Form IT‑212 is used to claim an investment credit (including the employment incentive credit (EIC) computed on Form IT-212-ATT, Claim for Historic Barn Rehabilitation Credit and Employment Incentive Credit) for qualified property used in manufacturing and production, retail enterprise, waste treatment, pollution control, research and development, or for qualified expenditures incurred in the rehabilitation of a historic barn (submit Form IT‑212‑ATT with Form IT‑212).
Who must file
File Form IT‑212 if you are an individual, a beneficiary or fiduciary of an estate or trust, a member of a partnership, or a shareholder of an S corporation, and:
– you are claiming the investment credit (including the historic barn rehabilitation or the EIC); or
– you are claiming a carryover of unused investment credit for manufacturing and production, retail enterprise, waste treatment, pollution control, and research and development property from a prior period; or
– you had an early disposition of property for which the investment credit, retail enterprise credit, or research and development credit was allowed in a prior year.
An estate or trust that divides the credit or addback of credit on early dispositions among itself and its beneficiaries must submit Form IT‑212 with Form IT‑205, Fiduciary Income Tax Return, showing each beneficiary’s share of the credit or addback of credit on early dispositions.
A partnership must file Form IT‑212 with Form IT‑204, Partnership Return, showing the partnership’s total investment in qualified property or total early dispositions of qualified property.
An S corporation does not file Form IT‑212. It must file Form CT‑46, Claim for Investment Tax Credit. If you are a shareholder in an S corporation that has made the election under Tax Law section 660, obtain your share of the corporation’s credit or addback of credit on early dispositions of qualified property from the corporation.
Qualifying investment credit property – The credit is allowed for investment in new or used tangible personal property or other tangible property (including buildings and structural components of buildings) that:
– is acquired, constructed, reconstructed, or erected by the taxpayer after December 31, 1968 (Exception: Property principally used as a qualified film production facility must be placed in service on or after January 1, 2005. A building principally used as a qualified film production facility must have received a final certificate of occupancy after January 1, 2005.);
– is depreciable under Internal Revenue Code (IRC) sections 167 or 168;
– has a useful life of four years or more;
– is acquired by purchase as defined in IRC section 179(d);
– is located in New York State; and
– is one of the following types of property (see Definitions):
• manufacturing and production property,
• retail enterprise property,
• waste treatment property,
• pollution control property,
• research and development property, or
• qualified film production property