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New York Economic Transformation and Facility Redevelopment Program Tax Credit
Extracted from PDF file 2023-new-york-form-it-633.pdf, last modified November 2011Economic Transformation and Facility Redevelopment Program Tax Credit
IT-633 Department of Taxation and Finance Economic Transformation and Facility Redevelopment Program Tax Credit Tax Law – Sections 35 and 606(ss) Calendar-year filers, mark an X in the box: Other filers enter tax period: beginning and ending Submit this form with Form IT-201, IT-203, IT-204, or IT-205. You must also submit a copy of the Certificate of Eligibility and the Preliminary Schedule of Benefits issued by Empire State Development (ESD). Name(s) as shown on return Taxpayer identification number Mark an X in the appropriate box to indicate the tax year of the benefit period for which you are claiming the credit on this form: 1st 2nd 3rd 4th 5th Mark an X in the box if you are claiming this credit as a partner in a partnership, shareholder of a New York S corporation, or beneficiary of an estate or trust: ................................................................. Schedule A – Eligibility (see instructions) Part 1 – Qualified business 1a Is the business a qualified new business? (see Definitions in instructions) . ................................................................ Yes No 1b Is the business at a closed facility located within the Metropolitan Commuter Transportation District (MCTD), but outside New York City that was previously owned by New York State and operated as a psychiatric facility? (see instructions) ..... Yes No If you answered Yes to question 1a or 1b, continue with Part 2. If No to both questions, stop. You do not qualify for this credit. Part 2 – Computation of average number of net new jobs (see instructions) Current tax year March 31 June 30 September 30 December 31 Total Number of net new jobs 2 Average number of net new jobs for the current tax year (see instructions)............................................ 2 3 Is the average number of net new jobs five or greater?............................................................................................Yes If Yes, complete Schedule B. If No, stop. You do not qualify for this credit for the current tax year. No Schedule B – Computation of credit component amounts (see instructions) Part 1 – Jobs tax credit component – Complete the information below for each net new job created and maintained in the economic transformation area (see instructions) A Employee’s name B Social Security number C Date first employed (mmddyyyy) D Last date of employment during the current tax year F Credit amount (column E x 6.85% (0.0685)) E Gross wages .00 .00 .00 .00 .00 Total of column F amounts from any additional Forms IT-633.................................................................................... 4 Jobs tax credit component (add column F amounts) ................................................................................ 5 Enter your share of the jobs tax credit component from Partner your partnership(s) ............................................................................................. S corporation 6 Enter your share of the jobs tax credit component from shareholder your S corporation(s) .......................................................................................... 7 Enter your share of the jobs tax credit component from Beneficiary the estate(s) or trust(s) ....................................................................................... 8 Total jobs tax credit component (add lines 4 through 7) ............................................ 633001230094 .00 .00 .00 .00 .00 .00 4 .00 5 .00 6 .00 7 .00 8 .00 Partnerships: Enter the line 8 amount and code 633 on Form IT-204, line 144, and continue with Part 2. Fiduciaries: Enter the line 8 amount on the Total line of Schedule C, column C, and continue with Part 2. All others: Continue with Part 2. Page 2 of 4 IT-633 (2023) Part 2 – Investment tax credit component (see instructions) Qualified investment at a closed facility (see instructions) A Description of property B Date placed in service (mmddyyyy) C Cost or other basis for federal income tax purposes D Credit (column C x 10% (0.10)) .00 .00 .00 .00 Total of column D amounts from any additional Forms IT-633 ......................................................................... 9 Total (add column D amounts) .................................................................................................................. 9 10 Closed facility investment tax credit (enter the line 9 amount or the maximum credit amount provided to you by ESD, whichever is less; see instructions) . ........................................................ 10 All other qualified investments (see instructions) A Description of property B C Date placed in service Cost or other basis for federal income (mmddyyyy) tax purposes .00 .00 .00 .00 .00 .00 .00 D Credit (column C x 6% (0.06)) .00 .00 .00 .00 .00 .00 .00 .00 Total of column D amounts from any additional Forms IT-633 ......................................................................... .00 11 Total (add column D amounts) .................................................................................................................. 11 .00 12 Other qualified investments credit component limitation (see instructions) . ........................................... 12 4000000 .00 13 Other qualified investments credit component after limitation (enter the amount from line 11 or line 12, whichever is less). ................................................................................................................................ 13 .00 14 Add lines 10 and 13............................................................................................................................... 14 .00 15 Enter your share of the investment tax credit component from Partner your partnership(s) ............................................................................................. 15 .00 16 Enter your share of the investment tax credit component from S corporation your S corporation(s) .......................................................................................... 16 shareholder .00 17 Enter your share of the investment tax credit component from Beneficiary the estate(s) or trust(s) ....................................................................................... 17 .00 18 Total investment tax credit component (add lines 14 through 17) .............................. 18 .00 Partnerships: Enter the line 18 amount and code B33 on Form IT-204, line 144, and continue with Part 3. Fiduciaries: Enter the line 18 amount on the Total line of Schedule C, column D, and continue with Part 3. All others: Continue with Part 3. Part 3 – Training tax credit component (see instructions) A Employee’s name B Social Security number C Description of training expense D Date paid (mmddyyyy) E Amount of expense .00 .00 .00 .00 F Column E x 50% (0.5) .00 .00 .00 .00 Total of column G amounts from any additional Forms IT-633............................................................................. 19 Total (add column G amounts) . ................................................................................................................ 19 20 Enter your share of the training tax credit component Partner from your partnership(s) ..................................................................................... 20 S corporation 21 Enter your share of the training tax credit component shareholder from your S corporation(s) . ................................................................................ 21 22 Enter your share of the training tax credit component Beneficiary from the estate(s) or trust(s) ............................................................................... 22 23 Total training tax credit component (add lines 19 through 22) . .................................. 23 Partnerships: Enter the line 23 amount and code C33 on Form IT-204, line 144, and continue with Part 4. Fiduciaries: Enter the line 23 amount on the Total line of Schedule C, column E, and continue with Part 4. All others: Continue with Part 4. 633002230094 G Credit (enter the lesser of column F or 4000) .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 IT-633 (2023) Page 3 of 4 Part 4 – Real property tax credit component (see instructions) Property located entirely within a closed facility (see instructions) A Eligible real property taxes B Benefit period year rate * C Credit amount (column A x column B) .00 .00 .00 Total of column C amounts from any additional Forms IT-633..... * 1st year 50% (0.5); 2nd year 40% (0.4); 3rd year 30% (0.3); 4th year 20% (0.2); 5th year 10% (0.1) .00 .00 .00 .00 .00 24 Real property tax credit component for property located entirely within a closed facility (add column C amounts) .. 24 Property located outside a closed facility (see instructions) A Eligible real property taxes B Benefit period year rate ** C Credit amount (column A x column B) .00 .00 .00 .00 .00 .00 .00 Total of column C amounts from any additional Forms IT-633 .... ** 1st year 25% (0.25); 2nd year 20% (0.2); 3rd year 15% (0.15); 4th year 10% (0.1); 5th year 5% (0.05) 25 26 .00 .00 27 .00 28 .00 29 .00 30 Total real property tax credit component (add lines 26 through 29) ........................... 30 .00 25 Real property tax credit component for property located outside a closed facility (add column C amounts) . .. 26 Add lines 24 and 25 . ............................................................................................................................ 27 Enter your share of the real property tax credit components Partner from your partnership(s) ..................................................................................... S corporation 28 Enter your share of the real property tax credit component shareholder from your S corporation(s) . ................................................................................ 29 Enter your share of the real property tax credit component Beneficiary from the estate(s) or trust(s) ............................................................................... Partnerships: Enter the line 30 amount and code D33 on Form IT-204, line 144. Complete Schedule F, if applicable. Fiduciaries: Enter the line 30 amount on the Total line of Schedule C, column F, and continue with line 31. All others: Continue with line 31. .00 31 Total credit components (add lines 8, 18, 23, and 30) . ............................................................................. 31 Fiduciaries: Complete Schedules C and E and, if applicable, Schedule F. All others: Continue with line 32. Schedule C – Beneficiary’s and fiduciary’s share of credit components and recapture of credit (see instr.) A Beneficiary’s name (same as on Form IT-205, Schedule C) Total Fiduciary 633003230094 B Identifying number C Share of jobs tax credit component .00 .00 .00 .00 D E F Share of Share of Share of investment tax training tax credit real property tax credit component component credit component .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 G Share of recapture of credit .00 .00 .00 .00 Page 4 of 4 IT-633 (2023) Schedule D – Partnership, S corporation, estate, and trust information (see instructions) If you were a partner in a partnership, a shareholder of an S corporation, or a beneficiary of an estate or trust and received a share of the economic transformation and facility redevelopment program tax credit or a share of the recapture of credit from that entity, complete the following information for each partnership, S corporation, estate, or trust. Enter P for partnership, S for S corporation, or ET for estate or trust. Name Type Employer ID number Schedule E – Computation of credit (Fiduciaries: see instructions) Individual (including sole proprietor), partner, S corporation shareholder, beneficiary 32 Enter the amount from line 31 . ...................................................... 33 Enter the amount from Schedule C, Fiduciary line, column C .......... Enter the amount from Schedule C, Fiduciary line, column D .......... 34 Fiduciaries 35 Enter the amount from Schedule C, Fiduciary line, column E .......... 36 Enter the amount from Schedule C, Fiduciary line, column F .......... 32 33 34 35 36 .00 .00 .00 .00 .00 37 Total credit (see instructions) . ......................................................... 37 .00 Schedule F – Summary of recapture of credit (final year of benefit period; see instructions) 38 39 40 41 42 43 Individual’s and partnership’s recapture of credit ................................................................................ Beneficiary’s share of recapture of credit ............................................................................................ Partner’s share of recapture of credit .................................................................................................. S corporation shareholder’s share of recapture of credit .................................................................... Fiduciaries: enter your share of amount from Schedule C, Fiduciary line, column G ......................... Total (see instructions) ........................................................................................................................... 38 39 40 41 42 43 .00 .00 .00 .00 .00 .00 Individuals (including sole proprietors): Enter the line 43 amount and code 633 on Form IT-201-ATT, line 20, or Form IT-203-ATT, line 19. Fiduciaries: Include the line 43 amount on Form IT-205, line 12. Partnerships: Enter the line 43 amount and code 633 on Form IT-204, line 148. 633004230094
Form IT-633 Economic Transformation and Facility Redevelopment Program Tax Credit Tax Year 2023
More about the New York Form IT-633 Individual Income Tax Tax Credit TY 2023
We last updated the Economic Transformation and Facility Redevelopment Program Tax Credit in January 2024, so this is the latest version of Form IT-633, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-633 directly from TaxFormFinder. You can print other New York tax forms here.
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| Form Code | Form Name |
|---|---|
| Form IT-201 | Individual Income Tax Return |
| IT-201-V | Payment Voucher for Income Tax Returns |
| Form IT-203 | Nonresident Income Tax Return |
| Form IT-201-D | Resident Itemized Deduction Schedule (DISCONTINUED) |
| Form IT-201-I | Individual Income Tax Return Instructions |
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 IT-633 from the Department of Taxation and Finance in January 2024.
Form IT-633 is a New York Individual 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 Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of New York Form IT-633
We have a total of twelve past-year versions of Form IT-633 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form IT-633
Form IT-633 Economic Transformation and Facility Redevelopment Program Tax Credit Tax Year 2023
2022 Form IT-633
Form IT-633 Economic Transformation and Facility Redevelopment Program Tax Credit Tax Year 2022
2021 Form IT-633
Form IT-633 Economic Transformation and Facility Redevelopment Program Tax Credit Tax Year 2021
2020 Form IT-633
Form IT-633:2020:Economic Transformation and Facility Redevelopment Program Tax Credit:it633
2019 Form IT-633
Form IT-633:2019:Economic Transformation and Facility Redevelopment Program Tax Credit:it633
2018 Form IT-633
Form IT-633:2018:Economic Transformation and Facility Redevelopment Program Tax Credit:it633
2017 Form IT-633
IT-633:2017:Economic Transformation and Facility Redevelopment Program Tax Credit:it633
2016 Form IT-633
IT-633:2016:Economic Transformation and Facility Redevelopment Program Tax Credit:it633
2015 Form IT-633
Form IT-633:2015:Economic Transformation and Facility Redevelopment Program Tax Credit:it633
2014 Form IT-633
IT-633:2014:Economic Transformation and Facility Redevelopment Program Tax Credit:it633
2013 Form IT-633
IT-633:2013:Economic Transformation and Facility Redevelopment Program Tax Credit:it633
2012 Form IT-633
IT-633:2012:Economic Transformation and Facility Redevelopment Program Tax Credit:it633
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