IT-212-ATT: Claim for Historic Barn Rehabilitation Credit and Employment Incentive Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-212-ATT calculates New York's historic barn rehabilitation credit and employment incentive credit and is submitted with Form IT-212. It reports qualified rehabilitation expenditures, employee counts, credit calculations, and any credit addback for early dispositions of qu
Who files this form
Form IT-212-ATT is used to claim the historic barn rehabilitation credit and the employment incentive credit. Submit it with Form IT-212.
For the employment incentive credit, the form says you do not qualify if the average number of New York State employees in the credit year is less than 101% of the average in the employment base year.
What you'll need
Have the information needed for the parts you complete:
- Your name and identifying number as shown on your return.
- For the historic barn rehabilitation credit: the project number and date from the certificate of completion, plus qualified rehabilitation expenditures.
- For an early disposition of historic barn property: a description of rehabilitation expenditures, the acquisition date, the date the property ceased to qualify, its useful and unused life in months, and the total investment credit allowed.
- For the employment incentive credit: New York State employee counts for the employment base year and credit year at each quarter-end listed on the form, the tax year the original investment tax credit was allowed, and the investment credit base.
How to file
Submit Form IT-212-ATT with Form IT-212.
Transfer these totals to Form IT-212:
- Historic barn rehabilitation credit: line 11 to Form IT-212, line 23.
- Employment incentive credit: line 19 to Form IT-212, line 24.
- Addback of credit on early dispositions: line 12 to Form IT-212, line 27.
The provided form does not give a mailing address or e-filing instructions.
Common mistakes
- Do not fill in Schedule A, Part 1, lines 1 through 10. They are intentionally left blank.
- In Schedule B, divide the credit-year employee average by the base-year employee average and round the result to two decimal places. If column H is less than 101% (1.01), stop: you do not qualify for the employment incentive credit.
- Exclude research and development (R&D) property at the optional rate from the investment credit base in Schedule B, Part 2.
- Include totals from any additional Forms IT-212-ATT when completing Schedule A, lines 11 and 12.
Questions people ask
How is the historic barn rehabilitation credit calculated?
Multiply qualified rehabilitation expenditures in Schedule A, column C, by 0.25. Add the column D credit amounts on line 11, including amounts from any additional Forms IT-212-ATT.
What are the employment incentive credit rates?
The rate depends on the employee percentage in Schedule B, Part 1, column H:
- At least 101% but less than 102%: 1.5% of the investment credit base.
- At least 102% but less than 103%: 2%.
- At least 103%: 2.5%.
Which succeeding tax years does Schedule B cover?
Line 17 is for the first succeeding tax year and uses the percentage on line 14, column H. Line 18 is for the second succeeding tax year and uses the percentage on line 16, column H.
How is the addback for an early disposition calculated?
In Schedule A, Part 3, divide the property's unused life in months by its useful life in months. Multiply that percentage by the total investment credit allowed for rehabilitation of the historic barn.