Minimum Income Tax - This form was discontinued (after tax year 2013)
If you are an individual or fiduciary of an estate or trust with total New York tax preference items greater than the allowable specific deduction of $5,000 ($2,500 if you are married and filing separately), you must complete Form IT-220, Minimum Income Tax, and attach it to your New York State income tax return. For New York purposes the federal tax preference items subject to New York minimum income tax are:
(1) depreciation (pre-1987) (Accelerated Cost Recovery System (ACRS) depreciation on recovery property placed in service in New York in 1985 and 1986, ACRS depreciation on all Internal Revenue Code (IRC) section 280F recovery property placed in service prior to 1/1/87);
(2) intangible drilling costs; and
(3) qualified small business stock (excluded under section 1202).
Also include the amount of New York addition for restoration of net operating loss deduction. Because of different state and federal requirements, you may have to file Form IT-220 even if you are not required to file federal Form 6251, Alternative Minimum Tax - Individuals, or federal Form 1041, U.S. Income Tax Return for Estates and Trusts. You may have to file Form IT-220 even if you derived no tax benefit from the items of tax preference. The tax preference items to be reported on Form IT-220 are explained in Line instructions that begin below.
If you marked an X in filing status ? (Married filing separate return) on Form IT?201, Resident Income Tax Return, or Form IT-203, Nonresident and Part-Year Resident Income Tax Return, you and your spouse must each figure your minimum income tax on a separate Form IT-220.
New York City taxpayers
If you are a New York City resident (or part-year resident) and you are subject to the New York State minimum income tax, you must figure the New York City minimum income tax due on Form IT-220. A New York City nonresident is not subject to the New York City minimum income tax.
If you changed your New York City and New York State resident status at the same time, report both your state and city minimum income tax for the resident period on one Form IT-220. If the periods of city and state residence are different, attach a schedule showing how you figured the city minimum income tax. The New York City minimum taxable income to be reported for the resident period is determined as if your tax year for state income tax purposes were limited to the period of your New York City residence. For information on accruals, see Form IT?360.1-I, Instructions for Form IT-360.1, Change of City Resident Status.