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 2020 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.
|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.