Tax Credit up to $375 Available to Certain New York Residents — Do You Qualify?

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New York residents who meet eligibility requirements can qualify for refundable tax credits of up to $375 through a program designed to help lower-income households.

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According to the New York State Department of Taxation and Finance website, you are eligible for the credit if you meet all of the following criteria:

  • Your annual household gross income is $18,000 or less.
  • You occupied the same New York residence for six months or more.
  • You were a New York State resident for the entire tax year.
  • You could not be claimed as a dependent on another taxpayer’s federal income tax return.
  • Your residence was not completely exempted from real property taxes.
  • The current market value of all real property you owned — such as houses, garages and land — was $85,000 or less during the qualifying period.

The tax credit is available to both homeowners and renters. Here are the requirements based on the type of housing:

Homeowners

  • You or your spouse paid real property taxes.
  • Any rent you received for nonresidential use of your residence was 20% or less of the total rent you received.

Renters

  • You or a member of your household paid rent for your residence.
  • The average monthly rent you and other members of your household paid was $450 or less, not counting charges for heat, gas, electricity, furnishings or board.
Make Your Money Work

The amount of the tax credit varies depending on a couple of different factors. For example, it can be as high as $375 if at least one member of your household is 65 or older. If all members of your household are under 65 years old, the credit can be as much as $75. If the credit is more than you own in taxes, you can claim a refund.

Learn: Here’s the Average IRS Tax Refund Amount by State
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Here’s how to claim the credit:

  • If you file a New York State personal income tax return, complete Form IT-214 (Claim for Real Property Tax Credit) and submit it with your return.
  • If you are not required to file a New York State income tax return, but you qualify for the credit, you can complete and file Form IT-214 to claim a refund of the credit.

You also can receive a refund for past years if you claim the credit by the dates below. You’ll have to complete and file Form IT-214 for the year or years that you were eligible. 

  • For the 2018 tax year, you must file by April 15, 2022.
  • For the 2019 tax year, you must file by July 17, 2023.
  • For the 2020 tax year, you must file by May 17, 2024.
Make Your Money Work

For more information, visit the Form IT-214 page on the Department of Taxation and Finance site.

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About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.

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