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New York Claim for QEZE Credit for Real Property Taxes
Extracted from PDF file 2023-new-york-form-ct-606.pdf, last modified September 2023Claim for QEZE Credit for Real Property Taxes
Department of Taxation and Finance Claim for QEZE Credit for Real Property Taxes Tax Law - Article 1, Section 15 CT-606 Note: You must file all pages (1 through 8) with your return. All taxpayers must complete the information below and then complete either Section 1 (pages 1 through 3) or Section 2 (pages 5 through 8). Do not complete both sections. Legal name of corporation All filers must enter tax period: beginning ending Employer identification number (EIN) Name of empire zone(s) File this form with your corporation franchise tax return Form CT-3, CT-3-A, CT-3-S, CT-33, CT‑33‑NL, or CT-33-A. Mark an X in the appropriate box when answering Yes or No questions. Are you a clean energy enterprise (CEE)?.............................................................................................................. Yes No Are you a QEZE first certified between August 1, 2002 and March 31, 2005, that conducts its operations on real property it owns or leases that is located in an empire zone (EZ) and that is subject to a BCA executed prior to January 1, 2006?..... Yes No Section 1 – For QEZEs first certified prior to April 1, 2005 (see Important information in the instructions) Date of first certification by Empire State Development (mm-dd-yy; attach copies of all certificates of eligibility, including retention certificates).................................................................................................................................... Schedule A– Employment test for QEZEs first certified prior to April 1, 2005 (see instructions) Part 1 – EZ employment – Computation of the employment number within all EZs for the current tax year and in the five-year base period: Include employees within all EZs even if you are not certified in all of those zones (see instructions). Current tax year employment number March 31 June 30 September 30 December 31 Total Number of full-time employees within all EZs 1 Current tax year employment number within all EZs (do not round; see instructions)............................ 1 Base period employment number Tax year ending March 31 June 30 September 30 December 31 Total (mm-yy) a Number in base year 1 b Number in base year 2 c Number in base year 3 d Number in base year 4 e Number in base year 5 f Total number of full-time employees within all EZs in the base period......................................................... 2 Base period employment number within all EZs (do not round; see instructions)................................... 2 3 Does the amount on line 1 equal or exceed the amount on line 2? (see instructions).......................... 3 Yes No Part 2 – New York State employment outside all EZs – Computation of the employment number inside New York State and outside all EZs (whether or not you are certified in all of those EZs) for the current tax year and in the five-year base period (see instructions) Current tax year employment number March 31 June 30 September 30 December 31 Total Number of full-time employees inside New York State and outside all EZs 4 Current tax year employment number inside New York State and outside all EZs (do not round)....... 4 Base period employment number Tax year ending March 31 June 30 September 30 December 31 (mm-yy) a Number in base year 1 b Number in base year 2 c Number in base year 3 d Number in base year 4 e Number in base year 5 f Total number of full-time employees inside New York State and outside all EZs in the base period........... 5 Base period employment number inside New York State and outside all EZs (do not round).............. 5 6 Does the amount on line 4 equal or exceed the amount on line 5? (see instructions).......................... 518001230094 Total 6 Yes No Page 2 of 8 CT-606 (2023) Schedule B – Computation of test year employment number within the EZs in which you are certified Test year to (mm-yy) March 31 June 30 September 30 December 31 Total Number of full-time employees within the EZs 7 Test year employment number within the EZs in which you are certified (see instructions; also enter on line 9). 7 Schedule C – Employment increase factor (see instructions) 8 Current tax year employment number within the EZs in which you are certified (see instructions)............................................................................................................................... 9 Test year employment number within the EZs in which you are certified (from line 7)............................ 10 Subtract line 9 from line 8.................................................................................................................. 11 Divide line 10 by line 9 (carry result to four decimal places; if line 9 is zero and line 8 is greater than zero, enter 1.0 here).... 12 Divide line 10 by 100 (carry result to four decimal places)....................................................................... 13 Employment increase factor (enter the greater of line 11 or 12, but not more than 1.0; also enter on line 15)...... 8 9 10 11 12 13 Schedule D – Computation of QEZE credit for real property taxes for QEZEs first certified prior to April 1, 2005 14 15 16 17 18 19 20 21 Tax year of the business tax benefit period ; benefit period factor (from table below)............ 14 Employment increase factor (from line 13)............................................................................................. 15 Eligible real property taxes (see instructions)........................................................................................ 16 QEZE credit for real property taxes (multiply line 14 by line 15 by line 16).............................................. 17 Recapture of QEZE credit for real property taxes (from Worksheet A on page 5 of instructions) ............. 18 QEZE credit for real property taxes after recapture (subtract line 18 from line 17; see instructions)......... 19 QEZE credit for real property taxes limitation (see instructions, do not enter zero)................................. 20 QEZE credit for real property taxes allowed (see instructions)............................................................. 21 Benefit period factor table* Tax year of benefit period 1 - 10 11 12 Benefit period factor** 1.0 0.8 0.6 Tax year of benefit period 13 14 15 Benefit period factor** 0.4 0.2 0.0 * The QEZE credit for real property taxes is generally available for up to 14 years for taxpayers that continue to qualify. ** For an owner of a qualified investment project or a significant capital investment project, the benefit period factor will be 1.0 during the entire business tax benefit period. Find the tax year of your business tax benefit period (enter a number from 1 to 15 for your benefit period). Enter the benefit period factor for that year (from Benefit period factor table) on line 14. (continued) 518002230094 CT-606 (2023) Page 3 of 8 Schedule E – Application of QEZE credit for real property taxes (New York S corporations do not complete Schedule E) 22 Enter your franchise tax (see instructions).............................................................................................. 23 Tax credits claimed before the QEZE credit for real property taxes (if applying multiple credits on your franchise tax return, see instructions).................................................................................................... 24 Subtract line 23 from line 22................................................................................................................ 25 Enter appropriate tax: Article 9-A – Enter the fixed dollar minimum tax from Form CT-3 or the designated agent’s fixed dollar minimum tax from Form CT-3-A Article 33 – Enter 250 Article 33 combined – Enter the sum of lines 4 and 12 from Form CT-33-A........................................ 26 Credit limitation (subtract line 25 from line 24; if less than zero, enter 0).................................................... 27 QEZE credit for real property taxes to be used this period (see instructions)....................................... 28 Unused QEZE credit for real property taxes (subtract line 27 from line 21)............................................ 29 Amount of unused credit on line 28 to be refunded (see instructions).................................................. 30 Amount of unused, nonrefunded credit to be credited as an overpayment to next year’s tax (subtract line 29 from line 28; see instructions)...................................................................................... 22 23 24 25 26 27 28 29 30 Schedule F – Related entities List the names and EINs of any related business entities. Attach additional sheets if necessary. See Related persons on page 1 of the instructions to determine if an entity is related. Name EIN Schedule G – Valid business purpose for QEZEs first certified prior to August 1, 2002 (see instructions) If you are claiming that the QEZE was formed for a valid business purpose, mark an X in the box and attach a notarized statement describing in detail how your QEZE meets the valid business purpose test. .................................................................... 518003230094 Page 4 of 8 CT-606 (2023) This page was intentionally left blank. Section 2 begins on page 5. 518004230094 CT-606 (2023) Page 5 of 8 Claim for QEZE Credit for Real Property Taxes Section 2 – For QEZEs first certified on or after April 1, 2005 (see Important information in the instructions) Note: You must file all pages (1 through 8) with your return. All taxpayers must complete the information above Section 1 on page 1 and then complete either Section 1 (pages 1 through 3) or Section 2 (pages 5 through 8). Do not complete both sections. Legal name of corporation All filers must enter tax period: beginning ending Employer identification number (EIN) Name of empire zone(s): Indicate whether each zone is a development zone (DZ) or investment zone (IZ) (attach additional sheets if necessary). File this form with your corporation franchise tax return Form CT-3, CT-3-A, CT-3-S, CT-33, CT‑33‑NL, or CT-33-A. Date of first certification by Empire State Development (mm-dd-yy; attach copies of all certificates of eligibility, including retention certificates)................................................................................................................................... Year of the business tax benefit period (see instructions).......................................................................................................... Schedule H– Employment test for QEZEs first certified on or after April 1, 2005 (see instructions) Part 1 – EZ employment – Computation of the employment number within all EZs for the current tax year and in the four-year base period: Include employees within all EZs even if you are not certified in all of those zones (see instructions). Current tax year employment number March 31 June 30 September 30 December 31 Total Number of full-time employees within all EZs 31 Current tax year employment number within all EZs (do not round; see instructions)............................ 31 Base period employment number Tax year ending March 31 June 30 September 30 December 31 Total (mm-yy) a Number in base year 1 b Number in base year 2 c Number in base year 3 d Number in base year 4 e Total number of full-time employees within all EZs in the base period......................................................... 32 Base period employment number within all EZs (do not round; see instructions)................................... 32 33 Does the amount on line 31 exceed the amount on line 32? (see instructions)..................................... 33 Yes No Part 2 – New York State employment – Computation of the employment number inside New York State for the current tax year and in the four-year base period (see instructions) Current tax year employment number March 31 June 30 September 30 December 31 Total Number of full-time employees in New York State 34 Current tax year employment number in New York State (do not round)............................................. 34 Base period employment number Tax year ending March 31 June 30 September 30 December 31 Total (mm-yy) a Number in base year 1 b Number in base year 2 c Number in base year 3 d Number in base year 4 e Total number of full-time employees in New York State in the base period.................................................. 35 Base period employment number in New York State (do not round).................................................... 35 36 Does the amount on line 34 exceed the amount on line 35? (see instructions)..................................... 36 Yes 518005230094 No Page 6 of 8 CT-606 (2023) Schedule I – Computation of net new employment 37 Current year employment number in the EZs in which you are certified (see instructions).................. 38 Base period employment number in the EZs in which you are certified (see instructions)................... 39 Net new employment number (subtract line 38 from 37)........................................................................ 37 38 39 Schedule J – DZ employment increase factor (Complete Schedule J if you are certified in one or more zones and any of these zones is a DZ, and you are not a manufacturer.) Net new employees (from line 39) DZ employment increase factor 1 to 10..................................................................... 0.25 11 to 49................................................................... 0.50 50 to 75................................................................... 0.75 76 and above.......................................................... New employees (from line 39) divided by 100. This number cannot exceed 1.0 40 DZ employment increase factor from table above............................................................................. 40 Schedule K – Employee information Enter name, Social Security number, employee’s zone location and wage and benefit information for all new employees included in the net new employment number on line 39 upon which this claim is based. Attach additional sheets if necessary. A Employee’s name B Employee’s Social Security number C Employee’s zone location (see instructions) D Total wages, health benefits, and retirement benefits E Eligible wages, health benefits, and retirement benefits included in column D (enter no more than $40,000 per employee) Total from column E of any additional sheet(s).................................................................................................. 41 Total eligible wages, health benefits, and retirement benefits (add column E amounts; see instructions).... 41 (continued) 518006230094 CT-606 (2023) Page 7 of 8 Schedule L – Computation of credit for QEZEs certified in DZs (see instructions) 42 Eligible wages, health benefits, and retirement benefits from line 41................................................. 43 25% (.25) factor.................................................................................................................................. 44 DZ employment increase factor from line 40...................................................................................... 45 QEZE credit for real property taxes for QEZEs certified in DZs (multiply line 42 by line 43 by line 44)......... 42 43 44 45 .25 Schedule M – Computation of QEZE credit for real property taxes for manufacturers and QEZEs certified only in an IZ (see instructions) 46 Eligible wages, health benefits, and retirement benefits from line 41................................................. 46 47 25% (.25) factor.................................................................................................................................. 47 48 QEZE credit for real property taxes (multiply line 46 by line 47)............................................................ 48 .25 Schedule N – QEZE credit for real property taxes 49 QEZE credit from line 45 or line 48................................................................................................... 49 50 Capital investment amount (from line 65 or 66) .................................................................................... 50 51 Enter the greater of line 49 or line 50................................................................................................ 51 52 Eligible real property taxes (attach documentation).............................................................................. 52 53a Enter the lesser of line 51 or line 52................................................................................................. 53a 53b If certified on or after April 1, 2009, multiply line 53a by 75% (.75) and enter the result. If certified prior to April 1, 2009, make no entry............................................................................................. 53b 54 Recapture of QEZE credit for real property taxes (see instructions) ................................................... 54 55 QEZE credit for real property taxes after recapture (subtract line 54 from line 53a or 53b; see instructions) 55 Schedule O – Application of QEZE credit for real property taxes (New York S corporations do not complete Schedule O) 56 Enter your franchise tax (see instructions)............................................................................................. 57 Tax credits claimed before the QEZE credit for real property taxes (if applying multiple credits on your franchise tax return, see instructions).................................................................................................. 58 Subtract line 57 from line 56 59 Enter appropriate tax: Article 9-A – Enter the fixed dollar minimum tax from Form CT-3 or the designated agent’s fixed dollar minimum tax from Form CT-3-A Article 33 – Enter 250 Article 33 combined – Enter the sum of lines 4 and 12 from Form CT-33-A 60 Credit limitation (subtract line 59 from line 58; if less than zero, enter 0)................................................... 61 QEZE credit for real property taxes to be used this period (see instructions)...................................... 62 Unused QEZE credit for real property taxes (subtract line 61 from line 55)........................................... 63 Amount of unused credit on line 62 to be refunded (see instructions)................................................. 64 Amount of unused, nonrefunded credit to be credited as an overpayment to next year’s tax (subtract line 63 from line 62; see instructions)..................................................................................... 56 57 58 59 60 61 62 63 64 (continued) 518007230094 Page 8 of 8 CT-606 (2023) Schedule P – Related entities List the names and EINs of any related business entities. Attach additional sheets if necessary. See Related persons on page 1 of the instructions to determine if an entity is related. Name EIN Schedule Q – Capital investment amount (complete only Part 1 or Part 2; see instructions) Part 1 – Capital investment amount for QEZEs certified in DZs A Address of property B Name of zone (if applicable) C Cost or other basis attributable to construction, expansion, or rehabilitation of property (see instructions) D Multiply column C by 10% (0.1) E Percentage of physical occupancy and use (see instructions) F Multiply column D by column E Total from column F of any additional schedules.............................................................................................................. 65 Total (add column F amounts; enter here and on line 50; see instructions)................................................................. 65 Part 2 – Capital investment amount for QEZEs certified only in IZs or for manufacturers (see instructions) A Address of property B Name of zone (if applicable) C Cost or other basis (see instructions) D Multiply column C by 10% (0.1) E Percentage of physical occupancy and use (see instructions) F G Percentage Multiply column D of column C by the greater of attributable to column E or column F construction, rehabilitation, or expansion of the building (if 50% or more enter 100%) Total from column G of any additional schedules.............................................................................................................. 66 Total (add column G amounts; enter here and on line 50; see instructions)................................................................ 66 518008230094
Form CT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2023
More about the New York Form CT-606 Corporate Income Tax Tax Credit TY 2023
We last updated the Claim for QEZE Credit for Real Property Taxes in January 2024, so this is the latest version of Form CT-606, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-606 directly from TaxFormFinder. You can print other New York tax forms here.
Other New York Corporate Income Tax Forms:
TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form IT-204-LL | Partnership, Limited Liability Company, and Limited Liability Partnership Filing Fee Payment Form |
| Form CT-3M/4M | General Business Corporation MTA Surcharge Return (Obsolete) |
| Form IT-205 | Fiduciary Income Tax Return |
| Form IT-204 | Partnership Tax Return |
| Form CT-6 | Election by a Federal S Corporation to be Treated As a New York S Corporation |
View all 272 New York Income Tax Forms
Form Sources:
New York usually releases forms for the current tax year between January and April. We last updated New York Form CT-606 from the Department of Taxation and Finance in January 2024.
Form CT-606 is a New York Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of New York Form CT-606
We have a total of thirteen past-year versions of Form CT-606 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form CT-606
Form CT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2023
2022 Form CT-606
Form CT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2022
2021 Form CT-606
Form CT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2021
2020 Form CT-606
Form IT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2020
2019 Form CT-606
Form IT-606:2019:Claim for QEZE Credit for Real Property Taxes:it606
2018 Form CT-606
Form IT-606:2018:Claim for QEZE Credit for Real Property Taxes:it606
2017 Form CT-606
Form IT-606:2017:Claim for QEZE Credit for Real Property Taxes:IT606
2016 Form CT-606
Form IT-606:2016:Claim for QEZE Credit for Real Property Taxes:IT606
2015 Form CT-606
Form CT-606:2015:Claim for QEZE Credit for Real Property Taxes:CT606
2014 Form CT-606
Form CT-606:2014:Claim for QEZE Credit for Real Property Taxes:CT606
2013 Form CT-606
Form CT-606:2013:Claim for QEZE Credit for Real Property Taxes:CT606
2012 Form CT-606
Form CT-606:2012:Claim for QEZE Credit for Real Property Taxes:CT606
2011 Form CT-606
Form CT-606:2011:Claim for QEZE Credit for Real Property Taxes:CT606
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