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This version of the form is not currently in use and is provided for reference only. Download this version of
Form IT-242
for the current year.
Form IT-242 Claim for Conservation Easement Tax Credit - New York
What Is Form IT-242?
This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. Check the official instructions before completing and submitting the form.
FAQ
Q: What is Form IT-242?
A: Form IT-242 is a claim form for the Conservation Easement Tax Credit in New York.
Q: What is the purpose of Form IT-242?
A: The purpose of Form IT-242 is to claim a tax credit related to conservation easements in New York.
Q: What is a conservation easement?
A: A conservation easement is a legal agreement in which a landowner voluntarily restricts the use of their property to protect its conservation value.
Q: Who can claim the Conservation Easement Tax Credit?
A: Individuals, estates, and trusts that own qualified conservation easement property in New York may be eligible to claim the tax credit.
Q: How much is the Conservation Easement Tax Credit?
A: The tax credit is equal to either 25% or 50% of the appraised value of the conservation easement property, depending on certain factors.
Q: What are the requirements for claiming the tax credit?
A: To claim the tax credit, the conservation easement property must meet certain criteria, including being owned by the taxpayer for at least five years and being subject to a qualified conservation easement.
Q: When is the deadline for filing Form IT-242?
A: The deadline for filing Form IT-242 is generally the same as the deadline for filing your New York State income tax return, which is April 15th.
Q: Are there any supporting documents required with Form IT-242?
A: Yes, you must include a copy of the appraisal report and other documentation to support your claim for the tax credit.
Q: Can I carry forward any unused tax credit?
A: Yes, any unused tax credit can be carried forward for up to 15 years.
Form Details:
- The latest edition provided by the New York State Department of Taxation and Finance;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form IT-242 by clicking the link below or browse more documents and templates provided by the New York State Department of Taxation and Finance.
Download Form IT-242 Claim for Conservation Easement Tax Credit - New York
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