Investment Credit

New York Tax Form 217: Investment Credit

Use the New York Tax Form Calculator New York Tax Form 217: Investment Credit as a stand alone tax form calculator to quickly calculate specific amounts for your 2024 New York state tax return.

Tax Law – Article 22, Section 606(a)
Note: Before completing this form, complete Form IT-201 through line 33, Form IT-203 through line 32, or Form IT-205 through line B.
Part 1 – Eligibility (see instructions)
If you mark an X in a No box for item A, B, C, or D, stop; you do not qualify for this credit.
A	Did you have qualified agricultural property for tax year 2017? (see instructions)						Yes No
B	Were eligible school district property taxes paid on that property during tax year 2017? (see instructions)						Yes No
C	Complete Worksheet A on page 3 of the instructions. Is the amount shown on line 6 of Worksheet A less than $300,000?						Yes No
D	Form IT-201 and Form IT-203 filers, complete Worksheet C on page 6 of the instructions. Form IT-205 filers, complete Worksheet D on page 9 of the instructions. Is the percentage shown on line 28 of Worksheet C or line 28 of Worksheet D at least 0.6667 (66.67%)? (see instructions)						Yes No
E	If you and one or more related persons (see instructions) each owned qualified agricultural property on March 1, 2017, mark an X here and see the instructions for Part 2, line 5
F	If all or part of your qualified agricultural property was converted to nonqualified use during tax year 2017, mark an X here (see instructions)
Part 2 – Computation of credit (see instructions)
1	Individuals: Enter the total acres of qualified agricultural property owned by you during tax year 2017 (see instructions)					1
2	Partners, S corporation shareholders, and beneficiaries of estates and trusts: Enter the amount from Part 4, line 7, column A					2
3	Fiduciaries: Enter fiduciary’s share of qualified agricultural property from Part 5, column C					3
4	Add lines 1, 2, and 3					4
5	Enter total base acreage amount (see instructions)					5
6	Subtract line 5 from line 4 (if zero or less, skip lines 7 and 8, enter 1.0000 (100%) on line 9, and continue on line 10)					6
7	Multiply line 6 by 50% (.5)					7
8	Add lines 5 and 7					8
9	Divide line 8 by line 4 and round the result to the fourth decimal place					9
10	Individuals: Enter the eligible school taxes you paid during 2017 (see instr.)				10
11	Partners, S corporation shareholders, and beneficiaries of estates and trusts: Enter the amount from Part 4, line 7, column B				11
12	Fiduciaries: Enter fiduciary’s share of eligible taxes from Part 5, column D				12
13	Add lines 10, 11, and 12					13
14	Multiply line 13 by line 9					14
15	Enter amount from Worksheet A, line 6, on page 3 of the instructions (if line 15 amount is $200,000 or less, skip lines 16, 17, and 18, and enter the line 14 amount on line 19; see instr.)				15
16	Enter the excess of line 15 over $200,000 (cannot exceed $100,000)				16
17	Divide line 16 by $100,000, and round the result to the fourth decimal place (cannot exceed 1.0000 (100%))					17
18	Multiply line 14 by line 17					18
19	Farmers’ school tax credit (subtract line 18 from line 14; see instructions)					19
Part 3 – Partnership, S corporation, and estate or trust information (see instructions)
If you were a partner in a partnership, a shareholder of a New York S corporation, or the beneficiary of an estate or trust that owned qualified agricultural property during 2017, complete the following information for each partnership, S corporation, or estate or trust. For Type column, enter P for partnership, S for S corporation, or ET for estate or trust
Name of entity		Type		Employer ID number		Location of property


Part 4 – Partner’s, shareholder’s, or beneficiary’s share of qualified agricultural property and eligible taxes (see instr.)					A – Acres of qualified agricultural property	B – Eligible taxes
Partner		1	Enter your share of acres of qualified agricultural property from your partnership
		2	Enter your share of eligible taxes from your partnership
S corporation shareholder		3	Enter your share of acres of qualified agricultural property from your S corporation
		4	Enter your share of eligible taxes from your S corporation
Beneficiary		5	Enter your share of acres of qualified agricultural property from the estate or trust
		6	Enter your share of eligible taxes from the estate or trust
		7	Totals
Fiduciaries: Include the line 7, column A amount, on Part 5, column C, and include the line 7, column B amount, on Part 5, column D. All others: Enter the line 7, column A amount, on Part 2, line 2, and enter the line 7, column B amount, on line 11.
Part 5 – Beneficiary’s and fiduciary’s share of acres of qualified agricultural property and eligible taxes (see instr.)
A – Beneficiary’s name		B – Identifying number		C – Acres of qualified agricultural property (see instructions)	D – Eligible taxes (see instructions)	E – Acres of qualified agricultural property converted to nonqualified use (see instructions)
Totals


Fiduciary
Part 6 – Credit recapture on qualified agricultural property converted to nonqualified use (Complete this part only if you first claimed a credit for 2015 or 2016. See instructions.)
A – Total acres of qualified agricultural property converted to nonqualified use (see instructions)		B – Total acres of qualified agricultural property before conversion (see instructions)		C – Column A ÷ column B	D – Total credit claimed for 2015 and 2016 (see instructions)	E – Total amount of 2015 and 2016 credit to be recaptured (column C × column D; see instr.)
						E

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