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New York Free Printable Form IT-653 Pass-Through Entity Tax Credit Tax Year 2023 for 2024 New York Pass-Through Entity Tax Credit

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Pass-Through Entity Tax Credit
Form IT-653 Pass-Through Entity Tax Credit Tax Year 2023

IT-653 Department of Taxation and Finance Pass-Through Entity Tax Credit New York State • New York City Tax Law – Sections 606(kkk) and 1310(g) Submit this form with Form IT-201, IT-203, or IT-205. Name(s) as shown on return Identifying number as shown on return Schedule A – Pass-through entity tax (PTET) and NYC PTET paid on your behalf (see instructions) A Name of entity B Employer identification number C PTET credit amount D NYC PTET credit amount .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 Total of column C and D amounts from any additional Forms IT-653 .................. .00 .00 1 Add column C amounts.............................................................................. .00 1 2 Add column D amounts ........................................................................................................................ 2 .00 3 Add lines 1 and 2 (see instructions) ........................................................................................................ 3 .00 653001230094 Page 2 of 2 IT-653 (2023) Instructions General information Pass-through entity tax (PTET) For tax years beginning on or after January 1, 2021, a partner, member, or shareholder of a partnership or S corporation that elected to be subject to the PTET under Article 24-A, may be eligible for a PTET credit. NYC Pass-through entity tax (NYC PTET) For tax years beginning on or after January 1, 2022, a partner, member, or shareholder of a city partnership or city resident S corporation that elected to be subject to the NYC PTET under Article 24-B, may be eligible for a NYC PTET credit. Eligibility PTET To be eligible for this credit, you must meet all of the following requirements: • you are subject to tax under Tax Law Article 22; • you are a direct partner or member in a partnership or a direct shareholder or member of an S corporation that has: – elected to be taxed under Tax Law Article 24-A; and – paid the PTET due; • you have received documentation from the eligible, electing entity that provides your specific PTET amount. NYC PTET To be eligible for this credit, you must meet all of the following requirements: • you are subject to tax under Tax Law Article 30; • you are a direct partner or member in a city partnership or a shareholder or member of a city resident S corporation that has: – elected to be taxed under Tax Law Article 24-B; and – paid the NYC PTET due; • you have received documentation from the eligible, electing entity that provides your specific NYC PTET amount. Generally, you are required to add back to adjusted gross income an amount equal to the PTET and NYC PTET credits claimed. For more information, see Form IT-225-I, Instructions for Form IT-225. Credit details PTET The PTET credit is equal to the partner’s, member’s, or shareholder’s direct share of pass-through entity tax. This amount should have been computed by the partnership or S corporation and reported to you. If you are a partner, member, or shareholder in multiple electing partnerships or electing S corporations subject to PTET, your credit will be the sum of the credits calculated for each entity in which you have a direct ownership interest. 653002230094 No credit will be allowed unless the electing partnership or electing S corporation paid the PTET imposed under Article 24-A and provided sufficient information to identify you on its PTET return. NYC PTET The NYC PTET credit is equal to the partner’s, member’s, or shareholder’s direct share of NYC pass-through entity tax. This amount should have been computed by the city partnership or city resident S corporation and reported to you. If you are a partner, member, or shareholder in multiple electing city partnerships or city resident S corporations subject to NYC PTET, your credit will be the sum of the credits calculated for each entity in which you have a direct ownership interest. No credit will be allowed unless the electing city partnership or electing city resident S corporation paid the NYC PTET imposed under Article 24-B and provided sufficient information to identify you on its NYC PTET return. Note: Any unused amount of the PTET or NYC PTET credits for the current tax year will be treated as a refund or overpayment of tax to be credited to the next year’s tax. Interest will not be paid on the refund or overpayment. Line instructions Schedule A – Pass-through entity tax (PTET) and NYC PTET paid on your behalf In columns A through C, enter the information for each entity that paid a PTET on your behalf and in which you held direct ownership. If an entity that you held direct ownership in also paid a NYC PTET on your behalf, enter that amount in column D. Additional forms – If you have more entries than will fit on the lines provided in Schedule A, submit additional Forms IT-653. Include your name and taxpayer identification number on each form, and include the totals of columns C and D from all additional Forms IT-653 on the indicated lines. Place the additional forms behind the first Form IT-653 and submit them with your return. Line 3 – Enter the amount and code 653 on: • Form IT-201-ATT, line 12; or • Form IT-203-ATT, line 12. For Form IT-205, include the amount on line 33.
Extracted from PDF file 2023-new-york-it-653.pdf, last modified November 2022

More about the New York IT-653 Corporate Income Tax TY 2023

Entitled to the pass-through entity tax (PTET), a partner/member/shareholder of a partnership or S Corporation can file this tax under article 24-A

We last updated the Pass-Through Entity Tax Credit in January 2024, so this is the latest version of IT-653 , fully updated for tax year 2023. You can download or print current or past-year PDFs of IT-653 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

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 IT-653 from the Department of Taxation and Finance in January 2024.

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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 IT-653

We have a total of two past-year versions of IT-653 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 IT-653

Form IT-653 Pass-Through Entity Tax Credit Tax Year 2023

2022 IT-653

Form IT-653 Pass-Through Entity Tax Credit Tax Year 2021


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