IT-611.2: Claim for Brownfield Redevelopment Tax Credit - For Qualified Sites Accepted into the Brownfield Cleanup Program on or After July 1, 2015 (2024)
New York · NY DTF · Used for tax years 2024
Form IT-611.2 is used to claim New York's brownfield redevelopment tax credit for qualified sites. It reports site and Certificate of Completion information and calculates credit components for site preparation, on-site groundwater remediation, and tangible property.
Who files this form
Use Form IT-611.2 to claim the brownfield redevelopment tax credit if you answer Yes to question A, A1, or A2. These questions cover sites that:
- Were accepted by the Department of Environmental Conservation (DEC) into the Brownfield Cleanup Program on or after July 1, 2015.
- Were accepted before June 23, 2008, and received a Certificate of Completion (COC) after December 31, 2017.
- Were accepted on or after June 23, 2008, but before July 1, 2015, received a COC after December 31, 2019, and do not meet the exception referenced in the instructions. The supplied text does not explain that exception.
If you answer No to all three questions, do not complete IT-611.2. The form directs you to IT-611 for sites accepted before June 23, 2008, or IT-611.1 for sites accepted on or after June 23, 2008, but before July 1, 2015.
File a separate IT-611.2 for each COC. The form also includes sections for partners, New York S corporation shareholders, and estate or trust beneficiaries receiving a share of the credit or credit recapture.
What you'll need
Have the following information and documents ready, as applicable:
- A copy of the COC, which you must submit with the form. Use it to enter certificate holder and site information.
- The date the Brownfield Cleanup Agreement was executed and the beginning and ending dates of your tax period.
- Sale or transfer documentation if the COC was transferred with the sale or transfer of the qualified site. Submit a copy.
- Supporting documentation for Brownfield Opportunity Area status if you received notification from the Department of State. Include the designated area's name and project identification number.
- Site preparation and groundwater remediation cost details, including descriptions, dates paid or incurred, and amounts.
- Qualified property details, including principal use, date placed in service, useful life, and cost or other basis.
- For passed-through credits or recapture, each entity's name, type, EIN, and credit or recapture amounts.
- For an estate or trust, beneficiary names, identifying numbers, and allocated shares.
How to file
Submit Form IT-611.2 with Form IT-201, IT-203, IT-204, or IT-205. File a separate IT-611.2 for each COC and submit a copy of the COC.
All filers must complete Part 1. Complete Part 2 if you are an individual sole proprietor, partnership, estate, or trust that earned the credit. If you only received a share of the credit, skip Part 2 and complete Part 3 as applicable. Estates and trusts must also complete Part 4.
The supplied form does not provide a mailing address or electronic filing instructions.
Common mistakes
- Using the wrong credit form: Do not complete IT-611.2 if you answered No to A, A1, and A2.
- Combining certificates: A separate IT-611.2 is required for each COC.
- Leaving Part 1 or the tax period blank: All filers must complete these items.
- Skipping questions M and N: Answer both before continuing to Part 2 or Part 3.
- Completing Part 2 for only a passed-through share: Do not complete Part 2 if you only received a share of the credit from a partnership, New York S corporation, estate, or trust.
- Omitting required attachments: Submit the COC copy and any applicable transfer or Brownfield Opportunity Area documentation.
- Skipping Part 4 for an estate or trust: Estates and trusts must complete it.
Questions people ask
What are the credit's components?
The form calculates three components: site preparation, on-site groundwater remediation, and tangible property.
Where do I report a credit passed through to me?
Use Part 3 if you are claiming a credit or recapture passed through from a partnership, New York S corporation, estate, or trust. List each entity's name, type, EIN, and the applicable amounts.
What if the COC was transferred when the site was sold or transferred?
Enter the COC transfer date on line D and submit a copy of the sale or transfer documentation.
Does the form address repayment of a previously claimed credit?
Yes. Schedule D covers credit recapture for tangible property that ceases to be in qualified use and recapture if the COC is revoked.