Where would I go to fill out the New York IT-255 for Solar Energy Credit?
The Solar Energy System Equipment Credit is a non-refundable credit available to some NY taxpayers. To complete this form, go to Data Entry > States Tab > New York > IT Credits 100-200 Series Tab > Screen 255 Solar Electric Credit. On this screen, you will make applicable entries to calculate the available credit.
Any credit is calculated on NYIT255 and carries to the NY return. If the taxpayer cannot take the credit (or a portion thereof) this year, the amount eligible for carryover is updated to the next year and flagged on screen 255.
Note: NY bribery/conviction question located on NY MISC Screen must be answered in order for this credit to appear on the return, if eligible. In order to answer this question, you will need to go to Data Entry > States Tab > New York > General Tab > MISC Screen > Answer Question E.
Per the IT-255 instructions: The credit is equal to 25% of your qualified solar energy system equipment expenditures and is limited to $5,000. If your credit is greater than the amount of tax you owe, the balance will not be refunded to you. However, any credit amount in excess of the tax due can be carried over for a maximum of up to five years.
For further information, please see the NY IT-255 Instructions.