IT-612: Claim for Remediated Brownfield Credit for Real Property Taxes - 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-612 is used to claim New York’s remediated brownfield credit for real property taxes for qualified sites accepted into the Brownfield Cleanup Program prior to July 1, 2015. It reports site information, employment figures, eligible real property taxes, credit amounts, and
Who files this form
Use Form IT-612 to claim the remediated brownfield credit for real property taxes. The form includes sections for individuals, including sole proprietors, partnerships, and fiduciaries. It also covers partners, New York S corporation shareholders, and estate or trust beneficiaries who receive a share of the credit.
Check the site's program timing: The supplied 2024 form says it applies to qualified sites accepted into the Brownfield Cleanup Program prior to July 1, 2015, not on or after that date.
For the credit calculated in Schedule C, no credit is allowed if the average number of full-time employees in Schedule B is less than 25.
What you'll need
Have these documents and details ready:
- A copy of the Department of Environmental Conservation's Certificate of Completion (COC). Submit it with the form.
- The Brownfield Cleanup Agreement execution date and the site information listed on the COC.
- Sale or transfer documentation, if the COC was transferred with the sale or transfer of the qualified site. Submit a copy and enter the transfer date.
- Full-time employee counts for the developer and any lessees at the site for March 31, June 30, September 30, and December 31 of the current tax year.
- The eligible real property tax amount.
- If you received a share of the credit, the entity's name, type, employer identification number, and your share of the credit.
The form also asks whether the site is entirely within an environmental zone and whether you received Department of State notification that it is in a Brownfield Opportunity Area.
How to file
File a separate Form IT-612 for each Certificate of Completion with your return: Form IT-201, IT-203, IT-204, or IT-205.
Submit a copy of the COC. If applicable, also submit a copy of the site's sale or transfer documentation.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Do not combine multiple Certificates of Completion on one IT-612. The form requires a separate IT-612 for each COC.
- Do not omit the required COC copy or, if applicable, the sale or transfer documentation.
- Do not claim the Schedule C credit if the average number of full-time employees on line 1 is less than 25.
- Mark the calendar-year filer box, or enter the beginning and ending dates of your tax period if you are not a calendar-year filer.
Questions people ask
How does the employee count affect the credit?
The employment number factor is .25 for an average of at least 25 but fewer than 50 full-time employees, .50 for at least 50 but fewer than 75, .75 for at least 75 but fewer than 100, and 1.00 for at least 100. No credit is allowed if the average is below 25.
Does being in an environmental zone affect the calculation?
Yes. Schedule C, line 4 uses 1.00 if the qualified site is entirely within an environmental zone (EN-Zone). Otherwise, it uses .25. Line 5 multiplies this factor by the employment number factor and eligible real property taxes.
Is there a limit on the Schedule C credit?
Yes. Line 9 multiplies the average number of full-time employees on line 1 by $10,000. Line 10 claims the lesser of that limit or the credit after recapture on line 8.
What if I receive a share of the credit from another entity?
Complete Schedule D for each partnership, New York S corporation, estate, or trust that passed a share of the credit to you. Report your share in Schedule E.