IT-267: Geothermal Energy System Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-267 calculates New York’s Geothermal Energy System Credit for purchased or leased systems. It reports the current-year credit, credit carried over from last year, the amount applied against tax, and any credit available to carry over to next year. Submit it with Form IT-2
Who files this form
Form IT-267 is used to calculate the geothermal energy system credit and any credit carryover. Submit it with Form IT-201 or Form IT-203.
The form text does not explain who qualifies for the credit.
What you'll need
Have the information needed to complete the form:
- Your name as shown on your return and your Social Security number.
- The date the equipment was placed in service, in mmddyyyy format.
- Qualified expenditures for a purchased system, or qualified lease payments for a leased system.
- For a lease, the amount from column B paid in 2024 and the limitation requested in column E.
- Last year’s Form IT-267, line 10, if you have a credit carryover.
- Your tax due before credits and other credits applied before this credit.
The form refers to instructions for several of these amounts, but those instructions are not included in the supplied text.
How to file
Submit Form IT-267 with Form IT-201 or Form IT-203.
Complete the applicable purchase or lease chart in Schedule A. Use Schedule B to calculate the credit applied and the amount available to carry forward.
The supplied text does not provide a mailing address or e-filing directions.
Common mistakes
- Do not enter an amount on line 9 for tax year 2024. The form specifically says to leave it blank because it is not applicable for this tax year.
- Do not enter more than $5,000 in column C. The form limits this column to 25% of column B, not to exceed $5,000.
- Submit Form IT-267 with Form IT-201 or Form IT-203, as directed on the form.
Questions people ask
How is column C calculated?
Multiply column B by 25% (0.25), with a maximum of $5,000. The form also directs you to the instructions.
Where do I enter a credit carried over from last year?
Enter the amount from last year’s Form IT-267, line 10, on line 2. Add lines 1 and 2 to calculate the credit on line 3.
How much credit do I enter on line 7?
Enter the lesser of line 3, or your portion of line 3, and line 6. Line 6 is your tax due before credits minus the other credits applied before this credit.
Where is the amount available to carry forward shown?
Line 10 shows the credit available for carryover to next year. The form directs you to subtract line 9 from line 8, and to leave line 9 blank for tax year 2024.