Instructions for Form IT-212 Investment Credit - New York

Form IT-212 Investment Credit - New York

This document contains official instructions for Form IT-212 , Investment Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-212 is available for download through this link.

FAQ

Q: What is Form IT-212?
A: Form IT-212 is a tax form used in New York to claim the Investment Credit.

Q: Who can use Form IT-212?
A: Individuals and businesses in New York who have made qualifying investments may use Form IT-212.

Q: What is the Investment Credit?
A: The Investment Credit is a tax credit provided by the state of New York to incentivize investments in certain industries or projects.

Q: What investments qualify for the credit?
A: Qualifying investments include certain property, equipment, and improvements made in targeted areas of New York.

Q: How do I claim the Investment Credit?
A: To claim the Investment Credit, you must fill out Form IT-212 and attach it to your New York state tax return.

Q: Are there any limitations or restrictions on the credit?
A: Yes, there are certain limitations and restrictions on the Investment Credit. You should consult the instructions for Form IT-212 for more details.

Q: Are there any deadlines for filing Form IT-212?
A: The deadline for filing Form IT-212 is generally the same as the deadline for filing your New York state tax return. However, it is recommended to check the specific due dates each year.

Q: Can I claim the Investment Credit on my federal tax return?
A: No, the Investment Credit is specific to the state of New York and can only be claimed on your New York state tax return.

Q: What documentation do I need to support my claim for the Investment Credit?
A: You should keep records and documentation of your qualifying investments, which may be requested by the New York State Department of Taxation and Finance during an audit.