Accepted into the Brownfield Cleanup Program Prior to June 23, 2008 Tax Law Sections 21 and.
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How to fill out the NY Form IT-611 online
This guide provides detailed steps to assist you in completing the NY Form IT-611 online. By following the instructions outlined here, you can efficiently manage your brownfield redevelopment tax credit application process.
Follow the steps to complete the NY Form IT-611.
- Click ‘Get Form’ button to obtain the NY Form IT-611 and open it in your preferred digital document management tool.
- Begin by marking the appropriate box for your filing status. If you are a calendar-year filer, mark an X in the box provided. For other filers, enter the tax period dates.
- Fill out your name(s) as shown on your primary tax return, along with your identifying number.
- Answer the initial question regarding whether the Department of Environmental Conservation accepted the site into the Brownfield Cleanup Program prior to June 23, 2008. If you select Yes and the site received a Certificate of Completion (COC) by December 31, 2017, continue with this form to claim your tax credit.
- Proceed to Schedule A and enter the date of execution of the Brownfield Cleanup Agreement for the site.
- Provide the identifying details as listed on the COC for the qualified site, including site name, location, municipality, county, DEC region, and DER site number.
- If applicable, enter the date when the COC was transferred due to the sale or transfer of the qualified site, ensuring to submit supporting documentation.
- Indicate whether the qualified site is located within an environmental zone, and if so, provide the percentage of the site in the zone.
- Move to Schedule B, where you will need to list site preparation costs, including descriptions, dates, and associated costs.
- Calculate the site preparation credit component based on applicable percentage rates and add totals from potential additional lists.
- For tangible property, provide details of each item including its description, principal use, and date placed in service along with associated costs.
- Add all costs related to tangible property and calculate the tangible property credit component.
- Continue to on-site groundwater remediation costs by detailing the nature of the costs, their incurred dates, and calculating totals and credit components.
- Complete Schedule C to report any shares received from partnerships, S corporations, or estates.
- If applicable, fill out Schedule D for sharing of credit components and recapturing credits.
- Finally, review all entered information and save changes. You may choose to download, print, or share the completed Form IT-611 as required.
Complete your NY Form IT-611 online today to maximize your potential tax credits.
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What is brownfield redevelopment tax credit?
The Brownfields Tax Credit is earned following the remediation of an environmentally contaminated property that has “achieved” a permanent solution or ROS. The Brownfields Tax Credit is earned following the remediation of an environmentally contaminated property that has “achieved” a permanent solution or ROS.
What is brownfield redevelopment program?
EPA's Brownfields Program provides grants and technical assistance to communities, states, tribes and others to assess, safely clean up and sustainably reuse contaminated properties.
What is the brownfield cleanup tax credit?
The 10 percent tax credit is available for the rehabilitation of non-certified, non-residential buildings built before 1936. Former manufacturing facilities, office buildings, and hotels located on a brownfield site easily qualify for this tax credit.
What is the tax credit for the brownfield clean up?
The 10 percent tax credit is available for the rehabilitation of non-certified, non-residential buildings built before 1936. Former manufacturing facilities, office buildings, and hotels located on a brownfield site easily qualify for this tax credit.
Are brownfield credits taxable income?
The IRS also exercised its discretionary authority under IRC Section 856(c)(5)(J) to rule that income attributable to the receipt or accrual of the Brownfield Credits will be treated as qualifying income for purposes of the 95% and 75% gross income tests.
What is the brownfield tax credit in NYC?
The Brownfield Redevelopment Tax Credit (BRTC) is a fully-refundable tax credit available to businesses and individual taxpayers who have satisfactorily cleaned a brownfield site and have been issued a Certification of Completion by the New York State Department of Environmental Conservation.
What is a brownfield tax credit?
The Brownfields Tax Credit is earned following the remediation of an environmentally contaminated property that has “achieved” a permanent solution or ROS. The Brownfields Tax Credit is earned following the remediation of an environmentally contaminated property that has “achieved” a permanent solution or ROS.
What are the benefits of redevelopment of brownfields?
Since brownfield sites tend to be in densely developed, centralized areas, redevelopment in these areas leads to shorter car trips and overall reduced car use due to more efficient home/work travel patterns. These efficient travel patterns reduce growth in vehicle miles traveled (VMT).
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