Instructions for Form IT-238 Claim for Rehabilitation of Historic Properties Credit - New York

Form IT-238 Claim for Rehabilitation of Historic Properties Credit - New York

This document contains official instructions for Form IT-238 , Claim for Rehabilitation of Historic Properties Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-238 is available for download through this link.

FAQ

Q: What is Form IT-238?
A: Form IT-238 is a tax form used in New York to claim the Rehabilitation of Historic Properties Credit.

Q: What is the Rehabilitation of Historic Properties Credit?
A: The Rehabilitation of Historic Properties Credit is a tax credit available in New York for expenses incurred in the rehabilitation of certain historic properties.

Q: Who is eligible to claim this credit?
A: Property owners who have incurred expenses for rehabilitating eligible historic properties in New York may be eligible to claim this credit.

Q: What expenses can be claimed under this credit?
A: Qualifying expenses include costs related to the rehabilitation of the historic property, such as labor, materials, and certain fees.

Q: How much is the credit?
A: The credit amount is generally 20% of the qualifying expenses, up to a maximum of $5 million per project.

Q: How is the credit claimed?
A: The credit is claimed by completing and filing Form IT-238 with the New York State Department of Taxation and Finance.

Q: Are there any deadlines for claiming the credit?
A: Yes, the credit must be claimed within three years from the end of the tax year in which the expenses were incurred.

Q: Are there any additional requirements or restrictions for claiming the credit?
A: Yes, there are additional requirements, such as certification by the New York State Historic Preservation Office and compliance with certain preservation standards.