New York Economic Transformation and Facility Redevelopment Program Tax Credit

Economic Transformation and Facility Redevelopment Program Tax Credit
Form CT-633 Economic Transformation and Facility Redevelopment Program Tax Credit Tax Year 2023
CT-633

Department of Taxation and Finance

Economic Transformation and Facility
Redevelopment Program Tax Credit
Tax Law – Sections 35, 210-B.35, and 1511(aa)

All filers must enter tax period:
beginning

ending

	 Legal name of corporation	

Employer identification number (EIN)	

File this form with your franchise tax return. You must also attach a copy of the Certificate of Eligibility and the Preliminary Schedule of
Benefits issued by Empire State Development (ESD).
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

Are you claiming this credit as a corporate partner? (mark an X in the appropriate box) .................................................. Yes	

No

Schedule A – Eligibility (see instructions)
Part 1 – Qualified business
	 1a	 Is the business a qualified new business? (see Definitions in instructions)................................................................	Yes	

No

1
	 b 	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

	

Number of net new jobs

A
March 31

B
June 30

C
September 30

D
December 31

E
Total

	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
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
(mmddyy)

D
Last date
of employment
during the current
tax year

F
Credit amount
(column E x 6.85%
(0.0685))

E
Gross wages

Total of column F amounts from any additional Forms CT-633 . ................................................................................	
	4	 Jobs tax credit component (add column F amounts) . ........................................................................... 	
	5 	 Jobs tax credit component from partnerships (from the Jobs tax credit column of line 35)....................... 	
	6 	 Total jobs tax credit component (add lines 4 and 5; S corporations see instructions) ............................... 	

542001230094

4
5
6

Page 2 of 4  CT-633 (2023)

Part 2 – Investment tax credit component (see instructions)
Qualified investment at a closed facility (see instructions)
B
Date placed
in service
(mmddyy)

A
Description of property

C
Cost or other basis for
federal income tax
purposes

D
Credit
(column C x 10% (0.10))

Total of column D amounts from any additional Forms CT-633 .......................................................................
	7	Total (add column D amounts) ................................................................................................................ 	
7
	8	 Closed facility investment tax credit (enter the lesser of line 7 or the maximum credit amount provided to
		  you by ESD; see instructions) .............................................................................................................. 	
8

All other qualified investments (see instructions)
A
Description of property

B
Date placed
in service
(mmddyy)

C
Cost or other basis for
federal income tax
purposes

D
Credit
(column C x 6% (0.06))

Total of column D amounts from any additional Forms CT-633 .......................................................................
9
	9	Total (add column D amounts) ................................................................................................................ 	
	10	 Other qualified investments credit component limitation (see instructions). ............................................ 	 10	
	11	 Other qualified investments credit component after limitation (enter the lesser of line 9 or 10) .............. 	 11
	12	 Add lines 8 and 11	 ............................................................................................................................. 	 12
	13	 Investment tax credit component from partnerships (from the Investment tax credit column of line 35) ....	 13
	14	 Total investment tax credit component (add lines 12 and 13; S corporations see instructions)...................	 14

4000000	00

Part 3 – Training tax credit component (see instructions)
A
Employee’s name

B
Social Security number

C
Description of
training expense

D
Date paid
(mmddyy)

E
Amount of
expense

F
Column E
x
50% (0.5)

Total of column G amounts from any additional Forms CT-633 .......................................................................................	
15	Total (add column G amounts)		 . ............................................................................................................ 	
16	 Training tax credit component from partnerships (from the Training tax credit column of line 35).............. 	
17	 Total training tax credit component (add lines 15 and 16; S corporations see instructions) ........................ 	

542002230094

15
16
17

G
Credit
(enter the lesser of
column F or 4000)

CT-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)

	Total of column C from any additional Forms CT-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)
18	 Real property tax credit component for property located entirely within a closed facility (add column C amounts) .	

18

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)

Total of column C from any additional Forms CT-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)
19	 Real property tax credit component for property located outside a closed facility (add column C amounts) . .. 	
	20	 Add lines 18 and 19 . .......................................................................................................................... 	
	21	 Real property tax credit component from partnerships (from the Real property tax credit column of line 35).... 	
	22	 Total real property tax credit component (add lines 20 and 21; S corporations see instructions) . .............. 	

19
20
21
22

Schedule C – Credit summary (S corporations see instructions)

		 3	 Total credit components (add lines 6, 14, 17, and 22) . ........................................................................... 	
2
	24	 Recapture of credits taken in previous years (see instructions) ............................................................ 	
	25	 Net economic transformation and facilities redevelopment program tax credit (see instructions). ........ 	

23
24
25

Schedule D – Computation of tax credit used, refunded, or credited as an overpayment in the next year (see instr.)

	

S corporations: Do not complete this section

	26	 Tax due before credits (see instructions). ................................................................................................ 	
	27	 Tax credits claimed before this credit (see instructions)......................................................................... 	
	28	 Subtract line 27 from line 26 . ............................................................................................................... 	
	29	 Minimum tax (see instructions). ............................................................................................................... 	
	30	 Credit limitation (subtract line 29 from line 28; if zero or less, enter 0) . ...................................................... 	
	31	 Credit to be used this tax year (see instructions)................................................................................... 	
	32	 Unused tax credit available as a refund or as an overpayment (subtract line 31 from line 25) ............... 	
	33	 Tax credit to be refunded (limited to the amount on line 32; see instructions) ............................................ 	
	34	 Amount to be applied as an overpayment to next year’s tax (subtract line 33 from line 32; see instructions) ........ 	

542003230094

26
27
28
29
30
31
32
33
34

Page 4 of 4  CT-633 (2023)

Schedule E – Partnership information (see instructions; attach additional Forms CT-633 if necessary using the same format shown)
Name of partnership	

Partnership’s EIN

Jobs tax credit

Investment tax credit

Training tax credit

Real property tax credit

Credits allocated to taxpayer
Name of partnership	

Partnership’s EIN

Jobs tax credit

Investment tax credit

Training tax credit

Real property tax credit

Credits allocated to taxpayer	
Name of partnership	

Partnership’s EIN

Jobs tax credit

Investment tax credit

Training tax credit

Real property tax credit

Credits allocated to taxpayer	
Name of partnership	

Partnership’s EIN

Jobs tax credit

Investment tax credit

Training tax credit

Real property tax credit

Total from any additional
  Forms CT-633 . ............

Jobs tax credit

Investment tax credit

Training tax credit

Real property tax credit

	35	 Total credits allocated
		 from partnership(s)
(enter here and on
		

Jobs tax credit

Investment tax credit

Training tax credit

Real property tax credit

Credits allocated to taxpayer	

		 lines 5, 13, 16, and
		 21; see instructions)...	 35

542004230094