IT-252: Investment Tax Credit for the Financial Services Industry (2025)
New York · NY DTF · Used for tax years 2025
Form IT-252 calculates the New York investment tax credit for the financial services industry using available credit carried over from the prior year. It also reports credit addbacks for early dispositions of qualified property, credit used for the current year, and credit carrie
Who files this form
Form IT-252 is used to report carryover of the Investment Tax Credit for the Financial Services Industry and addback of credit on early dispositions of qualified property.
The form includes entries for individuals, partnerships, beneficiaries, S corporation shareholders, estates, and trusts. It does not state the eligibility rules or all circumstances that require filing.
What you'll need
Have the following information available, as applicable:
- Last year’s Form IT-252, showing your available carryover credit.
- Your return information, including names and identifying number, plus your business type, New York State business start date, qualified property location, and NAICS code.
- 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.
- Any beneficiary, partner, or S corporation shareholder share of the addback.
- For fiduciaries, beneficiary names and identifying numbers from Form IT-205, Schedule C.
- Tax due before credits, credits applied before this credit, and the earliest year of unused credit carryover included in the carryforward.
Submit a schedule if the qualified property has more than one location. Use a schedule for the property list if needed.
How to file
Submit Form IT-252 with Form IT-201, IT-203, IT-204, or IT-205.
The 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 completing line 11, include total amounts from any additional Forms IT-252.
- Transfer line 14 correctly: fiduciaries enter it on line 9; all others enter it on line 5.
- For Part 4, use beneficiary names exactly as shown on Form IT-205, Schedule C.
Questions people ask
Where do I enter 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. It asks for each asset’s description, acquisition date, date it ceased to qualify, life and unused life in months, and total investment tax credit allowed.
Does the addback calculation include interest?
Part 3 includes an interest calculation. Multiply line 11 by the interest rate on line 12, enter the result on line 13, and add lines 11 and 13 on line 14. The form refers to instructions for the interest rate but does not print a rate.
Where is the carryover to next year calculated?
Part 5 calculates the carryover. Line 20 is line 15 minus line 19. Line 21 reports unused expired tax credits, and line 22 is line 20 minus line 21, labeled as the amount of EIC to carry over to next year.