IT-217: Claim for Farmers' School Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
New York Form IT-217 is used to claim the Farmers’ School Tax Credit with Form IT-201, IT-203, or IT-205. It reports qualified agricultural acreage and eligible school district property taxes, calculates the credit, and includes a section for credit recapture when property is con
Who files this form
Use Form IT-217 to claim the 2024 Farmers’ School Tax Credit with Form IT-201, IT-203, or IT-205.
Part 1 requires a Yes answer to all four eligibility questions:
- Did you have qualified agricultural property during the tax year?
- Were eligible school district property taxes paid on that property during the tax year?
- Is Worksheet A, line 6, less than $300,000?
- Is Worksheet C, line 28, or Worksheet D, line 28, at least 0.6667?
Form IT-201 and IT-203 filers use Worksheet C. Form IT-205 filers use Worksheet D. If you answer No to any of these questions, the form says to stop because you do not qualify.
The form also includes sections for partners, New York S corporation shareholders, beneficiaries, and fiduciaries. It refers filers to the instructions for definitions of qualified property and eligible taxes.
What you'll need
Have these forms and details available to complete IT-217:
- Your Form IT-201, IT-203, or IT-205, including the name and identifying number shown on the return.
- Form IT-217-I, which contains Worksheet A and the applicable Worksheet C or D referenced on the form. Those instructions were not included in the supplied text.
- Your acres of qualified agricultural property and eligible school taxes paid.
- If applicable, each partnership’s, S corporation’s, or estate or trust’s name, employer ID number, property location, and your share of acreage and eligible taxes.
- For Part 5, beneficiaries’ names, identifying numbers, and applicable acreage and tax shares.
- For Part 6, acreage converted to nonqualified use, total qualified acreage before conversion, and total credit claimed for the two previous tax years.
How to file
- Before completing IT-217, complete Form IT-201 through line 33, Form IT-203 through line 32, or Form IT-205 through line B.
- Complete Part 1 to check eligibility, then calculate the credit in Part 2. Complete the other parts that apply to you.
- Submit IT-217 with Form IT-201, IT-203, or IT-205.
The supplied form does not give a mailing address or e-file directions. It refers you to Form IT-217-I for assistance.
Common mistakes
- Continuing after a No answer in Part 1. A No for item A, B, C, or D means you must stop and do not qualify.
- Missing the related-person checkbox. Mark item E if you and one or more related persons each owned qualified agricultural property on March 1 of the tax year. The form directs you to the instructions for Part 2, line 5.
- Missing the conversion checkbox. Mark item F if any qualified agricultural property was converted to nonqualified use during the tax year.
- Overlooking the line 6 shortcut. If line 6 is zero or less, skip lines 7 and 8, enter 1.0000 on line 9, and continue on line 10.
- Overlooking the line 15 shortcut. If line 15 is $200,000 or less, skip lines 16 through 18 and enter the line 14 amount on line 19.
Questions people ask
Can I submit IT-217 by itself?
The form directs you to submit it with Form IT-201, IT-203, or IT-205.
Where is the credit amount shown?
Part 2, line 19, is labeled “Farmers’ school tax credit.”
What information do partners, shareholders, and beneficiaries report?
Part 3 asks for information about each entity that owned qualified agricultural property. Part 4 reports your share of qualified acreage and eligible taxes.
What if qualified property was converted to nonqualified use?
Mark item F. Part 6 provides a credit recapture calculation using the converted acreage, total acreage before conversion, and credit claimed for the two previous tax years. The form refers you to the instructions for details.