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This version of the form is not currently in use and is provided for reference only. Download this version of
Instructions for Form IT-637
for the current year.
Instructions for Form IT-637 Alternative Fuels and Electric Vehicle Recharging Property Credit - New York
This document contains official instructions for Form IT-637 , Alternative Fuels and Electric Vehicle Recharging Property Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-637 is available for download through this link.
FAQ
Q: What is Form IT-637?
A: Form IT-637 is the official form used in New York to claim the Alternative Fuels and Electric Vehicle Recharging Property Credit.
Q: What is the Alternative Fuels and Electric Vehicle Recharging Property Credit?
A: The Alternative Fuels and Electric Vehicle Recharging Property Credit is a tax credit available to individuals and businesses in New York who purchase or install qualified alternative fuel or electric vehicle recharging property.
Q: Who is eligible to claim this credit?
A: Individuals, estates, trusts, partnerships, and corporations that have purchased or installed qualified alternative fuel or electric vehicle recharging property in New York are eligible to claim this credit.
Q: What types of property qualify for this credit?
A: Qualified alternative fuel property includes equipment used to store, generate, or dispense alternative fuels. Qualified electric vehicle recharging property includes equipment used to charge electric vehicles.
Q: How much is the credit?
A: The credit is equal to 50% of the cost of the qualified alternative fuel or electric vehicle recharging property, up to a maximum credit of $5,000 for individuals and $50,000 for businesses.
Q: How do I claim this credit?
A: To claim this credit, you must complete and file Form IT-637 with the New York Department of Taxation and Finance.
Q: What documentation do I need to support my claim?
A: You must keep records and documentation that substantiate your claim, including invoices, receipts, and any other relevant documents.
Q: Is there a deadline to claim this credit?
A: Yes, the deadline to claim this credit is the same as the due date for filing your New York State income tax return.
Q: Are there any other requirements or limitations for claiming this credit?
A: Yes, there are additional requirements and limitations listed on the Form IT-637 and its instructions. It is important to review them carefully before claiming the credit.
Instruction Details:
- This 3-page document is available for download in PDF;
- Might not be applicable for the current year. Choose a more recent version;
- Complete, printable, and free.
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