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New York Claim for Conservation Easement Tax Credit
Extracted from PDF file 2023-new-york-form-it-242.pdf, last modified November 2006Claim for Conservation Easement Tax Credit
Department of Taxation and Finance Claim for Conservation Easement Tax Credit Tax Law – Article 22, Section 606(kk) Submit this form with Form IT-201, IT-203, IT-204, or IT-205. Name(s) as shown on return IT-242 Fiscal-year filers enter tax period: beginning and ending Identifying number as shown on return Part 1 – Individual (including sole proprietor), partnership, and estate or trust (submit additional sheets if necessary; see instructions) A B C D E (Allocated) allowable Multiply column A Other real property Subtract column Enter the lesser of Conservation real property taxes by 25% (.25) tax credits C from A column B or D easement (see instructions) (see instructions) 1 .00 .00 .00 .00 .00 2 .00 .00 .00 .00 .00 3 .00 .00 .00 .00 .00 4 .00 .00 .00 .00 .00 1 Total of column E amounts from additional sheet(s), if any .......................................................... 1 2 Total of all column E amounts (include any amount on line 1) ........................................................... 2 .00 .00 Fiduciary: Include the line 2 amount on the Total line of Part 4, column C. All others: Enter the line 2 amount on line 6. Part 2 – Partnership, estate, and trust information (see instructions) If you received a share of the conservation easement tax credit from a partnership, estate, or trust, complete the following information for each partnership, estate, or trust. For Type, enter P for partnership or ET for estate or trust. Name of entity Type Employer identification number Part 3 – Partner’s or beneficiary’s share of credit (see instructions) Partner Beneficiary 3 Enter your share of the credit from your partnership(s) ................................... 3 4 Enter your share of the credit from the estate or trust ...................................... 4 5 Total (add lines 3 and 4) ..................................................................................... 5 .00 .00 .00 Fiduciary that is also a partner or beneficiary of another entity: Include the l.ine 5 amount on the Total line of Part 4, column C. All others: Enter the line 5 amount on line 7. 302001230094 IT-242 (2023) (back) Part 4 – Beneficiary’s and fiduciary’s share of credit (see instructions) A Beneficiary’s name (same as on Form IT-205, Schedule C) B Identifying number C Share of conservation easement credit Total (fiduciaries, enter the amount from line 2, plus the amount .00 from line 5) .00 .00 Fiduciary .00 Part 5 – Computation of conservation easement tax credit Individual (including sole proprietor) and partnership 6 Enter the amount from line 2 .................................................... 6 .00 Partner and beneficiary 7 Enter the amount from line 5 .................................................... 7 .00 Fiduciary 8 Enter the amount from Part 4, Fiduciary line, column C .......... 8 .00 9 Credit before limitation (see instructions) .................................... 9 10 Enter the lesser of line 9 or $5,000 (see instructions; partnerships: enter the line 9 amount). This is your conservation easement tax credit.. 10 .00 Part 6 – Conservation easement identifying information (submit additional sheets if necessary; see instructions) Conservation easement Conservation easement information Address Name of conservation agency 1 Recording information Date of conveyance (mmddyyyy) DEC identification number CE Address Name of conservation agency 2 Recording information Date of conveyance (mmddyyyy) DEC identification number CE Address Name of conservation agency 3 Recording information Date of conveyance (mmddyyyy) DEC identification number CE Address Name of conservation agency 4 Recording information 302002230094 Date of conveyance (mmddyyyy) DEC identification number CE .00
Form IT-242 Claim for Conservation Easement Tax Credit Tax Year 2023
More about the New York Form IT-242 Individual Income Tax Tax Credit TY 2023
This form is for New York state taxpayers eligible for the Conservation Easement Tax Credit.
We last updated the Claim for Conservation Easement Tax Credit in January 2024, so this is the latest version of Form IT-242, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-242 directly from TaxFormFinder. You can print other New York tax forms here.
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TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form IT-201 | Individual Income Tax Return |
| IT-201-V | Payment Voucher for Income Tax Returns |
| Form IT-203 | Nonresident Income Tax Return |
| Form IT-201-D | Resident Itemized Deduction Schedule (DISCONTINUED) |
| Form IT-201-I | Individual Income Tax Return Instructions |
View all 272 New York Income Tax Forms
Form Sources:
New York usually releases forms for the current tax year between January and April. We last updated New York Form IT-242 from the Department of Taxation and Finance in January 2024.
Form IT-242 is a New York Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of New York Form IT-242
We have a total of twelve past-year versions of Form IT-242 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form IT-242
Form IT-242 Claim for Conservation Easement Tax Credit Tax Year 2023
2022 Form IT-242
Form IT-242 Claim for Conservation Easement Tax Credit Tax Year 2022
2021 Form IT-242
Form IT-242 Claim for Conservation Easement Tax Credit Tax Year 2021
2020 Form IT-242
Form IT-242 Claim for Conservation Easement Tax Credit Tax Year 2020
2019 Form IT-242
Form IT-242:2019:Claim for Conservation Easement Tax Credit:it242
2018 Form IT-242
Form IT-242:2018:Claim for Conservation Easement Tax Credit:it242
2017 Form IT-242
Form IT-242:2017:Claim for Conservation Easement Tax Credit:it242
2016 Form IT-242
Form IT-242:2016:Claim for Conservation Easement Tax Credit:it242
2015 Form IT-242
Form IT-242:2015:Claim for Conservation Easement Tax Credit:it242
2014 Form IT-242
Form IT-242:2014:Claim for Conservation Easement Tax Credit:it242
2013 Form IT-242
Form IT-242:2013:Claim for Conservation Easement Tax Credit:it242
2012 Form IT-242
Form IT-242:2012:Claim for Conservation Easement Tax Credit:it242
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