IT-237: Claim for Historic Homeownership Rehabilitation Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-237 is used to claim New York’s Historic Homeownership Rehabilitation Credit and is submitted with Form IT-201 or IT-203. It reports property information and qualified rehabilitation expenditures, calculates the credit and any carryover, and accounts for any credit recapt
Who files this form
Form IT-237 is used to claim the New York historic homeownership rehabilitation credit. Submit it with Form IT-201 or IT-203.
The form does not explain who qualifies for the credit.
What you'll need
Have these documents and details available:
- Form IT-201 or IT-203, which you submit with Form IT-237.
- The Certificate of Completion for each property, which supplies the information for Schedule A.
- Your name as shown on your return and Social Security number, plus your spouse’s information if applicable.
- Each property’s address, project number, and date of final certification or purchase.
- Qualified rehabilitation expenditure amounts.
- Last year’s Form IT-237 if you have a carryover credit. Enter its line 14 amount on this year’s line 5.
- Tax due before credits and other credits applied before this credit, for Part 2.
How to file
Submit Form IT-237 with Form IT-201 or IT-203.
Complete Schedule A using the Certificate of Completion for each property. Calculate the credit in Schedule B and use Part 2 to calculate the credit applied and any carryover. The form directs you to the instructions to determine whether you must complete Part 3 for recapture.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Do not submit Form IT-237 by itself. The form says to submit it with Form IT-201 or IT-203.
- Use the Certificate of Completion for each property when entering Schedule A information.
- Use Schedule B, column D only if married filing jointly. Married filers are also directed to the instructions for column C.
- Follow the line 8 directions: if line 7 is less than line 6, subtract line 7 from line 6 and leave line 9 blank. If line 7 is more than line 6, leave line 8 blank and go to line 9.
- Check the instructions to determine whether Part 3, recapture of credit, is required. The supplied form does not state the recapture conditions.
Questions people ask
How does the credit calculation start?
Enter qualified rehabilitation expenditures in Schedule B, column A, then multiply that amount by 20% in column B. Column C asks for the lesser of column B or $50,000 for each property and directs married filers to the instructions.
Is there a credit limit per taxpayer?
Yes. Line 2 lists a $50,000 credit limitation per taxpayer. Line 3 uses the lesser of line 1 or line 2.
Where do I enter a carryover from last year?
Enter the carryover from last year’s Form IT-237, line 14, on this year’s line 5.
Where does the form show credit available for next year?
Line 14 shows the amount available for carryover to next year. Calculate it by subtracting line 13 from line 8.