Nys It 255 Form PDF Details

The New York State Department of Taxation and Finance offers a pathway to financial savings for residents who are harnessing solar power through the Claim for Solar Energy System Equipment Credit, outlined in Form IT-255. This form is intricately linked with Form IT-201 or Form IT-203, and it begins its inquiries with a fundamental question on whether the solar energy system in question utilizes solar radiation for the production of energy aimed at heating, cooling, hot water, or electricity for residential purposes. A positive response propels the taxpayer into a detailed exploration of Schedule A, which dives into the computation of the solar energy system equipment credit. This computation is not only date-specific but it also calculates a 25% credit off the qualified solar energy system equipment expenditures. Furthermore, Form IT-255 intricately handles different scenarios, whether the system was purchased, financed through a power purchase agreement, or leased, with varying caps on the credit amount. The form doesn't stop at calculating current year credit but also guides on how to factor in carryover credit from previous years. This ensures a robust accounting experience that could significantly lower one’s tax liability, subject always to specific limitations and requirements as detailed within the form. Additionally, Schedule B meticulously outlines how this credit fits into the broader tax landscape, detailing how it should be applied in relation to other credits and how to compute any carryover amount, which could influence future tax filings. The form is a testament to New York State's commitment to promoting renewable energy initiatives, offering tangible financial benefits to residents keen on embracing green energy solutions.

QuestionAnswer
Form NameNys It 255 Form
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesform it 255, ny it 255 instructions, form it 255 instructions, nys it 255 instructions

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New York State Department of Taxation and Finance

Claim for Solar Energy System Equipment Credit

IT-255

Submit this form with Form IT-201 or Form IT-203.

Name(s) as shown on return

Your social security number

ADoes the solar energy system use solar radiation to produce energy for heating, cooling,

hot water, or electricity for residential use?

Yes

If NO, stop; you do not qualify for the solar energy system equipment credit.

 

If YES, see instructions and continue with Schedule A below.

 

No

Schedule A – Computation of solar energy system equipment credit

Complete the information in the applicable chart with respect to your solar energy system equipment.

 

A

 

 

 

B

 

 

 

 

C

 

Date equipment

 

 

Qualiied solar energy system

 

Column B x 25% (.25)

Purchase

placed in service (mm-dd-yyyy)

 

equipment expenditures (see instr.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.00

 

 

.00

 

A

 

 

B

 

C

 

 

 

D

Power

Date equipment

Qualiied solar energy system

Column B x 25% (.25)

 

Limitation

purchase

placed in service (mm-dd-yyyy)

equipment expenditures (see instr.)

 

 

 

(see instructions)

agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.00

 

.00

 

.00

 

 

 

 

 

 

 

 

A

 

B

 

C

 

D

E

 

Date equipment placed Qualiied solar energy system

Column B x 25% (.25) not to

Amount from column B

Limitation

Lease

in service (mm-dd-yyyy) equipment expenditures (see instr.)

exceed $5000

 

paid in 2013

(see instructions)

 

 

 

 

 

 

 

 

 

 

.00

.00

.00

.00

1 Current year credit (see instructions.) .....................................................................................................

2 Enter the carryover credit from last year’s Form IT-255, line 10 ..........................................................

3 Solar energy system equipment credit (add lines 1 and 2) .....................................................................

1

2

3

.00

.00

.00

Schedule B – Application of credit and computation of carryover

4

Tax due before credits (see instructions)

4

.00

 

 

 

 

5

Other credits that you applied before this credit (see instructions)

5

.00

 

 

 

 

6

Subtract line 5 from line 4

6

.00

 

 

 

 

7

Enter the lesser of line 3 (or your portion of line 3) or line 6 (see instructions)

7

.00

 

 

 

 

8

Subtract line 7 from line 3 (or your portion of line 3; see instructions)

8

.00

 

 

 

 

9

Amount, if any, included on line 8 that expired this tax year (see instructions)

9

.00

 

 

 

 

10

Amount of credit available for carryover to next year (subtract line 9 from line 8)

10

.00

255001130094

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2. Right after completing the previous part, go to the subsequent step and fill in the essential particulars in all these blanks - Current year credit see, Enter the carryover credit from, Solar energy system equipment, Schedule B Application of credit, Tax due before credits see, Other credits that you applied, Subtract line from line, Enter the lesser of line or your, Subtract line from line or your, Amount if any included on line, and Amount of credit available for.

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