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|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)|
|B||Were eligible school district property taxes paid on that property during tax year 2017? (see instructions)|
|C||Complete Worksheet A on page 3 of the instructions. Is the amount shown on line 6 of Worksheet A less than $300,000?|
|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)|
|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)|
|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|
|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)|
|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.)|
Tip: use the New York Tax Calculator to edit your refundable and non-refundable tax credits including New York Tax Form 217: Investment Credit. Complete, Calculate, print and or save your tax calculation for later use.