New York START-UP NY Tax Elimination Credit

START-UP NY Tax Elimination Credit
Form IT-638 START-UP NY Tax Elimination Credit Tax Year 2023IT-638

Department of Taxation and Finance

START-UP NY Tax Elimination Credit
Tax Law – Article 1, Section 40 and Article 22, Section 606(ww)
	

Calendar-year filers, mark an X in the box:
All other filers enter tax period:
beginning	ending

Submit this form with Form IT-201, IT-203, IT-204, or IT-205.
Name(s) as shown on return	

Identifying number as shown on return

All filers must complete line A.
A	 Are you claiming this credit as an individual (sole proprietor), partnership, or fiduciary of an estate or trust that
earned the credit (not as a partner, shareholder, or beneficiary, receiving a share of the credit)? (mark an X in
the appropriate box; see instructions) ..........................................................................................................................	 Yes	
No
If No, complete lines B, C, and D and Schedules B, D, and E.
If Yes, complete lines B, C, and D, then complete the following
Fiduciary also complete Schedule C.
depending on your entity type:
Individual (sole proprietor): Schedules A, D, and E.
Partnership: Schedule A.
Fiduciary: Schedules A, C, D, and E.
	 	 Certificate number from Form DTF-74, Certificate of Eligibility, issued to the approved
B
	 	   START-UP NY business (see instructions) ....................................................................................... 	B
	 	 Are you certified by multiple sponsors? (mark an X in the appropriate box) ...............................................................	 Yes	
C
	 	   Enter the sponsor(s) name(s) below from Form DTF-74 (see instructions).	

	

No

Sponsor(s) names(s)

	D	 Year of START-UP NY business tax benefit period (enter a number from 1 to 10; see instructions) ................................................. 	D

Schedule A – Allocation factor (see instructions)
A
Tax-free NY area
	1	Average value of property (see instructions)................................................	1	
	2	Property factor (divide line 1, column A, by line 1, column B; round the result to
		  the fourth decimal place)............................................................................ 	 2

B
New York State
.00	.00

	3	Wages, salaries, and other compensation of employees (see instructions).	 3	.00	.00
	4	Wage factor (divide line 3, column A, by line 3, column B; round the result to
		  the fourth decimal place)............................................................................	4
	5	Total factors (add lines 2 and 4)...................................................................	
	6	Allocation factor (divide line 5 by two; round the result to the fourth decimal
		  place)......................................................................................................	

5
6

Partnerships: Enter the line 6 amount on Form IT-204, line 151. All others: Enter the line 6 amount on line 17.

638001230094

Page 2 of 3 IT-638 (2023)

Schedule B – Partnership, New York S corporation, and estate or trust information (see instructions)
For Type; enter P for partnership, S for S corporation, or ET for estate or trust. Use additional Form(s) IT-638 if necessary.
A
Name of entity

B
Type

C
Employer identification
number (EIN)

D
Certificate number

E
Year of
business
tax
benefit
period

Schedule C – Beneficiary’s and fiduciary’s share of income from a START-UP NY business (see instructions)

	 7	 Total income of the estate or trust from a START-UP NY business (see instructions) ...........................	
A
Beneficiary’s name (same as on Form IT-205, Schedule C)

7	.00

B
Identifying number

C
Share of income from a
START-UP NY business

	

.00

	

.00

	

.00
Total column C amounts from additional sheets, if any...................................................................................... 	

.00

	 8	 Share of income allocated to beneficiaries (add column C amounts)......................................................	

8	

.00

	 9	 Fiduciary’s share of income (subtract line 8 from line 7; enter here and on line 13).....................................	

9	

.00

Schedule D – Tax factor (see instructions)
	10	 Enter your tax from Form IT-201, line 39; Form IT-203, line 38; Form IT-205, line 6 (full-year resident
	 	   estate or trust); or Form IT-205-A, line 11 (nonresident estate or trust or part-year resident trust).....	 10	.00
	11	 All other credits applied against the tax (see instructions) .....................................................................	 11	

.00

	12	 Net tax due (subtract line 11 from line 10) ................................................................................................	 12	
.00
	13	 Enter the amount of income from the START-UP NY business allocated within New York State
		 (see instructions)...................................................................................................................................	 13	.00
	14	 New York adjusted gross income (see instructions) ...............................................................................	 14	

.00

	15	 Divide line 13 by line 14 (the result cannot exceed 1.0; round the result to the fourth decimal place)..............	 15
	16	 Tax factor (multiply line 12 by line 15; enter here and on line 18) ................................................................	 16	

638002230094

.00

IT-638 (2023)  Page 3 of 3

Schedule E – Computation of credit (see instructions)
	17	 Allocation factor (from line 6; see instructions) .........................................................................................	 17
	18	 Tax factor (from line 16) .........................................................................................................................	 18	

.00

	19	 Credit subtotal (multiply line 17 by line 18) ..............................................................................................	 19	

.00

	20	 Total amounts from additional Form(s) IT-638, Schedule(s) E, line 19; if any (see instructions) ...........	 20	

.00

	21	 Total credit (add lines 19 and 20; see instructions) ....................................................................................	 21	

.00

638003230094

Extracted from PDF file 2023-new-york-form-ct-638.pdf, last modified September 2014

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More about the New York Form CT-638 Corporate Income Tax Tax Credit TY 2023

We last updated the START-UP NY Tax Elimination Credit in January 2024, so this is the latest version of Form CT-638, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-638 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 Voucher
Form CT-3M/4M	General Business Corporation MTA Surcharge Return (Obsolete)
Form IT-205	Fiduciary Income Tax Return Tax Return
Form IT-204	Partnership Tax Return Tax Return
Form CT-6	Election by a Federal S Corporation to be Treated As a New York S Corporation

Download all NY tax forms 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-638 from the Department of Taxation and Finance in January 2024.

Show Sources >

Form CT-638 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-638

We have a total of ten past-year versions of Form CT-638 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form CT-638

Form IT-638 START-UP NY Tax Elimination Credit Tax Year 2023

2022 Form CT-638

Form IT-638 START-UP NY Tax Elimination Credit Tax Year 2022

2021 Form CT-638

Form IT-638 START-UP NY Tax Elimination Credit Tax Year 2021

2020 Form CT-638

Form IT-638:2020:START-UP NY Tax Elimination Credit:it638

2019 Form CT-638

Form IT-638:2019:START-UP NY Tax Elimination Credit:it638

2018 Form CT-638

Form IT-638:2018:START-UP NY Tax Elimination Credit:it638

2017 Form CT-638

Form IT-638:2017:START-UP NY Tax Elimination Credit:it638

2016 Form CT-638

Form IT-638:2016:START-UP NY Tax Elimination Credit:it638

2015 Form CT-638

Form CT-638:2015:START-UP NY Tax Elimination Credit:ct638

2014 Form CT-638

Form CT-638:2014:START-UP NY Tax Elimination Credit:ct638

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