IT-252: Investment Tax Credit for the Financial Services Industry (2024)
New York · NY DTF · Used for tax years 2024
Form IT-252 calculates New York’s investment tax credit for the financial services industry, including credit carried over from last year, credit used this year, and carryover to next year. It also reports credit addbacks for early dispositions of qualified property and net credi
Who files this form
Form IT-252 is for the Investment Tax Credit for the Financial Services Industry. It includes reporting for credit carried over from last year and credit that must be added back when qualified property is disposed of early.
The form includes entries for individuals, partnerships, beneficiaries, partners, S corporation shareholders, estates, and trusts. Submit it with Form IT-201, IT-203, IT-204, or IT-205. The supplied form does not explain the full eligibility rules.
What you'll need
Have these forms and details available, as applicable:
- Last year’s Form IT-252, showing your available carryover credit.
- Your Form IT-201, IT-203, IT-204, or IT-205.
- Your business type, NAICS code, date you started business in New York State, and qualified property location. Submit a schedule if there is more than one location.
- For property that ceased to qualify: its description, acquisition date, date it ceased to qualify, life and unused life in months, and total investment tax credit allowed.
- For beneficiary allocations: names matching Form IT-205, Schedule C, identifying numbers, and shares of the credit addback.
- The earliest year of unused credit carryover included in the carryforward, requested on line 21.
How to file
Submit Form IT-252 with Form IT-201, IT-203, IT-204, or IT-205.
Use a schedule if you have more than one qualified property location. In Part 3, list each asset and use a schedule if needed.
The supplied form does not provide a mailing address or e-filing directions.
Common mistakes
- Do not omit the location schedule if qualified property is at more than one location.
- In Part 3, list each asset and use a schedule if needed.
- When totaling column H on line 11, include totals from any additional Forms IT-252.
- Put the line 14 addback on the correct line: fiduciaries use line 9; all others use line 5.
- In Part 4, use beneficiary names that match Form IT-205, Schedule C.
Questions people ask
Where do I report credit carried over from last year?
Enter the available carryover credit from last year’s Form IT-252 on line 1.
Where do I report property that ceased to qualify?
Use Part 3. List each asset, its acquisition date, the date it ceased to qualify, its life and unused life in months, and the total investment tax credit allowed.
How does the form calculate the total addback for early dispositions?
Line 11 totals the amounts in column H, including totals from additional Forms IT-252. Line 13 multiplies that total by the interest rate on line 12. Line 14 adds lines 11 and 13. The form refers to instructions for the interest rate, but those instructions were not supplied.
Where is the credit carryover to next year calculated?
In Part 5, line 20 subtracts the current-year credit used on line 19 from the total credit on line 15. Line 22 then subtracts unused expired tax credits on line 21 from line 20 to determine the amount carried over to next year.