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

Form CT-651 Recovery Tax Credit - New York

This document contains official instructions for Form CT-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 CT-651 is available for download through this link.

FAQ

Q: What is Form CT-651 Recovery Tax Credit?
A: Form CT-651 Recovery Tax Credit is a form used in New York to claim a tax credit for recovery of certain assessment costs.

Q: Who can file Form CT-651 Recovery Tax Credit?
A: Property owners in New York who have incurred assessment costs as a result of a major disaster or emergency can file Form CT-651 to claim the recovery tax credit.

Q: What is the purpose of Form CT-651 Recovery Tax Credit?
A: The purpose of Form CT-651 Recovery Tax Credit is to provide financial relief to property owners in New York who have incurred assessment costs due to a major disaster or emergency.

Q: What expenses can be claimed on Form CT-651 Recovery Tax Credit?
A: Expenses that can be claimed on Form CT-651 Recovery Tax Credit include costs incurred for assessment work, engineering evaluations, and necessary repairs or modifications to damaged property.

Q: How do I fill out Form CT-651 Recovery Tax Credit?
A: To fill out Form CT-651 Recovery Tax Credit, you will need to provide information about the property, the assessment costs incurred, and any insurance reimbursement received. You must also attach supporting documentation.

Q: When is the deadline to file Form CT-651 Recovery Tax Credit?
A: The deadline to file Form CT-651 Recovery Tax Credit is usually within one year from the date of the disaster or emergency declaration.

Q: Is there a limit on the amount of tax credit that can be claimed?
A: Yes, there is a limit on the amount of tax credit that can be claimed. The maximum credit amount for each property is $750,000.

Q: Is Form CT-651 Recovery Tax Credit specific to New York?
A: Yes, Form CT-651 Recovery Tax Credit is specific to New York and cannot be used for claiming recovery tax credits in other states.

Q: Can I claim the recovery tax credit if I have already received insurance reimbursement?
A: Yes, you can still claim the recovery tax credit on Form CT-651 even if you have received insurance reimbursement. However, you will need to report the amount of reimbursement received.