IT-637: Alternative Fuels and Electric Vehicle Recharging Property Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-637 calculates New York’s Alternative Fuels and Electric Vehicle Recharging Property Credit. It reports refueling or recharging property costs, shares of credit received from an entity, credit recapture, and amounts used or carried forward.
Who files this form
Form IT-637 is used to report the Alternative Fuels and Electric Vehicle Recharging Property Credit.
The form includes sections for:
- Individuals, including sole proprietors, partnerships, estates, and trusts.
- Partners, New York S corporation shareholders, and estate or trust beneficiaries who receive a share of the credit or a share of credit recapture.
The supplied form does not state the eligibility requirements for the credit.
What you'll need
Have the information requested by the form ready:
- Your name and identifying number as shown on your return, and your type of business, if applicable.
- Each property's physical address, total cost, and number of pumps or recharging stations.
- Last year's Form IT-637 if you have a credit carryover.
- Entity names, types, employer identification numbers, and your shares of credit or recapture, if you received them from a partnership, New York S corporation, estate, or trust.
- Beneficiary names, identifying numbers, and shares of credit or recapture, if completing the fiduciary section.
- For recapture, the tax year the credit was allowed, total recovery period, years in service before the recapture year, and original credit allowed.
- Tax due before credits and tax credits claimed before this credit, for Schedule G.
How to file
Submit Form IT-637 with Form IT-201, IT-203, IT-204, or IT-205.
Partnerships enter the total credit from line 11 and code 637 on Form IT-204, line 147. All others complete Schedule G to determine the credit used and the carryover.
The supplied text does not provide a mailing address or e-filing directions.
Questions people ask
How does Schedule A calculate the credit?
For each row, divide the total property cost in column B by the number of pumps or recharging stations in column C, then multiply by 50%. Enter the lesser of that result or $5,000 in column E. Multiply column C by column E to get the amount in column F.
Where do I report a credit received from another entity?
Complete Schedule B with the entity's information. In Schedule C, report your share from a partnership on line 3, an S corporation on line 4, or an estate or trust on line 5. Add those amounts on line 6.
Where do I enter a credit carried over from last year?
Enter the carryover from last year's Form IT-637 on line 10. Line 11 adds that carryover to the credit amounts on lines 7 through 9.
How do I calculate the credit used and the carryover to next year?
In Schedule G, subtract credits claimed before this credit from tax due before credits to calculate line 18. Line 19 is the lesser of line 11 or line 18. Subtract line 19 from line 11 to calculate the carryover on line 20. The form directs you to the instructions for additional guidance on these entries.