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New York Investment Credit
Extracted from PDF file 2023-new-york-form-it-212.pdf, last modified November 2006Investment Credit
IT-212 Department of Taxation and Finance Investment Credit Tax Law – Section 606(a) Submit this form with Form IT-201, IT-203, IT-204, or IT-205. Name(s) as shown on return Type of business Identifying number as shown on return Date you started your business in New York State Location of the qualified property (if more than one, submit a schedule) NAICS code (see instructions) Part 1 – Computation of credit (see Form IT-212-I, Instructions for Form IT-212) 1 Credit from line 25, column F........................................................................... 1 Individual or 2 Credit from line 25, column G .......................................................................... 2 fiduciary 2a Credit from line 25, column H .......................................................................... 2a 3 Share of investment tax credit from the estate or trust..................................... 3 Beneficiary 3a Share of investment tax credit from the estate or trust as an eligible farmer.... 3a 4 Share of research and development credit from the estate or trust................. 4 .00 .00 .00 .00 .00 .00 Partnership name: Partner Employer identification number .............. 5 Partner’s share of credit shown on Form IT-204-IP, line 49 ............................ 5 6 Partner’s share of credit shown on Form IT-204-IP, line 50 ............................ 6 6a Partner’s share of credit shown on Form IT-204-IP, line 50a .......................... 6a S corporation shareholder .00 .00 .00 S corporation name: Employer identification number ............. 7 Shareholder’s share of investment credit from the S corporation (see instructions)... 7 7a Shareholder’s share of investment credit from the S corporation as an eligible farmer (see instr.). 7a 8 Shareholder’s share of research and development credit from the S corporation (see instr.). 8 .00 .00 .00 8a Enter the total from all additional Forms IT-212, if any .................................... 8a 9 Total (add lines 1 through 8a)............................................................................... 9 .00 .00 10 Fiduciaries: Enter credit allocated to beneficiaries ...................................................................... 10 11 Subtract line 10 from line 9 ......................................................................................................... 11 12 Available carryover credit from last year’s Form IT-212 .............................................................. 12 13 Investment credit (add lines 11 and 12)........................................................................................... 13 14 Total addback of credit from line 21 (fiduciaries: see instructions) ................................................... 14 15a Total investment credit (see instructions) ....................................................................................... 15a 15b Net investment credit recapture (see instructions) ......................................................................... 15b .00 .00 .00 .00 .00 .00 .00 Part 2 – Summary of addback of credit on early dispositions (see instructions) 16 Individual’s and partnership’s addback of credit on early dispositions (from line 31)..................... 17 Beneficiary’s share of addback of credit on early dispositions .................................................... 18 Partner’s share of addback of credit on early dispositions .......................................................... 19 S corporation shareholder’s share of addback of credit on early dispositions............................. 20 Estate’s or trust’s addback of credits on early dispositions (from line 31) ..................................... 21 Total (add lines 16 through 20)........................................................................................................ 212001230094 16 17 18 19 20 21 .00 .00 .00 .00 .00 .00 Page 2 of 2 IT-212 (2023) Part 3 – Investments in qualified property (see instructions) For each property, complete columns A through D here and columns E through H on the corresponding lines below. Item A – Description of property B – Principal use of property (list each asset and submit additional Forms IT-212, if needed) C – Date acquired D – Useful life in years 22 Item E – Investment credit base 22 F – Investment credit G – Investment credit for research and development property (see instructions) (column E × 4% [0.04]) (column E × 7% [0.07]) .00 .00 Total column F through column H amounts from additional Forms IT-212, if any.......... 23 Enter amount from Form IT-212-ATT, line 11..... 23 24 Enter amount from Form IT-212-ATT, line 19, column C.................. 24 25 Total investment credit (add amounts in columns F through H) 25 H – Investment credit for eligible farmers on qualified property (see instructions) (column E x 20% [0.2]) .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 Individuals: Enter the line 25, column F amount on line 1. Enter the line 25, column G amount on line 2. Enter the line 25, column H amount on line 2a. Fiduciaries and Partnerships: See instructions. Part 4 – Early dispositions of qualified property and addback of credit on early dispositions (see instructions) A – Description of property B – Date C – Date D – Life E – F – Percentage G – Total investment credit H – Addback of credit on property ceased (months) Unused life (list each asset and acquired submit a schedule if needed) to qualify (months) 26 27 Enter amount from Form IT-212-ATT, line 12 ..................................................................................... 28 Total (add lines 26 and 27, column H, including any additional Forms IT-212, and enter total here) ................ 29 Interest rate ........................................................................................................................................ 30 Multiply line 28 by line 29 ................................................................................................................... 31 Total addback of credit on early dispositions (add amounts on lines 28 and 30) ..................................... Fiduciaries: Enter the line 31 amount on line 20. early dispositions (F × G) (E ÷ D) allowed (see instructions) .00 .00 .00 .00 .00 .00 27 28 29 30 31 .00 .00 All others: Enter the line 31 amount on line 16. Part 5 – Beneficiary’s and fiduciary’s share of investment credit and addback of credit on early dispositions A – Beneficiary’s name B – Identifying number C – Share of D – Share of E – Share of (same as in Form IT-205, Schedule C) Total Fiduciary investment credit (see instructions) investment credit for research and development property .00 .00 .00 .00 investment credit for eligible farmers on qualified property .00 .00 .00 .00 .00 .00 .00 .00 F – Share of addback of credit on early dispositions .00 .00 .00 .00 Part 6 – Application of credit and computation of refund and carryover (see instructions) 32a Total credit (from line 15a).............................................................................................................. 32a 32b Tax due before credits ................................................................................................................. 32b 33 Credits that you applied before this credit ................................................................................... 33 34 Net tax (subtract line 33 from line 32b) ............................................................................................ 34 35 Amount of credit used for the current tax year ..................................................................................... 35 36 Amount of credit available for refund or carryover to next year (subtract line 35 from line 32a) ....... 36 If you are a new business or an eligible farmer, mark an X in the appropriate box: 37a New business ..................................................................................................................... 37a 37b Eligible farmer ..................................................................................................................... 37b 37c Amount of credit to be refunded .................................................................................................. 37c 38 Amount of credit available for carryover to next year (subtract line 37c from line 36) ...................... 38 39 Unused expired tax credits (see instructions). Enter the earliest year (yyyy) of unused credit carryover included in the carryforward........................ 39 212002230094 40 Amount of credit to be carried over to next year (subtract line 39 from line 38) 40 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00
Form IT-212 Investment Credit Tax Year 2023
More about the New York Form IT-212 Individual Income Tax Tax Credit TY 2023
This form is for New York state taxpayers who are qualified for the Investment Credit.
We last updated the Investment Credit in January 2024, so this is the latest version of Form IT-212, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-212 directly from TaxFormFinder. You can print other New York tax forms here.
Related New York Individual Income Tax Forms:
TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the New York Form IT-212.
| Form Code | Form Name |
|---|---|
| Form IT-212-ATT | Claim for Historic Barn Rehabilitation Credit And Employment Incentive Credit |
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-212 from the Department of Taxation and Finance in January 2024.
Form IT-212 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-212
We have a total of twelve past-year versions of Form IT-212 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form IT-212
Form IT-212 Investment Credit Tax Year 2023
2022 Form IT-212
Form IT-212 Investment Credit Tax Year 2022
2021 Form IT-212
Form IT-212 Investment Credit Tax Year 2021
2020 Form IT-212
Form IT-212:2020:Investment Credit:it212
2019 Form IT-212
Form IT-212:2018:Investment Credit:it212
2018 Form IT-212
Form IT-212:2017:Investment Credit:it212
2017 Form IT-212
Form IT-212:2017:Investment Credit:IT212
2016 Form IT-212
Form IT-212:2016:Investment Credit:IT212
2015 Form IT-212
Form IT-212:2015:Investment Credit:IT212
2014 Form IT-212
Form IT-212:2014:Investment Credit:IT212
2013 Form IT-212
Form IT-212:2013:Investment Credit:IT212
2012 Form IT-212
Form IT-212:2012:Investment Credit:IT212
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