Instructions For Form It-253 - Alternative Fuels Credit Carryover And Credit Recapture - New York State Department Of Taxation And Finance - 2005
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1Instructions
IT-253 (2005) (back)
Important notice for tax year 2005
Columns A and B — If a recapture is required, enter the tax year the
credit was originally allowed in column A and the amount of original
Tax year 2004 was the last year you could claim the alternative fuels
credit allowed in column B.
credit. However, any unused credit from a prior year in which the credit
was allowed can be carried over to tax years after 2004.
Column C — In column C, enter the appropriate recapture percentage
as follows:
If you previously claimed the alternative fuels credit and that property
was disposed of, modified, or removed from qualified use, you may
— 100% (1.00) if the vehicle ceases to qualify within the first full year
have to recapture part of the credit you claimed in prior years. See the
after the date the vehicle is placed in service;
instructions for Schedule B, Parts 1 and 2.
— 66 2/3% (.6667) if the vehicle ceases to qualify within the second full
Who must file
year after the date the vehicle is placed in service; or
— 33 1/3% (.3333) if the vehicle ceases to qualify within the third full
File Form IT-253, Alternative Fuels Credit Carryover and Credit
year after the date the vehicle is placed in service.
Recapture, if you have a carryover of the alternative fuels credit from
a preceding period or if you are required to recapture part of the credit
Column D — To compute the recapture, multiply column B by column C,
claimed in a preceding period.
and enter the result in column D.
Filling in your tax forms
Part 2 — Computation of credit recapture on clean-fuel vehicle
For complete information on how to fill in New York State scannable
refueling property
tax forms, see the instructions for your income tax return. Also see
If clean-fuel vehicle refueling property ceases to be qualified at any
your income tax return for the Privacy notification or if you Need help in
time before the end of its recovery period (depreciable life), a portion of
contacting the Tax Department.
the credit that was previously allowed must be recaptured.
Specific instructions
Clean-fuel vehicle refueling property ceases to be qualified if one or
Schedule A — Beneficiary’s and fiduciary’s share of
more of the following applies:
recapture of credit
1. the property no longer qualifies as property described in
IRC section 179-A(d); or
An estate or trust must complete Schedule A. If an estate or trust
allocates or assigns the recapture of credit to its beneficiaries, base the
2. fifty percent or more of the use of the property in a tax year is other
than in a trade or business in New York; or
division on each beneficiary’s proportionate share of the income of the
estate or trust. If you need more space, attach a separate schedule.
3. the taxpayer receiving the credit sells or disposes of the property
Schedule B — Computation of alternative fuels credit
and knows or has reason to know that the property will be used in a
manner described in 1 or 2 above.
carryover and credit recapture
If a recapture is required, enter in column A the tax year the credit was
Line 1 — Enter the amount of net credit available for carryover to
originally allowed. Column B is the total recovery period (depreciable life)
2005. The net credit available for carryover is that portion of your
of the property for federal tax purposes. In column C, enter the number
prior alternative fuels credit from 2004 Form IT-201-ATT, line 59; 2004
of years the property was in service prior to the recapture year.
Form IT-203-B, line 45; or 2004 Form IT-205, line 10, that was not
applied to your 2004 tax.
To compute the recapture percentage in column E, divide column D by
column B. To compute the recapture in column G, enter the original credit
Part 1 — Computation of credit recapture on vehicles and clean-fuel
allowed in column F and multiply it by the column E recapture percentage.
vehicle property
Do not complete Parts 1 and 2 for any electric vehicle, qualified hybrid
The amount to be recaptured is equal to the credit allowed multiplied by
vehicle, clean-fuel vehicle property, or clean-fuel vehicle refueling
a fraction. The numerator of the fraction is the total recovery years of the
property that ceased to qualify within the tax year in which it was placed
property minus the years the property was in service (not including the
in service.
recapture year), and the denominator is the total recovery years.
If an electric vehicle, qualified hybrid vehicle, or clean-fuel vehicle is
Example: In year one, a taxpayer claimed a credit of $10,000 on
disposed of or modified within three years of the date it is placed in
refueling property that had a recovery period of ten years. The taxpayer
service so that it is no longer a qualified vehicle, a portion of the credit
used the property for three years and disposed of it in year four. The
that was previously allowed must be recaptured in the tax year in which it
recapture is computed as follows:
ceases to qualify.
Total recovery period less number of years
prior to recapture year (10-3) ........................................... seven years
An electric vehicle ceases to be qualified if:
Total recovery period
...........................................
ten years
1. it is modified by the taxpayer so that it is no longer powered primarily
Recapture % (7/10)
...........................................
70%
by electricity; or
Credit originally allowed
...........................................
$10,000
2. the taxpayer receiving the credit sells or disposes of the vehicle and
Recaptured credit
...........................................
$7,000
knows or has reason to know that the vehicle will be converted to
Line 4 — Partner in a partnership, shareholder of an S corporation,
nonqualified use.
or beneficiary of an estate or trust — enter your share of the credit
A qualified hybrid vehicle ceases to be qualified if:
recapture. You can get this information from your partnership,
S corporation, estate, or trust.
1. it is modified by the taxpayer so that it no longer meets the
requirements of a qualified hybrid vehicle; or
Line 5 — Add lines 2, 3, and 4, and enter the total on line 5. Transfer the
2. the taxpayer receiving the credit sells or disposes of the vehicle and
line 5 amount to the schedule and line of the form that you are filing, as
knows or has reason to know that the vehicle will be so modified.
noted on line 5.
Clean-fuel vehicle property ceases to qualify if:
Schedule C — Application of credit and computation
of carryover
1. the vehicle of which it is a part is modified so that it can no longer be
propelled by a clean burning fuel; or
You must first complete Form IT-201-ATT or Form IT-203-ATT
2. the vehicle ceases to qualify as a property defined in
before completing this part. Follow the instructions for Section B of
IRC section 179-A(c); or
Form IT-201-ATT or Section B of Form IT-203-ATT to determine the
amount of credit to enter on line 7.
3. the taxpayer receiving the credit sells or disposes of the vehicle
and knows or has reason to know that the vehicle will be used in a
manner described in 1 or 2 above.
Please file this original scannable
credit form with the Tax Department.
2532050094
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