Instructions for Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes for Qualified Sites Accepted Into the Brownfield Cleanup Program Prior to July 1, 2015 - New York

Form IT-612 Claim for Remediated Brownfield Credit for Real Property Taxes for Qualified Sites Accepted Into the Brownfield Cleanup Program Prior to July 1, 2015 - New York

This document contains official instructions for Form IT-612 , Claim for Remediated Brownfield Credit for Brownfield Cleanup Program 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 IT-612 is available for download through this link.

FAQ

Q: What is Form IT-612?
A: Form IT-612 is a claim form for the Remediated Brownfield Credit for Real Property Taxes for Qualified Sites Accepted Into the Brownfield Cleanup Program Prior to July 1, 2015 in New York.

Q: Who can claim the Remediated Brownfield Credit?
A: Property owners whose sites have been accepted into the Brownfield Cleanup Program prior to July 1, 2015 in New York can claim the Remediated Brownfield Credit.

Q: What is the purpose of the Remediated Brownfield Credit?
A: The Remediated Brownfield Credit provides property owners with a tax credit for real property taxes paid for sites that have been remediated under the Brownfield Cleanup Program.

Q: What is the deadline for filing Form IT-612?
A: The deadline for filing Form IT-612 is the same as the deadline for filing your New York State income tax return, typically April 15th.

Q: What documents are required to file Form IT-612?
A: You will need to provide documentation such as a certificate of completion from the Brownfield Cleanup Program, a property tax bill, and proof of payment for real property taxes.

Q: How is the Remediated Brownfield Credit calculated?
A: The credit is equal to the lesser of the property taxes paid or $3,000 per qualified site.

Q: Can the Remediated Brownfield Credit be carried forward or refunded?
A: No, the credit cannot be carried forward or refunded. It can only be used to offset your current year's tax liability.

Q: Is there a fee to file Form IT-612?
A: No, there is no fee to file Form IT-612.

Q: Are there any penalties for filing Form IT-612 late?
A: Yes, if you file Form IT-612 late, you may be subject to penalties and interest.