July 1, 2015 Tax Law Sections 21 and 606(dd) Calendar-year filers, mark an X in the box: Other filers enter tax period: beginning and ending Submit this form with Form IT-201, IT-203, IT-204, or IT-205. A separate Form IT-611.1 must be filed for each Certificate of Completion (COC). Identifying number as shown on return Name(s) as shown on return A Did the Department of Environmental Conservation (DEC) accept this site into the Brownfield Cleanup Program on or after June 23, 2.
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How to fill out the NY IT-611.1 online
The NY IT-611.1 form is essential for individuals and entities seeking to claim the brownfield redevelopment tax credit for qualified sites accepted into the Brownfield Cleanup Program. This guide will provide clear, step-by-step instructions on how to successfully complete this form online.
Follow the steps to accurately complete the NY IT-611.1 form.
- Press the ‘Get Form’ button to access the NY IT-611.1 form and open it in the online editor.
- Indicate if you are a calendar-year filer by marking an X in the corresponding box or enter the tax period start and end dates if you are not.
- Provide your identifying number as it appears on your tax return, along with your name(s) exactly as shown.
- Complete Schedule A by entering the date of the Brownfield Cleanup Agreement, site name, location, municipality, county, DEC region, and the date the Certificate of Completion (COC) was issued. Submit a copy of the COC with this form.
- Fill out Schedule B to declare site preparation costs and on-site groundwater remediation credit components, making sure to detail descriptions, dates, and applicable percentages.
- Complete the tangible property credit component, detailing qualified property's information, principal use, date placed in service, life, and cost or other basis.
- Proceed to Schedules C, D, E, and F, noting any information related to partnerships, S corporations, estates, or trusts that may affect your credit claim.
- Once all sections are completed, review your entries for accuracy and completeness.
- When satisfied with your completed form, save your changes, and you may then download, print, or share the form as needed.
Complete your NY IT-611.1 form online today to ensure your eligibility for the brownfield redevelopment tax credit.
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Get answers to your most pressing questions about US Legal Forms API.
Do you expect to be a resident of New York City for any part of the tax year and claim the New York City school tax credit?
The New York City School Tax credit is available to New York City residents or part-year residents who cannot be claimed as a dependent on another taxpayer's federal income tax return. The credit amounts vary. This credit must be claimed directly on the New York State personal income tax return.
What is the tax credit for brownfield redevelopment?
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.
Who is eligible for the property tax credit in NY?
The real property tax credit may be available to New York State residents who have household gross incomes of $18,000 or less, and pay either real property taxes or rent for their residences. The amount of the credit for each household will vary depending on income and real property taxes paid (see table to the right).
What is a brownfield redevelopment?
A brownfield is a property where expansion, redevelopment or reuse is complicated by real or potential contamination. Brownfields vary in size, location, age and past use; a brownfield can be anything from a 500-acre former automobile assembly plant to a small, abandoned gas station.
What are the benefits of brownfield remediation?
When owners or developers clean up brownfields and put them to new uses, many people benefit. Cleanups address environmental problems. Redevelopment can bring new jobs and higher tax revenues. Revitalized brownfields can breathe new life into neighborhoods.
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