Instructions for Form IT-611.2 Claim for Brownfield Redevelopment Tax Credit for Qualified Sites Accepted Into the Brownfield Cleanup Program on or After July 1, 2015 - New York

Form IT-611.2 Claim for Brownfield Redevelopment Tax Credit for Qualified Sites Accepted Into the Brownfield Cleanup Program on or After July 1, 2015 - New York

This document contains official instructions for Form IT-611.2 , Claim for Brownfield Cleanup Program on or After 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-611.2 is available for download through this link.

FAQ

Q: What is Form IT-611.2?
A: Form IT-611.2 is used to claim the Brownfield Redevelopment Tax Credit for qualified sites accepted into the Brownfield Cleanup Program on or after July 1, 2015 in New York.

Q: Who can use Form IT-611.2?
A: Property owners or developers who have a site accepted into the Brownfield Cleanup Program on or after July 1, 2015 in New York can use Form IT-611.2.

Q: What is the purpose of the Brownfield Redevelopment Tax Credit?
A: The Brownfield Redevelopment Tax Credit is a tax incentive to encourage the cleanup and redevelopment of contaminated sites in New York.

Q: How do I qualify for the Brownfield Redevelopment Tax Credit?
A: To qualify for the Brownfield Redevelopment Tax Credit, your site must be accepted into the Brownfield Cleanup Program on or after July 1, 2015 in New York.

Q: What expenses can be claimed for the Brownfield Redevelopment Tax Credit?
A: Eligible expenses for the Brownfield Redevelopment Tax Credit include site preparation costs, remediation costs, and development costs directly related to the cleanup and redevelopment of the qualified site.

Q: How much tax credit can I claim?
A: The amount of tax credit you can claim depends on the eligible expenses incurred for the cleanup and redevelopment of the qualified site. The credit is generally equal to 10% of the eligible expenses.

Q: How do I submit Form IT-611.2?
A: You must complete and mail Form IT-611.2 to the New York State Department of Taxation and Finance. The address to send the form is provided on the instructions of the form.

Q: Are there any deadlines for submitting Form IT-611.2?
A: Yes, there are deadlines for submitting Form IT-611.2. The form must be filed no later than three years from the due date of the return for the taxable year in which the credit is claimed.

Q: Can I amend my claim after submitting Form IT-611.2?
A: No, once you have submitted Form IT-611.2, you cannot amend your claim. It is important to ensure the accuracy of your claim before submitting the form.