Form It-255 - Computation Of Solar Electric Generating Equipment Credit

IT-255 (2005) (back)

Instructions

(continued)

Line instructions

Deﬁnitions

Solar electric generating equipment means a manufactured

Part 1 — Computation of solar electric generating

photovoltaic system with a rated capacity of not more than 10

equipment credit

kilowatts (10,000 watts) which, when installed at a residence,

Line 2 — If any of the expenditures on line 1 were paid for with a

uses solar energy to generate electricity for use in the

nontaxable federal, state, or local grant, enter the amount of the

residence. It must be operated in accordance with applicable

grant on line 2. Do not include any grant that you were required

government and industry standards, and must also be operated

to include in your federal adjusted gross income in the year

in conjunction with an electric corporation’s transmission and

received.

distribution facilities.

Line 3 — If line 1 includes any interest or other ﬁnance charges,

Qualiﬁed solar electric generating equipment expenditures

include that amount on line 3. Do not include any ﬁnance or

means expenditures, limited to the expenditure cap, for the

interest charge not included in line 1.

purchase of solar electric generating equipment which is

installed and used at residential property located in New York

Line 6 — If the maximum rated capacity of the equipment is

State that is your principal residence at the time the solar electric

stated in kilowatts instead of watts, multiply the kilowatts by

generating equipment is placed in service.

1,000 to obtain the number of watts.

Qualiﬁed expenditures include expenditures for materials, labor

Line 10 — If you occupy a principal residence with another

costs properly allocated to on-site preparation, assembly and

taxpayer or taxpayers, the amount of credit allowable to each

original installation, architectural and engineering services,

taxpayer is prorated according to the percentage of the total

and designs and plans directly related to the construction or

eligible expenditures contributed by each taxpayer. However, a

installation of the solar electric generating equipment.

husband and wife ﬁling a joint return do not have to prorate the

credit. The maximum credit cannot exceed $3,750.

Expenditures made with nontaxable federal, state, and local

grants, and any interest or ﬁnance charges, do not qualify as

Enter the total credit on line 10 and see the instructions for

solar electric generating equipment expenditures.

line 12.

Expenditure cap means six dollars multiplied by the number of

Line 11 — Enter the amount of net credit available for carryover

watts (not to exceed 10,000 watts) included in the rated capacity

to 2005. The net credit available for carryover is that portion of

of the solar electric generating equipment.

your 2004 solar electric generating equipment credit included in

the total amount shown on your 2004 Form IT-201-ATT, line 46,

Principal residence means the home where you and your

or Form IT-203-B, line 32, that was not applied to your 2004 tax.

family live most of the time. A summer or vacation home does

not qualify. Your principal residence can be a house, whether

Line 12 — Add the amounts from lines 10 and 11. If you occupy

owned or rented, a mobile home, cooperative apartment, or

a principal residence with another taxpayer or taxpayers, enter

condominium. If you move from one principal residence to

only your share of the line 12 amount on Form IT-201-ATT or

another principal residence in New York State, a separate credit

Form IT-203-ATT. Also attach a statement showing the name

is allowed for each principal residence. You must ﬁle separate

of each taxpayer of the residence and the total expenditures

Forms IT-255 to compute your allowable credit for each principal

contributed by each taxpayer.

residence.

Example: You and your father occupy the same residence. You

Filling in your tax forms

each pay one-half of the cost of the solar electric generating

equipment. You must claim one-half of the total credit on your

For complete information on how to ﬁll in New York State

New York State return and your father would claim the other

scannable income tax forms, see the instructions for:

half of the credit on his New York State return. You must each

• resident return (Form IT-201), or

ﬁle Form IT-255 showing the computation of the total credit and

• nonresident and part-year resident return (Form IT-203).

attach the statement as described in Line 12 above.

Also see the instructions for the above returns for the Privacy

Part 2 — Application of credit and computation of

notiﬁcation or if you Need help in contacting the Tax Department.

carryover

You must ﬁrst complete Form IT-201-ATT, Other Tax Credits and

Taxes, or Form IT-203-ATT, Other Tax Credits and Taxes, before

you can complete this schedule. Follow the instructions for

Section B of Form IT-201-ATT or Section B of Form IT-203-ATT

to determine the amount of credit to enter on line 14.

Please ﬁle this original scannable

credit form with the Tax Department.

2552050094

Form It-255 - Computation Of Solar Electric Generating Equipment Credit - 2005

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