Form It-253 - Claim For Alternative Fuels Credit - 2012 Page 2
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1
2Instructions (continued)
IT-253 (2012) (back)
Schedule A – Computation of alternative fuels
If a recapture is required, enter in column A the tax year the
credit was originally allowed. Column B is the total recovery
tax credit used and carried over
period (depreciable life) of the property for federal tax purposes.
Line 2
In column C, enter the number of years the property was in
Form IT-201 filers: Enter the tax from Form IT-201, line 39, plus
service prior to the recapture year.
any amount from Form IT-201-ATT, line 21.
To compute the recapture percentage in column E, divide
Form IT-203 filers: Enter the tax from Form IT-203, line 46, plus
column D by column B. To compute the recapture in column G,
enter the original credit allowed in column F, and multiply it by
any amount from Form IT-203-ATT, line 20.
the column E recapture percentage.
Form IT-205 filers: Enter the tax from Form IT-205, line 8 (for
The amount to be recaptured is equal to the credit allowed
residents), or line 9 (for nonresidents), plus any credits shown
multiplied by a fraction. The numerator of the fraction is the total
on line 1 of the Addbacks worksheet, in the instructions for
recovery years of the property minus the years the property
Form IT-205, line 12.
was in service (not including the recapture year), and the
Line 3 – If you are applying any credits against the tax before
denominator is the total recovery years.
this credit, enter those amounts here.
Example: In year one, a taxpayer claims a credit of $10,000 on
When applying credits, use the following rules:
refueling property that had a recovery period of ten years. The
• First apply any household credit.
taxpayer uses the property for three years and disposes of it in
year four. The recapture is computed as follows:
• Next apply any credits that cannot be carried over or refunded.
• Then apply any credits that can be carried over for a limited
Total recovery period less number of years
duration.
prior to recapture year (10-3) ............................... seven years
• Then apply any credits that can be carried over for an
Total recovery period ...........................................
ten years
unlimited duration.
Recapture % (7/10) .............................................
70%
• Apply refundable credits last.
Credit originally allowed ......................................
$10,000
Line 5 – If your total credits from all sources are $2 million
Recaptured credit ................................................
$7,000
or less, enter the amount from line 5 and code 253 on
Form IT-201-ATT, line 6, or Form IT-203-ATT, line 7, or include it
Line 8 – Partner in a partnership, shareholder of an
on Form IT-205, line 10.
S corporation, or beneficiary of an estate or trust: Enter your
share of the credit recapture. You can get this information from
If your total credits from all sources are more than $2 million,
your partnership, S corporation, estate, or trust.
you may be subject to a credit deferral. Complete line 5, but
do not enter the amount from line 5 on your tax return. See
Line 9 – Add lines 7 and 8, and enter the total on line 9. Transfer
Form IT-500, Income Tax Credit Deferral, to determine the
the line 9 amount to the schedule and line of the form that you
proper amount to enter on your tax return.
are filing, as noted at line 9.
Schedule B – Recapture of alternative-fuel
Line 10 – Fiduciaries, enter the total amount of recapture
allocated to beneficiaries. Provide the beneficiaries with their
vehicle refueling property credit
share of the recapture to be claimed on their tax returns.
Note: If you are claiming a recapture for more than three
alternative-fuel vehicle refueling properties, complete as
Line 11 – Fiduciaries, transfer the line 11 amount to
many Forms IT-253 (name, identification number, and
Form IT-205, line 12.
Schedule B only) as necessary. On the first Form IT-253,
complete Schedule A. Include on line 7 of the first Form IT-253
the total of column G from all additional Forms IT-253. Place
the additional Forms IT-253 behind the first Form IT-253 that
has an entry on line 7. Enter on line 9 the total recaptured credit
computed.
If alternative-fuel vehicle refueling property ceases to be
qualified at any time before the end of its recovery period
(depreciable life), a portion of the credit that was previously
allowed must be recaptured.
Alternative-fuel vehicle refueling property ceases to be qualified
if one or more of the following applies:
1. The property no longer qualifies as property described in
IRC section 30C; or
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
3. the taxpayer receiving the credit sells or disposes of the
property and knows or has reason to know that the property
will be used in a manner described in 1 or 2 above.
253002120094
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