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Instructions for Form IT-637
for the current year.
Instructions for Form IT-637 Alternative Fuels and Electric Vehicle Recharging Property Credit - New York
This document contains official instructions for Form IT-637 , Alternative Fuels and Electric Vehicle Recharging Property Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-637 is available for download through this link.
FAQ
Q: What is Form IT-637?
A: Form IT-637 is a document for claiming the Alternative Fuels and Electric Vehicle Recharging Property Credit in New York.
Q: What is the Alternative Fuels and Electric Vehicle Recharging Property Credit?
A: The Alternative Fuels and Electric Vehicle Recharging Property Credit is a tax credit available to individuals or businesses who install alternative fuel vehicle refueling property or electric vehicle recharging property.
Q: Who can claim the credit?
A: Individuals or businesses who install alternative fuel vehicle refueling property or electric vehicle recharging property in New York can claim the credit.
Q: What types of properties are eligible for the credit?
A: Properties that are used exclusively for the storage, compression, or dispensing of alternative fuels or for the charging of electric vehicles are eligible.
Q: How much is the credit?
A: The credit is equal to 50% of the eligible costs incurred in the installation of the property, up to a maximum of $5,000.
Q: How do I claim the credit?
A: To claim the credit, you must complete Form IT-637 and include it with your New York state tax return.
Q: Is the credit refundable?
A: No, the credit is nonrefundable. However, any unused credit can be carried forward for up to 5 years.
Q: Is there a deadline to claim the credit?
A: Yes, the credit must be claimed within 3 years from the due date of the original return, including extensions.
Instruction Details:
- This 3-page document is available for download in PDF;
- Might not be applicable for the current year. Choose a more recent version;
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Download Instructions for Form IT-637 Alternative Fuels and Electric Vehicle Recharging Property Credit - New York
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