Important information for taxpayers who reported Build America Bond interest on their federal returns.
For additional Information see TSB-M-10(4)I, Treatment of Interest Income from Build America Bonds.
As a result of changes made to Federal Schedule D (Form 1065), line 6 of the New York source gross income worksheet on page 11 should read as follows:
Add the gain (not loss) amounts from federal Form 1065, Schedule D, and, if applicable, Schedule D-1, column (f), lines 1 and 7, and the gains (not losses) from lines 3, 4, 9, 10, and 12.
There is an error in the instructions for line 116b on page 12. The amount determined in the issued instructions must be multiplied by 92.35% to get the correct amount to enter on line 116b.
IT-255 As a result of a change to Public Service Law section 66-j, the reference to 10 kilowatts (10,000 watts) in the definition of solar energy system equipment, listed under Definitions, should now be read as 25 kilowatts (25,000 watts).