Instructions for Form CT-611.1 Claim for Brownfield Redevelopment Tax Credit for Qualified Sites Accepted Into the Brownfield Cleanup Program on or After June 23, 2008 and Prior to July 1, 2015 - New York

Form CT-611.1 Claim for Brownfield Redevelopment Tax Credit for Qualified Sites Accepted Into the Brownfield Cleanup Program on or After June 23, 2008 and Prior to July 1, 2015 - New York

This document contains official instructions for Form CT-611.1 , Claim for Brownfield Cleanup Program on or After June 23, 2008 and Prior to July 1, 2015 - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form CT-611.1 is available for download through this link.

FAQ

Q: What is Form CT-611.1?A: Form CT-611.1 is a form used to claim the Brownfield Redevelopment Tax Credit for qualified sites accepted into the Brownfield Cleanup Program.

Q: What is the Brownfield Cleanup Program?A: The Brownfield Cleanup Program is a program in New York that provides incentives to clean up and redevelop contaminated properties.

Q: Who can claim the Brownfield Redevelopment Tax Credit?A: Anyone who has a qualified site accepted into the Brownfield Cleanup Program on or after June 23, 2008, and prior to July 1, 2015, can claim the tax credit.

Q: What is the purpose of the Brownfield Redevelopment Tax Credit?A: The purpose of the tax credit is to encourage the cleanup and redevelopment of contaminated properties.

Q: When can I claim the tax credit?A: You can claim the tax credit after you have completed the remediation of the qualified site and received a Certificate of Completion from the Department of Environmental Conservation.

Q: How much is the tax credit?A: The amount of the tax credit depends on various factors, including the extent of the environmental cleanup and the economic benefit of the redevelopment project.

Q: How do I claim the tax credit?A: To claim the tax credit, you must complete and submit Form CT-611.1 along with any required supporting documentation to the New York State Department of Taxation and Finance.

Q: What is the deadline to claim the tax credit?A: The deadline to claim the tax credit is three years from the date the Certificate of Completion is issued.

Q: Can I claim the tax credit for multiple sites?A: Yes, you can claim the tax credit for multiple qualified sites accepted into the Brownfield Cleanup Program.

Q: Are there any restrictions on how I can use the tax credit?A: Yes, there are restrictions on how the tax credit can be used. It cannot be used to offset personal income tax or be refunded as cash. It can only be used to offset certain New York State taxes or carried forward to future years.