Please do
I'd also be interested. A quick look at that form shows it references NYS tax code article 22, section p.
Relevant snippet:
(p) Alternative fuels and electric vehicle recharging property credit. (1) General. A taxpayer shall be allowed a credit, to be computed as hereinafter provided, against the tax imposed by this article, for alternative fuel vehicle refueling and electric vehicle recharging property placed in service during the taxable year.
(2) Alternative fuel vehicle refueling property and electric vehicle recharging property. The credit under this subsection for alternative fuel vehicle refueling property or electric vehicle recharging property shall equal for each installation of property the lesser of five thousand dollars or fifty percent of the cost of any such property
(A) which is located in this state;
(B) which constitutes alternative fuel vehicle refueling property or electric vehicle recharging property; and
(C) for which none of the cost has been paid for from the proceeds of grants, including grants from the New York state energy research and development authority or the New York power authority.
(3) Definitions. (A) The term “alternative fuel vehicle refueling property” means all of the equipment needed to dispense any fuel at least eighty-five percent of the volume of which consists of one or more of the following: natural gas, liquified natural gas, liquified petroleum, or hydrogen; and
(B) The term “electric vehicle recharging property” means all the equipment needed to convey electric power from the electric grid or another power source to an onboard vehicle energy storage system.
(4) Carryovers. If the amount of credit allowable under this subsection shall exceed the taxpayer's tax for such year, the excess may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.
(5) Credit recapture. (A) If, at any time before the end of its recovery period, alternative fuel vehicle refueling property or electric vehicle recharging property ceases to be qualified, a recapture amount must be added back in the tax year in which such cessation occurs.
(B) Cessation of qualification. Alternative fuel vehicle refueling property or electric vehicle recharging property ceases to be qualified if:
(i) the property no longer qualifies as alternative fuel vehicle refueling property or electric vehicle recharging property, or
(ii) fifty percent or more of the use of the property in a taxable year is other than in a trade or business in this state, or
(iii) the taxpayer receiving the credit under this subsection sells or disposes of the property and knows or has reason to know that the property will be used in a manner described in clause (i) or (ii) of this subparagraph.
(C) Recapture amount. The recapture amount is equal to the credit allowable under this subsection multiplied by a fraction, the numerator of which is the total recovery period for the property minus the number of recovery years prior to, but not including, the recapture year, and the denominator of which is the total recovery period.
(6) Termination. The credit allowed by this subsection shall not apply in taxable years beginning after December thirty-first, two thousand seventeen.
- See more at:
New York Tax Law - TAX § 606 | FindLaw
What I highlighted in red leads me to believe that it is only applicable to businesses - but I'm definitely not a tax attorney nor CPA. Would love to hear what your guy says.
Also, lI still owe you lunch or a beer, S3XY
