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New York Free Printable Form CT-223 Innovation Hot Spot Deduction Tax Year 2023 for 2024 New York Innovation Hot Spot Deduction

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Innovation Hot Spot Deduction
Form CT-223 Innovation Hot Spot Deduction Tax Year 2023

Department of Taxation and Finance Innovation Hot Spot Deduction Tax Law – Article 1, Section 38 and Article 9-A, Section 208.9(a)(18) Legal name of corporation CT-223 Employer identification number (EIN) Attach this form to Form CT-225 or CT-225-A. Complete the information below if you are a qualified entity located both inside and outside a hot spot, you are a corporate partner of a qualified entity, or both. If you are a qualified entity located entirely within a hot spot, do not complete this form unless you are a qualified entity that is a New York S corporation. See the instructions on page 2 before completing. A Innovation hot spot name 546001230094 B Code C Business participation number D EIN of qualified entity located in the hot spot E F Mark an X if Tax year this entity is being subject to claimed (enter 1, 2, 3, the MTA 4, or 5) surcharge G Income or gain attributable to the hot spot Page 2 of 2  CT-223 (2023) General information Instructions Qualified entities in innovation hot spots are eligible for the tax benefits listed below for five tax years, beginning with the year the entity became a tenant in or part of an innovation hot spot: • Qualified entities taxable under Article 9-A located completely within the hot spot are liable only for the fixed dollar minimum tax. • Qualified entities located inside and outside the hot spot, and corporate partners of qualified entities, are allowed a deduction for the amount of income or gain attributable to operations in the hot spot. • Individuals who are sole proprietors of a qualified entity, or are partners in a partnership, members of a limited liability company (LLC), or shareholders of a New York S corporation, that is a qualified entity, are allowed a deduction for the amount of income or gain attributable to operations at the hot spot. • Qualified entities are also eligible for a credit or refund of sales and use tax imposed on the retail sale of tangible personal property or services. Taxpayers claiming the above tax benefits are not eligible for any other New York State exemptions, deductions, credits, or refunds to the extent the exemption, deduction, credit, or refund is attributable to the business operations in the innovation hot spot. Claiming any such benefit represents an irrevocable election. Qualified entity means a business enterprise that is: • in the formative stages of development, and • located in New York State, and • certified by a New York State innovation hot spot as being approved to locate in, or be part of, a virtual incubation program operated by that innovation hot spot, and • either A or B below: A. any corporation, except a corporation which: • over 50% of the number of shares of stock entitling the holders thereof to vote for the election of directors or trustees is owned or controlled, either directly or indirectly, by a taxpayer subject to tax under Tax Law Article 9, sections 183 or 184; Article 9-A; or Article 33; or • is substantially similar in operation and in ownership to a business entity (or entities) taxable or previously taxable under Tax Law Article 9, sections 183 or 184, or former sections 185 or 186; Article 9-A; former Article 32; Article 33; former Article 23; or would have been subject to tax under Article 23 (as it was in effect on January 1, 1980); or the income (or losses) of which is (or was) includable under Article 22. B. a sole proprietorship, partnership, limited partnership, LLC, or New York S corporation that is not substantially similar in operation and in ownership to a business entity (or entities) taxable, or previously taxable, under Tax Law Article 9, sections 183 or 184, or former sections 185 or 186; Article 9-A; former Article 32; Article 33; former Article 23; or would have been subject to tax under Article 23 (as it was in effect on January 1, 1980); or the income (or losses) of which is (or was) includable under Article 22. For more information about the New York Innovation Hot Spot Program, visit www.esd.ny.gov. 546002230094 Who must file Complete this form if you are a corporation that is a qualified entity located inside and outside a hot spot, or you are a corporate partner of a qualified entity, or both. If you are a qualified entity located entirely within a hotspot, do not complete this form unless you are a qualified entity that is a New York S corporation. Include information for all of the entities from which you are receiving income or gain attributable to an innovation hot spot. Corporate partners: If receiving a share of income or gain from more than one partnership, complete one form for all partnerships. Combined filers: Complete one form for all of the members of the combined group. Column instructions Column A – Enter the innovation hot spot name as shown on your letter from the hot spot. Column B – Enter the hot spot identification code as shown on your letter from the hot spot. Column C – Enter the business participation number as shown on your letter from the hot spot. Column D – If the corporation is a qualified entity, enter the corporation’s employer identification number (EIN). If you received income or gain attributable to a hot spot from another entity, enter the EIN of the qualified entity certified in the hot spot. Column E – If the qualified entity does business, employs capital, owns or leases property, maintains an office, or derives receipts from activity, in the Metropolitan Commuter Transportation District (MCTD), mark an X in the box. The MCTD includes the counties of New York, Bronx, Kings, Queens, Richmond, Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, and Westchester. Column F – Make only one entry (1, 2, 3, 4, or 5) to indicate which tax year you are claiming this deduction. Column G – Enter the amount of income or gain attributable to the hot spot that was included in your federal taxable income. CT-3 and CT-3-S filers: Enter the amounts(s) from this column on the applicable lines of Form CT-225, New York State Modifications. For details, see Form CT-225-I, Instructions for Form CT-225. CT-3-A filers: Enter the amounts(s) from this column on the applicable lines of Form CT-225-A, New York State Modifications (for filers of combined franchise tax returns), and CT-225-A/B, Group Member’s Detail Spreadsheet. For details, see Form CT-225-A-I, Instructions for Forms CT-225-A and CT-225-A/B. In addition to any record keeping requirement imposed by Empire State Development, a qualified entity that is located inside and outside a New York innovation hot spot must keep books and records to disclose, to the satisfaction of the Tax Department, the amount of items of income, gain, loss, and deduction attributable to operations at (or as part of) the innovation hot spot. Need help? and Privacy notification See Form CT-1, Supplement to Corporation Tax Instructions.
Extracted from PDF file 2023-new-york-form-ct-223.pdf, last modified September 2023

More about the New York Form CT-223 Corporate Income Tax TY 2023

We last updated the Innovation Hot Spot Deduction in January 2024, so this is the latest version of Form CT-223, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-223 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 Form CT-223 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 Form CT-223

We have a total of eleven past-year versions of Form CT-223 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form CT-223

Form CT-223 Innovation Hot Spot Deduction Tax Year 2023

2022 Form CT-223

Form CT-223 Innovation Hot Spot Deduction Tax Year 2022

2021 Form CT-223

Form CT-223 Innovation Hot Spot Deduction Tax Year 2021

2020 Form CT-223

Form CT-223 Innovation Hot Spot Deduction Tax Year 2020

2019 Form CT-223

Form CT-223:2019:Innovation Hot Spot Deduction:ct223

2018 Form CT-223

Form CT-223:2018:Innovation Hot Spot Deduction:ct223

2017 Form CT-223

Form CT-223:2017:Innovation Hot Spot Deduction:ct223

2016 Form CT-223

Form CT-223:2016:Innovation Hot Spot Deduction:ct223

2015 Form CT-223

Form IT-223:2015:Innovation Hot Spot Deduction:it223

Innovation Hot Spot Deduction 2014 Form CT-223

Form CT-223:2014:Innovation Hot Spot Deduction:ct223

Innovation Hot Spot Deduction 2013 Form CT-223

Form CT-223:2013:Innovation Hot Spot Deduction:ct223


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