Instructions for Form IT-651 Recovery Tax Credit - New York

Form IT-651 Recovery Tax Credit - New York

This document contains official instructions for Form IT-651 , Recovery Tax Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-651 is available for download through this link.

FAQ

Q: What is Form IT-651?
A: Form IT-651 is a tax form used to claim the Recovery Tax Credit in New York.

Q: What is the Recovery Tax Credit?
A: The Recovery Tax Credit is a tax credit offered by New York State to individuals and businesses affected by certain economic disasters.

Q: Who can claim the Recovery Tax Credit?
A: Individuals and businesses who have incurred losses or damages due to an economic disaster in New York may be eligible to claim the credit.

Q: What types of economic disasters are covered?
A: The Recovery Tax Credit covers losses or damages caused by natural disasters, terrorism, or other major economic disruptions.

Q: How do I claim the Recovery Tax Credit?
A: To claim the credit, you need to complete and file Form IT-651 with the New York State Department of Taxation and Finance.

Q: What information do I need to provide on Form IT-651?
A: You will need to provide details about the economic disaster, the losses or damages incurred, and any insurance or reimbursements received.

Q: Is there a deadline to file Form IT-651?
A: Yes, the deadline to file Form IT-651 is usually within one year from the date of the economic disaster.

Q: Can I claim the Recovery Tax Credit for previous years?
A: No, the credit is only available for the tax year in which the economic disaster occurred.

Q: Are there any limitations or restrictions on the Recovery Tax Credit?
A: Yes, there are certain limitations and restrictions on the credit, so it's important to carefully review the instructions and guidelines provided by the New York State Department of Taxation and Finance.