IT-212: Investment Credit (2025)
New York · NY DTF · Used for tax years 2025
Form IT-212 calculates the New York investment tax credit for qualified property, including research and development property and qualified property for eligible farmers. It also reports credit shares, carryovers, refunds, and credit addbacks for early dispositions of qualified p
Who files this form
Form IT-212 is used to calculate the New York investment tax credit and report credit addbacks 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 provide full eligibility rules. Several entries refer to instructions, which were not provided.
What you'll need
Have the following information and forms ready, as applicable:
- Your name and identifying number as shown on your return, business type, New York business start date, and NAICS code.
- The location of qualified property. Submit a schedule if there is more than one location.
- Property descriptions, principal uses, acquisition dates, useful lives, and investment credit bases.
- Last year's Form IT-212 for any available credit carryover.
- Form IT-204-IP for a partner's credit amounts from lines 49, 50, and 50a.
- Credit and early-disposition addback amounts allocated by an estate, trust, partnership, or S corporation.
- Form IT-212-ATT, if amounts from that form apply.
- For early dispositions, the date property ceased to qualify, its life and unused life in months, and the total investment tax credit allowed.
- For fiduciaries, beneficiary names matching Form IT-205, Schedule C, identifying numbers, and allocated credit and addback amounts.
How to file
Submit Form IT-212 with Form IT-201, IT-203, IT-204, or IT-205, as applicable.
Include a schedule of qualified-property locations if there is more than one location.
The supplied form does not print a mailing address or e-file directions.
Common mistakes
- Leaving out additional property locations: The form says to submit a schedule if there is more than one location.
- Mismatching property entries: In Part 3, complete columns A through D and columns E through H on corresponding lines for each property.
- Putting the early-disposition addback on the wrong line: Fiduciaries enter the line 31 amount on line 20. All others enter it on line 16.
- Skipping the status box: If you are a new business or an eligible farmer, mark an X in the appropriate box on line 37a or 37b.
Questions people ask
What credit rates are printed on the 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. The form refers to instructions for completing this part.
Where do I enter a credit carried over from last year?
Enter the available carryover credit from last year's Form IT-212 on line 12.
Where do I report property that ceased to qualify?
Part 4 covers early dispositions of qualified property and the related credit addback. Part 2 summarizes addback amounts.
Where does the form calculate a refund or next year's carryover?
Part 6 calculates the credit used, the amount available for refund or carryover, and the final carryover after subtracting unused expired credits. Line 37c is for the amount to be refunded. The form refers to instructions for completing Part 6.