Instructions for Form CT-242 Claim for Conservation Easement Tax Credit - New York

Form CT-242 Claim for Conservation Easement Tax Credit - New York

This document contains official instructions for Form CT-242 , Claim for Conservation Easement Tax Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form CT-242 is available for download through this link.

FAQ

Q: What is Form CT-242?
A: Form CT-242 is the Claim for Conservation Easement Tax Credit in New York.

Q: What is a conservation easement?
A: A conservation easement is a legal agreement between a landowner and a qualified organization to permanently restrict the use of the land for conservation purposes.

Q: Who can claim the conservation easement tax credit in New York?
A: Only qualified taxpayers who have been issued a Tax Credit Certificate by the New York State Department of Environmental Conservation can claim the conservation easement tax credit.

Q: What expenses can be claimed for the conservation easement tax credit?
A: Eligible expenses for the tax credit include the cost of creating, implementing, and documenting a qualified conservation easement.

Q: What is the deadline for filing Form CT-242?
A: Form CT-242 must be filed within three years of the expiration of the New York State income tax return due date for the year in which the credit was earned.