Listed below are credits that are available on your New York return:
NY Long Term Care Insurance Credit IT 249
If you paid premiums for qualified long-term care insurance, you may claim a credit against your personal income tax equal to 20% of the premiums paid during the tax year for the purchase of or for continuing coverage under a qualifying long-term care insurance policy.
Volunteer Firefighters And Ambulance Workers Credit Form IT 245
This credit is available to full-year New York State residents who are active volunteer firefighters or volunteer ambulance workers for the entire tax year. If the credit exceeds your tax for the year, any excess will be refunded without interest.
College Tuition Credit Form IT 272
You may qualify for this credit if you, your spouse or your dependent are a full-year New York State resident paying college tuition expenses. If the credit exceeds your tax for the tax year, the excess credit will be refunded, without interest. The credit is limited to $400 per eligible student.
The college tuition itemized deduction may offer you a greater tax savings if you itemized your deductions on your federal return. The maximum deduction is $10,000 for each eligible student.
You can claim the credit OR the deduction but not both. There is no limit on the amount of eligible students for whom you claim this credit or deduction for.
Noncustodial Parent NYS Earned Income Credit IT 209
The noncustodial Earned Income Credit (EIC) is a credit that may be claimed by eligible taxpayers instead of the New York State Earned Income Credit (NYS EIC).
You may claim this credit if you meet ALL of the following conditions for the tax year:
* You are a full-year NY resident.
* You are at least 18 years old.
* You are the parent of a minor child(ren) that you do not live with.
* Have a court order that you have to pay child support through SCU.
* Have paid the amount in child support that is equal the amount that you were ordered to pay.
Real Property Tax Credit IT 214
The Real property tax credit may be available to New York State Residents who have household gross income of $18,000 or less and pay either real property taxes or rent for their residences. If all members of your household are under age 65, the credit can be as much as $75. If at least one member of your household is age 65 or older, the credit can be as much as $375.
To qualify for this credit, you must meet ALL of the following conditions:
* Your household gross income is less that $18,000.
* You stayed at the same NY address of 6 months or more.
* You were a full-year NY resident.
* You cannot be claimed on another person’s tax return.
* Your residence was not completely exempt from real property taxes.
* The current mark values of your property such as homes, garages, and land was $85,000 or less.
You must also meet the conditions for either the Home owners or Renters listed below:
* Homeowners: you or your spouse paid real property taxes and any rent you received was for nonresidential use of your residence was 20% or less of the total rent you received.
* Renters: You or a member of your house paid rent for your residence and the average monthly rent you paid was $450 or less, not counting charges for heat, gas, electricity, furnishings, or board.
Credit for Taxes Paid to a Province of Canada IT-112-C
If you were a resident of New York and you had income sourced to and taxed by a Canadian province, you may be eligible for a credit against your New York State income taxes.
Credit For Taxes Paid To Another State
If you have income from sources outside of New York State and paid income tax to the other state, local government, or District of Columbia, you may be eligible for a credit on your New York Return. We will automatically calculate this credit for your Resident return when you add your Non Resident return to your account, otherwise select add and enter the information requested.
NY Investment Credit Form IT 212
You are entitled to this credit if you or your business placed qualified property into service during the tax year. The investment credit is a percentage of the investment paid on the investment property. It is a refundable credit for new businesses.
NY Farmers School Tax Credit Form IT 217
You may be entitled to this refundable credit if you or your business engaged in the farming business or paid school district property taxes on qualified agricultural property. The amount of this credit depends on the amount of qualified acres and the amount of school district taxes paid.
NYC Enhanced Real Property Credit Form NYC 208
This credit can be as much as $500. This credit is available for Full-year NYC city residents if:
* You had household gross income of $200,000 or less.
* You had the same NYC residence for at least 6 months.
* You cannot be claimed as a dependent on another return.
* You had a residence that was not completely exempted from real property taxes.
* You must meet the conditions as a homeowner or renter.
Clean Heating Fuel Credit IT 241
You may be eligible for this refundable credit if you or your business purchased bioheating fuel for space heating or hot water production. Bioheating fuel purchased on or after January 1, 2017, must contain at least 6% biodiesel per gallon of bioheating fuel to qualify for the credit. This credit is equal to 1 cent for each percent of biodiesel per gallon. It may not exceed 20 cents per gallon.
Star Credit Advance Payment Reconciliation IT-119
New York requires new homeowners to register with New York Tax Department to receive a school tax credit (STAR) in lieu of a school property tax exemption. The Tax Department estimates the amount of the credit and makes the payment to you in advance. If in the future the department finds that the property owner(s) received an estimated STAR credit advance payment less than the credit amount they should have received, the department will send a notification to the property owner(s) of the amount of the underpayment.
Solar Energy System Credit IT 255
You are entitled to this nonrefundable credit if you purchased solar energy system equipment, entered into a written agreement for the lease of the system, or entered into an agreement that spans at least 10 years for the purchase of power generated by the system equipment not owned by you. This credit is equal to 25% of your qualified solar energy system equipment expenditures and is limited to $5,000.
Claim for Nursing Home Assessment Credit IT-258
You are eligible for this credit if you directly paid the nursing home assessment levied by the State of New York. The credit is not for the amount of the expenses but the assessment fees only.
To enter any of these credits on your New York return, follow the steps below:
1. State Section
For a list of other credits, please click here.