Instructions For Form It-611 - Claim For Brownfield Redevelopment Tax Credit - New York State Department Of Taxation And Finance - 2005
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IT-611-
New York State Department of Taxation and Finance
Instructions for Form IT-611
Claim for Brownfield Redevelopment Tax Credit
Tax Law — Sections 21 and 606(dd)
If the CoC is revoked, or if qualified property ceases to be in
For 2005, this form is not eligible for e-file. If you are
qualified use prior to the end of its useful life, a recapture of the
attaching this form to your return, you must file on
credit must be computed. (See Schedule F.)
paper.
General information
Who must file
For tax years beginning on or after April 1, 2005, a brownfield
File Form IT-611 if you are an individual, a beneficiary or fiduciary of
redevelopment tax credit is available for the cleanup and
an estate or trust, a member of a partnership, or a shareholder of an
redevelopment of a qualified brownfield site. Individuals (including
S corporation, and:
sole proprietors), estates and trusts, shareholders of an
— you are claiming the brownfield redevelopment tax credit; or
S corporation, partners in a partnership (including a member of a
limited liability company (LLC) that is treated as a partnership for
— you are required to recapture any previous brownfield
federal tax purposes), and beneficiaries of an estate or trust may
redevelopment tax credit due to a CoC being revoked; or
claim the credit. A corporate partner does not claim its share of the
— you have or had property which has ceased to be in qualified
partnership credit as computed on the partnership credit form. A
use for which the brownfield redevelopment tax credit has been
corporate partner must compute its credit on Form CT-611 using its
claimed.
allocable share of the cost or other basis of the credit components
as provided by the partnership. For calendar year taxpayers, the first
An estate or trust that divides the credit or addback of credit among
year for which the credit may be claimed is 2006.
itself and its beneficiaries must attach Form IT-611 to Form IT-205,
showing each beneficiary’s share of the credit or recapture of credit.
If the amount of the credit exceeds the taxpayer’s tax for the year,
A partnership must file Form IT-611 with Form IT-204 showing the
the excess will be treated as an overpayment of tax to be credited or
total of each credit component of the partnership and any recapture
refunded (without interest).
of credit.
Eligibility
An S corporation does not file Form IT-611. It must file Form CT-611.
If you are a shareholder in an S corporation that has made the
To qualify for the credit, you must execute a Brownfield Cleanup
election under Tax Law section 660, obtain your share of the
Agreement (BCA) under the Environmental Conservation Law
corporation’s credit or recapture of credit from the corporation.
(ECL), and have a Certificate of Completion (CoC) issued by
the Commissioner of Environmental Conservation. You may also
Definitions
qualify for the credit if the CoC was transferred to you from the
person originally issued the CoC, upon the sale or transfer of the
A qualified site means a site for which the taxpayer has been issued
brownfield site to you. For more information about the Brownfield
a CoC by the Commissioner of Environmental Conservation.
Cleanup Program contact the Department of Environmental
Site preparation costs are all costs properly chargeable to a capital
Conservation (DEC) at (518) 402-9711 or visit their Web site at
account that are paid or incurred to:
• prepare a site to qualify for a CoC; or,
The brownfield redevelopment tax credit is equal to the sum of three
• prepare a site for the erection of a building or a component of a
credit components, computed each tax year, for costs incurred
building, or
in the remediation or redevelopment of a qualified site. These
components are:
• establish a site as usable for its industrial, commercial (including
the commercial development of residential housing), recreational,
• the site preparation credit component,
or conservation purposes.
• the tangible property credit component, and
Qualified tangible property is property which
• the on-site groundwater remediation credit component.
• is depreciable under IRC section 167;
See Parts 1, 2, or 3 of Schedule A for more information on these
• has a useful life of four years or more;
components.
• is acquired by purchase under IRC section 179(d);
The brownfield redevelopment tax credit is calculated by
• is located on a qualified site in this state; and
applying a percentage of the costs that qualify with respect to
each credit component. The amount of the credit increases if
• is principally used by the taxpayer for industrial, commercial,
at least 50% of the qualified site is located in an environmental
recreational, or environmental conservation purposes (including
zone (EN-Zone), designated as such by the Commissioner of
the commercial development of residential housing).
Economic Development, or if the site is remediated to the highest
Note: Property used to qualify for this credit may not be used as
environmental standard track, Track 1. See section 27-1415 of the
qualifying property for the investment tax credit (ITC) or the empire
ECL.
zone investment tax credit (EZ-ITC).
The qualified costs used to calculate the amount of the credit
Life or useful life (of property) means the depreciable life provided by
components must be reduced by any grants received from a federal,
IRC section 167 or 168.
state or local government or an instrumentality of a public benefit
corporation and used to pay for any of the credit components costs
Cost or other basis means the basis of property as determined for
incurred, provided the amount of the grant was not included in the
federal income tax purposes.
taxpayer’s federal adjusted gross income.
Principally used means more than 50%.
The site preparation costs and on-site groundwater remediation
costs paid or incurred with respect to a qualified site and the cost
On-site groundwater remediation costs includes all amounts
of tangible property used to compute the credit components only
properly chargeable to a capital account that are paid or incurred
include those costs paid or incurred on or after the effective date
in connection with a site’s qualification for a CoC; the remediation
of the BCA or on or after the date the CoC was transferred to the
of on-site groundwater contamination, and the implementation of a
taxpayer pursuant to sections 27-1409 and 27-1419 of the ECL.
requirement of the remedial work plan for a qualified site imposed
under the ECL.
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