Ny State Solar Tax Credit Form

How much is the credit.

Ny state solar tax credit form.

You each pay one half of the cost of the solar energy system equipment. Schedule a computation of solar energy system equipment credit a date equipment placed in service mmddyyyy b qualified expenditures see instructions c. The system must also be installed and used at your principal residence in new york state. The new york solar tax credit can reduce your state tax payments by up to 5 000 or 25 off your total solar energy expenses whichever is lower.

Thanks to rebates solar tax credits and exemptions new yorkers could earn back up to 40 on the up. First you don t have to purchase your system to claim the credit i e. Form rp 487 from new york state department of taxation and finance. Claim for solar energy system equipment credit tax law section 606 g 1 name s as shown on return your social security number it 255 submit this form with form it 201 or form it 203.

The great advantages of the solar equipment tax credit are twofold. The solar energy system equipment credit is not refundable. You must each file form it 255 showing the computation of the total credit and submit the statement described. Learn how you can benefit from new york s solar incentives rebates tax credits today.

The credit is equal to 25 of your qualified solar energy system equipment expenditures and is limited to 5 000. File this form with your local property assessor. As a part of its ambitious reforming the energy vision initiative 2 new york is making solar accessible to households across the empire state. You must claim one half of the total credit on your new york state return and your father would claim the other half of the credit on his new york state return.