[Bourne]

Hello all – I have a real world situation in which I need to know how to book SCRIE credits as a building owner of which many tenants reside.

I know SCRIE credits are credits the city gives building owners as a credit against real estate taxes. My question is, how do you book these? The city sends semi annual statements showing the amount of the credits your building will receive for the following 6 months.

Let’s say for example I have a building in NYC of which in June 2019 I receive a statement showing $10k of SCRIE credits for the period 7/1/19-12/31/19. What do I do with this $10k of credits? What is the entry to record this and then the subsequent revenue recognition?

Or am I not understanding how the SCRIE program works? Any help is appreciated.

AUD- 82
REG- 86
FAR- 86
BEC- 88

[Recked]

I posted a reply to this yesterday but it seems to have been lost.
I don't think the credit would count as revenue, but rather just an offset to the expense. I don't think I would book the credit at all unless you actually receive the money.
Not familiar with SCRIE credits.

Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

[Author]

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