IT-212: Investment Credit (2024)
New York · NY DTF · Used for tax years 2024
New York Form IT-212 calculates the investment credit for qualified property, including research and development property and qualified property for eligible farmers. It reports credit used, refunds and carryovers, and credit addbacks for early dispositions of qualified property.
Who files this form
Use Form IT-212 to calculate the New York investment credit and any credit addback for early dispositions of qualified property.
The form includes entries for individuals, fiduciaries, beneficiaries, partners, and S corporation shareholders. It also includes credit calculations for research and development property and qualified property of eligible farmers.
The form alone does not explain the full eligibility rules.
What you'll need
Have the information and applicable forms needed for these entries:
- Your name and identifying number as shown on your return, business type, NAICS code, and date you started your business in New York State.
- The location of qualified property. Submit a schedule if there is more than one location.
- Each property's description, principal use, acquisition date, useful life, and investment credit base.
- Last year's Form IT-212 for any available carryover credit.
- Form IT-204-IP, lines 49, 50, and 50a, if you are reporting a partner's share of credit.
- Credit and addback amounts from an estate, trust, partnership, or S corporation, as applicable.
- Form IT-212-ATT, if applicable, for amounts carried into Parts 3 and 4.
- For early dispositions, the date the property ceased to qualify, its life and unused life in months, and the total investment credit allowed.
- For fiduciaries, beneficiary names as shown on Form IT-205, Schedule C, and identifying numbers.
How to file
Submit Form IT-212 with Form IT-201, IT-203, IT-204, or IT-205.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
Follow these reminders printed on the form:
- Submit a schedule if qualified property is at more than one location.
- In Part 3, complete columns A through D for each property and columns E through H on the corresponding lines.
- Individuals must transfer line 25, column F to line 1, column G to line 2, and column H to line 2a.
- For the early-disposition addback, fiduciaries enter line 31 on line 20. All others enter it on line 16.
- If you are a new business or an eligible farmer, mark an X in the appropriate box in Part 6.
- Submit IT-212 with one of the returns listed on the form.
Questions people ask
What credit rates appear on the 2024 form?
Part 3 shows 4% of the investment credit base in column F, 7% for research and development property in column G, and 20% for eligible farmers on qualified property in column H.
Where do I enter credit carried over from last year?
Enter the available carryover credit from last year's Form IT-212 on line 12.
What if property stops qualifying?
Part 4 calculates the addback of credit for early dispositions. It asks for the date the property ceased to qualify, its life and unused life, and the total investment credit allowed. Part 2 summarizes the addback amounts.
Does the form include a refund or carryover calculation?
Yes. Part 6 calculates credit used for the current tax year and credit available for refund or carryover. It includes boxes for a new business or eligible farmer, a refund amount on line 37c, and the final carryover amount on line 40 after subtracting unused expired credits.