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This version of the form is not currently in use and is provided for reference only. Download this version of
Instructions for Form CT-637
for the current year.
Instructions for Form CT-637 Alternative Fuels and Electric Vehicle Recharging Property Credit - New York
This document contains official instructions for Form CT-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 CT-637 is available for download through this link.
FAQ
Q: What is Form CT-637?
A: Form CT-637 is a form used to claim 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 and businesses in New York who purchase or lease qualified alternative fuel or electric vehicle recharging property.
Q: Who is eligible to claim this credit?
A: Individuals and businesses in New York who purchase or lease qualified alternative fuel or electric vehicle recharging property are eligible to claim this credit.
Q: What is considered qualified alternative fuel property?
A: Qualified alternative fuel property includes equipment used for storing, compressing, or dispensing alternative fuels for use in a motor vehicle.
Q: What is considered qualified electric vehicle recharging property?
A: Qualified electric vehicle recharging property includes equipment used for recharging electric vehicles.
Q: What is the deadline for filing Form CT-637?
A: The deadline for filing Form CT-637 is the same as the deadline for filing your New York State income tax return.
Q: How much is the credit?
A: The credit is equal to 50% of the cost of the qualified alternative fuel or electric vehicle recharging property, up to a maximum credit of $5,000 for individuals and $200,000 for businesses.
Q: Can the credit be carried forward or refunded?
A: Yes, any unused credit can be carried forward for up to five years or refunded if the taxpayer elects to receive a refund instead of applying the credit to their tax liability.
Q: Are there any limitations or restrictions for claiming this credit?
A: Yes, there are various limitations and restrictions for claiming this credit, such as a maximum credit amount, certain taxable year requirements, and documentation requirements. It is recommended to review the instructions for Form CT-637 for more details.
Instruction Details:
- This 2-page document is available for download in PDF;
- Might not be applicable for the current year. Choose a more recent version;
- Complete, printable, and free.
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Download Instructions for Form CT-637 Alternative Fuels and Electric Vehicle Recharging Property Credit - New York
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