Instructions for Form IT-613 Claim for Environmental Remediation Insurance Credit for Qualified Sites Accepted Into the Brownfield Cleanup Program Prior to July 1, 2015 - New York

Form IT-613 Claim for Environmental Remediation Insurance Credit for Qualified Sites Accepted Into the Brownfield Cleanup Program Prior to July 1, 2015 - New York

This document contains official instructions for Form IT-613 , Claim for Brownfield Cleanup Program Prior to July 1, 2015 - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-613 is available for download through this link.

FAQ

Q: What is Form IT-613?
A: Form IT-613 is a form used to claim the Environmental Remediation Insurance Credit for Qualified Sites Accepted into the Brownfield Cleanup Program.

Q: What is the Brownfield Cleanup Program?
A: The Brownfield Cleanup Program is a program in New York that provides incentives for the remediation and redevelopment of contaminated sites.

Q: What is the Environmental Remediation Insurance Credit?
A: The Environmental Remediation Insurance Credit is a tax credit available to individuals and businesses that have participated in the Brownfield Cleanup Program.

Q: Who is eligible to claim the credit?
A: Individuals and businesses that have participated in the Brownfield Cleanup Program and have accepted sites prior to July 1, 2015 are eligible to claim the credit.

Q: What is the purpose of the credit?
A: The credit is intended to offset the costs of obtaining environmental remediation insurance for qualified sites.

Q: How is the credit calculated?
A: The credit is calculated as 100% of the premiums paid for environmental remediation insurance, up to the liability cap established by the Department of Environmental Conservation.

Q: How do I claim the credit?
A: To claim the credit, you must complete and file Form IT-613 with your New York State income tax return.

Q: Are there any limitations on the credit?
A: Yes, there are certain limitations on the credit, including a maximum credit amount and a requirement to recapture the credit if the site is not maintained in compliance with the program requirements.