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Form IT-637
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Form IT-637 Alternative Fuels and Electric Vehicle Recharging Property Credit - New York
What Is Form IT-637?
This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. Check the official instructions before completing and submitting the form.
FAQ
Q: What is Form IT-637?A: Form IT-637 is a tax form in New York related to 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 credit that can be claimed on your New York state taxes for qualified alternative fuel vehicle property.
Q: Who is eligible to claim the Alternative Fuels and Electric Vehicle Recharging Property Credit?A: Individuals, corporations, partnerships, and estates or trusts that own or lease qualified alternative fuel vehicle property in New York may be eligible to claim the credit.
Q: What qualifies as alternative fuel vehicle property?A: Alternative fuel vehicle property includes equipment used to store, compress, or dispense alternative fuels, and equipment used for electric vehicle charging or hydrogen refueling.
Q: How much is the credit?A: The credit is equal to 50% of the cost of the qualified alternative fuel vehicle property, up to certain limits.
Q: What are the limits on the credit?A: For individuals, the maximum credit is $5,000 per qualified property. For businesses, the maximum credit is $10,000 per qualified property.
Q: How do I claim the credit?A: To claim the credit, you must complete and file Form IT-637 with your New York state tax return.
Q: Are there any other requirements to claim the credit?A: Yes, you must also have a valid New York State alternative fuels dealer license, if applicable, and the property must be placed into service during the tax year for which the credit is being claimed.
Form Details:
- The latest edition provided by the New York State Department of Taxation and Finance;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form IT-637 by clicking the link below or browse more documents and templates provided by the New York State Department of Taxation and Finance.
Download Form IT-637 Alternative Fuels and Electric Vehicle Recharging Property Credit - New York
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