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 2023 New York state tax return. New York Tax Form 217: Investment Credit is also integrated into our comprehensive New York State Tax Calculator where you can complete and save your calculations for later use. Alternatively you can use one of our Combined Federal and New York State Tax Estimator to quickly calculate your salary, tax and take home pay in New York.

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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