New York Claim for EZ Capital Tax Credit.

Claim for EZ Capital Tax Credit.
Form IT-602 Claim for EZ Capital Tax Credit Tax Year 2023
Department of Taxation and Finance

Claim for EZ Capital Tax Credit
Tax Law – Section 606(l)

IT-602

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

Identifying number as shown on return

Schedule A – Limitation of EZ capital tax credit
	1	Tax from Form IT-201, Form IT-203, or Form IT-205 (see instructions)...........................................	 1	

.00

	2	Multiply line 1 by 50% (.50)...........................................................................................................	 2	

.00

Schedule B – Computation of EZ capital tax credit used and carried forward
	3	 Enter the carryover credit from last year’s Form IT-602................................................................	 3		

.00

	4	 EZ capital tax credit available for use this year (enter the amount from line 2 or line 3, whichever is less)	 4		

.00

	5	 Tax due before credits (see instructions)..........................................................................................	 5		

.00

	6	 Tax credits claimed before this credit (see instructions)...................................................................	 6		

.00

	7	 Net tax (subtract line 6 from line 5)....................................................................................................	 7		

.00

	8	 Amount of credit used for the current tax year (enter the lesser of line 4, or line 7; see instructions).......	 8		

.00

	9	 Amount of credit available for carryover to next year (subtract line 8 from line 3).............................	 9		

.00

162001230094

IT-602 (2023) (back)

Instructions

General information

The Empire Zone (EZ) capital tax credit has expired. For tax
years beginning on or after April 1, 2014, you may only claim an
EZ capital tax credit carryover from previous years.
You may continue to use any credit carryovers from previous
years against your tax liability. However, if your business was
required to obtain an EZ retention certificate but was denied one,
you will not be eligible to claim the carryover credit attributable
to investments in a certified EZ business. You do not need an
EZ retention certificate to claim the carryover of credit from
contributions to community development projects.
The credit may not exceed the lesser of:
•	 the tax due under Article 22, or
•	 50% of the tax imposed by Article 22 section 601, without
regard to any credit.
Any amount of the carryover of credit not deductible in the
current tax year may be carried over to be deducted from the tax
for succeeding tax years.

Line instructions

See the instructions for your tax return for the Privacy notification
or if you need help contacting the Tax Department.
Line 1 – Calculate the amount to enter on this line as follows:
•	 Form IT-201 filers: Enter the total of your tax from line 39 and
Form IT-230-I, Worksheet A, line 1, reduced by any resident
credit and accumulation distribution credit.
•	 Form IT-203 filers: Enter the total of your tax from line 46 and
Form IT-203-ATT, line 18, reduced by any resident credit and
accumulation distribution credit.
•	 Form IT-205 filers:
	 Resident – Enter the tax from line 8, reduced by any resident
credit and accumulation distribution credit.
	 Nonresident and part-year resident – Enter the tax from
line 9, reduced by any resident credit and accumulation
distribution credit.
Line 5
Form IT-201 filers: Enter the tax from Form IT-201, line 39, plus
any amount from Form IT-201-ATT, line 21.
Form IT-203 filers: Enter the tax from Form IT-203, line 46, plus
any amount from Form IT-203-ATT, line 20.
Form IT-205 filers: Enter the tax from Form IT-205, line 8 (for
residents), or line 9 (for nonresidents), plus any credits shown
on line 1 of the Addbacks worksheet, in the instructions for
Form IT-205, line 12.
Line 6 – If you are applying any credits against the tax before
this credit, enter those amounts here.
When applying credits, use the following rules:
•	 First apply any household credit.
•	 Next apply any credits that cannot be carried over or refunded.
•	 Then apply any credits that can be carried over for a limited
duration.

162002230094

•	 Then apply any credit that can be carried over for an unlimited
duration.
•	 Apply refundable credits last.
Line 8 – Enter the amount from line 8 and code 162 on
Form IT-201-ATT, line 6, or Form IT-203-ATT, line 7, or include it
on Form IT-205, line 10.