IT-641: Manufacturer's Real Property Tax Credit (2025)
New York · NY DTF · Used for tax years 2025
New York Form IT-641 calculates the Manufacturer’s Real Property Tax Credit based on eligible real property taxes paid. It also reports shares of the credit received from partnerships, S corporations, estates, or trusts, and any credit recapture.
Who files this form
Form IT-641 is used to claim the manufacturer’s real property tax credit or report credit recapture. It covers:
- Individuals (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 or credit recapture.
All filers must complete line A to show whether they earned the credit directly or received a share from an entity.
What you'll need
Have the information needed for the schedules that apply to you:
- Your name and identifying number as shown on your return.
- For Schedule A: each property’s physical address and eligible real property taxes paid.
- For Schedule B: each entity’s name, type, employer identification number, and your share of credit and credit recapture.
- For Schedule C: beneficiary names as shown on Form IT-205, Schedule C, identifying numbers, and allocated shares of credit and recapture.
- For Schedule E: the tax year the credit was allowed, the credit originally allowed, and reduced eligible real property taxes.
Submit Form IT-641 with Form IT-201, IT-203, IT-204, or IT-205, as applicable.
How to file
Submit Form IT-641 with Form IT-201, IT-203, IT-204, or IT-205. The supplied form does not give a mailing address or e-file instructions.
Complete line A, then follow the schedule directions:
- Yes, you earned the credit directly: Individuals and partnerships complete Schedules A and D. Fiduciaries complete Schedules A, C, and D.
- No, you received a share of the credit: Complete Schedules B and D. Fiduciaries also complete Schedule C.
- If applicable: Complete Schedule E for credit recapture.
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.
Common mistakes
- Skipping line A: The form says all filers must complete it.
- Missing the tax-period entry: Calendar-year filers must mark the box. Other filers enter the beginning and ending dates of their tax period.
- Leaving out a required schedule: Follow the Yes or No directions on line A. Fiduciaries also complete Schedule C, and Schedule E is required if applicable.
- Submitting IT-641 by itself: The form directs you to submit it with Form IT-201, IT-203, IT-204, or IT-205.
- Omitting amounts from additional Forms IT-641: The schedules provide total lines for amounts from additional forms.
Questions people ask
How is the credit calculated on Schedule A?
Add the eligible real property taxes in column B and enter the total on line 1. Multiply that total by the 20% rate on line 2 to calculate the credit on line 3.
Where do I report a credit passed through from an entity?
Use Schedule B. Enter the entity’s name, employer identification number, and your share of credit and recapture. For entity type, use P for a partnership, S for an S corporation, or ET for an estate or trust.
How is credit recapture calculated?
Schedule E multiplies reduced eligible real property taxes by 20%. It then subtracts that result from the credit originally allowed to calculate recapture for each entry.
Where do I report total credit recapture?
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 amount on Form IT-205, line 12.