IT-641: Manufacturer's Real Property Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-641 calculates New York’s Manufacturer’s Real Property Tax Credit based on eligible real property taxes paid. It also reports shares of the credit received from an entity, allocations to beneficiaries, and any credit recapture.
Who files this form
Form IT-641 is used to claim the manufacturer’s real property tax credit by:
- Individuals who are sole proprietors, partnerships, and fiduciaries of estates or trusts that earned the credit.
- Partners, shareholders of New York S corporations, and beneficiaries of estates or trusts who received a share of the credit from those entities.
The form also includes schedules for reporting credit recapture.
What you'll need
Have the information requested by the form ready:
- Your name and identifying number as shown on your return.
- For credit you earned directly: each property’s physical address and eligible real property taxes paid.
- For a credit or recapture share received from an entity: its name, type, employer identification number, and your share of the credit or recapture.
- For fiduciary allocations: beneficiaries’ names, identifying numbers, and shares of credit or recapture. Beneficiary names must match Form IT-205, Schedule C.
- For credit recapture: the tax year the credit was allowed, the credit originally allowed, and reduced eligible real property taxes.
How to file
Submit Form IT-641 with Form IT-201, IT-203, IT-204, or IT-205.
All filers must answer line A:
- If Yes, sole proprietors and partnerships complete Schedules A and D. Fiduciaries complete Schedules A, C, and D.
- If No, complete Schedules B and D. Fiduciaries also complete Schedule C.
- Complete Schedule E if applicable.
Report the total credit from line 11 as follows:
- Individuals, partners, S corporation shareholders, and beneficiaries: Enter the amount and code 641 on Form IT-201-ATT, line 12, or Form IT-203-ATT, line 12.
- Partnerships: Enter the amount and code 641 on Form IT-204, line 147.
- Fiduciaries: Include the amount on Form IT-205, line 33.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Leaving line A blank: The form says all filers must complete it.
- Skipping Schedule C as a fiduciary: Fiduciaries must complete Schedule C whether they answer Yes or No on line A.
- Omitting the tax-period information: Calendar-year filers must mark the calendar-year box. Other filers must enter their beginning and ending tax-period dates.
- Submitting IT-641 without the return: The form says to submit it with Form IT-201, IT-203, IT-204, or IT-205.
Questions people ask
What tax credit rate does the form use?
Schedule A uses a rate of 20%. Multiply total eligible real property taxes on line 1 by .20 to calculate the credit on line 3.
Where do I report a credit share received from another entity?
Use Schedule B. Enter the entity’s name, employer identification number, and your share of credit or recapture. For entity type, enter P for partnership, S for S corporation, or ET for estate or trust.
What if I need more space to list properties or entities?
Schedules A and B include spaces for totals from additional Forms IT-641.
Where do I report total recaptured credit?
Individuals, partners, S corporation shareholders, and beneficiaries enter the line 15 amount and code 641 on Form IT-201-ATT, line 20, or Form IT-203-ATT, line 19. Partnerships enter the amount and code 641 on Form IT-204, line 148. Fiduciaries include the line 15 amount on Form IT-205, line 12.