Who must file if you are an individual or fiduciary of an estate or trust with total New York tax preference items greater than the allowable specific deduction of $5,000 ($2,500 if you are married and filing separately), you must complete Form IT-220, Minimum Income Tax, and attach it to your New York State income tax return. For New York purposes the federal preference items subject to New York minimum income tax are:

1) Depreciation (pre-1987) (ACRS depreciation on recovery property placed in service in New York in 1985 and 1986, ACRS depreciation on all IRC section 280F recovery property placed in service prior to 1/1/87);

(2) Intangible drilling costs; and

(3) Qualified small business stock (excluded under section 1202). Also include the amount of New York addition for restoration of net operating loss deduction. Because of different state and federal requirements, you may have to file Form IT-220 even if you are not required to file federal Form 6251, Alternative Minimum Tax - Individuals, or federal Form 1041, U.S. Income Tax Return for Estates and Trusts. You may have to file Form IT-220 even if you derived no tax benefit from the items of tax preference. The tax preference items to be reported on Form IT-220 are explained in Line instructions that begin below. If you marked an X in filing status

Back