IT-255: Claim for Solar Energy System Equipment Credit (2024)
New York · NY DTF · Used for tax years 2024
New York Form IT-255 is used to claim the solar energy system equipment credit. It reports qualified expenditures for purchased or leased equipment or a power purchase agreement, calculates the credit applied to your tax, and determines any credit available to carry over to next
Who files this form
Form IT-255 is used to claim the solar energy system equipment credit. Submit it with Form IT-201 or IT-203.
What you'll need
Have these forms and details available to complete the 2024 Form IT-255:
- Form IT-201 or IT-203, including your name as shown on the return and your Social Security number.
- The date your solar energy system equipment was placed in service and your qualified expenditures.
- The amount paid in 2024 if you are completing the lease chart.
- Last year’s Form IT-255, line 10, if you have a carryover credit.
- Your tax due before credits and the other credits applied before this credit.
- Any amount of unused credit that expired during the tax year.
The form refers you to the instructions for qualified expenditures and certain limits. Those instructions are not included in the supplied text.
How to file
Submit Form IT-255 with Form IT-201 or IT-203.
Complete the applicable equipment chart for a purchase, power purchase agreement, or lease. Use Schedule A to compute the credit and Schedule B to determine the credit applied and the amount available to carry forward.
The supplied form does not list a mailing address or e-filing directions.
Common mistakes
Follow these reminders printed on the form:
- Submit IT-255 with Form IT-201 or IT-203, rather than by itself.
- Complete the chart that applies to your solar energy system equipment.
- Enter the date the equipment was placed in service in the requested
mmddyyyyformat. - Follow the form’s references to the instructions for qualified expenditures, limitations, and other entries that require explanation.
Questions people ask
Which types of arrangements appear on the form?
The form has separate charts for a purchase, power purchase agreement, and lease.
What calculation does column C require?
Column C is 25% of the qualified expenditures in column B, not to exceed $5,000. This is a chart calculation, not necessarily the amount of credit you can apply against your tax.
Where do I enter a credit carried over from last year?
Enter the carryover from last year’s Form IT-255, line 10, on this year’s line 2. Add lines 1 and 2 to get the total on line 3.
How does the form calculate the credit available for next year?
Line 8 subtracts the credit applied on line 7 from line 3, or your portion of line 3. Line 9 identifies any amount included on line 8 that expired this tax year. Line 10 subtracts line 9 from line 8 to show the credit available to carry over to next year.