IT-267: Geothermal Energy System Credit (2025)
New York · NY DTF · Used for tax years 2025
Form IT-267 calculates the New York geothermal energy system credit for purchased or leased equipment. It reports the current-year credit, any credit carried over from last year, the credit applied against tax, and the amount available to carry over to next year.
Who files this form
Form IT-267 is used to calculate and apply the geothermal energy system credit. If you use this form, submit it with Form IT-201 or Form IT-203.
The form refers to instructions for qualified expenditures and credit limits. Those instructions are not available here, so this text does not establish who qualifies for the credit.
What you'll need
To complete the form, have:
- Form IT-201 or Form IT-203, which you must submit with Form IT-267.
- Last year’s Form IT-267 if you have a carryover credit. Line 2 asks for the amount from last year’s line 10.
- Your name as shown on your return and your Social Security number.
- The date the equipment was placed in service and the applicable purchase or lease amounts.
- Your tax due before credits and the other credits applied before this credit.
The form refers to instructions for details about qualified amounts and limits.
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. Schedule B applies the credit against tax and calculates any carryover to next year.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Do not submit Form IT-267 by itself. The form says to submit it with Form IT-201 or Form IT-203.
- Complete the chart that applies to your system: purchase or lease.
- Do not assume the full 25% calculation is allowed. Column C says the amount is limited and refers to the instructions.
- Enter the equipment’s placed-in-service date in
mmddyyyyformat. - Leave line 9 blank for tax year 2025. The form says it is not applicable for this tax year.
Questions people ask
What percentage does the form use to calculate the credit?
Column C multiplies column B by 25% (0.25). The form says this amount is limited and refers to instructions. The supplied text does not state the limit.
Where do I enter a credit carried over from last year?
Enter the carryover from last year’s Form IT-267, line 10, on this year’s line 2. Line 3 adds that amount to the current-year credit on line 1.
How much credit can I apply on line 7?
Line 7 asks for the lesser of line 3, or your portion of line 3, and line 6. Line 6 is tax due before credits minus the other credits you applied before this credit.
Where does the form show the credit available to carry over to next year?
Line 10 shows the amount available for carryover to next year. It subtracts line 9 from line 8. For tax year 2025, the form says to leave line 9 blank.