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New York Claim for QEZE Tax Reduction Credit
Extracted from PDF file 2023-new-york-form-it-604.pdf, last modified December 2006Claim for QEZE Tax Reduction Credit
IT-604 Department of Taxation and Finance Claim for QEZE Tax Reduction Credit Tax Law - Section 16 Note: You must file all pages (1 through 8) with your return. All taxpayers must complete the information below and then complete either Section 1 (pages 1 through 4) or Section 2 (pages 5 through 8). Do not complete both sections. All filers enter tax period: beginning ending File this claim with your Form IT-201, IT-203, IT-204, or IT-205. See Form IT-604-I, Instructions for Form IT-604, for assistance. Name(s) as shown on your return Taxpayer identification number Name of empire zone (EZ) Employer identification number (EIN) of QEZE Name of qualified empire zone enterprise (QEZE) business Mark an X in the box if you are a Clean Energy Enterprise (CEE) (see Definitions for all QEZEs in the instructions)...................................... Mark an X in the box if you are a QEZE first certified between August 1, 2002, and March 31, 2005, that conducts its operations on real property it owns or leases, that is located in an EZ and that is subject to a brownfield site cleanup agreement executed prior to January 1, 2006............................................................................................................................................................................ 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. ............................................................................................................................................................... Section 1 – For QEZEs first certified prior to April 1, 2005 (see Important information in the instructions) Date (mm-dd-yyyy) of first certification by Empire State Development (submit copies of all certificates of eligibility and EZ retention certificates) .................................................................................................................................... Schedule A – Employment test for QEZEs first certified prior to April 1, 2005 (see instructions) Part 1 – EZ employment – Computation of the employment number within all EZs for the current tax year and the five-year base period. Include employees within all EZs, even if you are not certified in all of those zones (see instructions). Current tax year employment number March 31 June 30 September 30 December 31 Total Number of full-time employees within all EZs 1 Current tax year employment number within all EZs (do not round; see instructions) .............................................. 1 Base period Tax year June 30 September 30 December 31 Total employment number ending (mm-yyyy) March 31 Number in base year one Number in base year two Number in base year three Number in base year four Number in base year five Total number of full-time employees within all EZs in the base period ................................... 2 Base period employment number within all EZs (do not round; see instructions) ...................................................... 2 3 Does the amount on line 1 equal or exceed line 2? (see instr.) Yes If No, stop; you are not eligible for the QEZE tax reduction credit. 164001230094 No Page 2 of 8 IT-604 (2023) Part 2 – New York State employment outside all EZs – Computation of the employment number inside New York State and outside all EZs (whether or not you are certified in all of those EZs) for the current tax year and the five-year base period (see instructions). Current tax year employment number March 31 June 30 September 30 December 31 Total Number of full-time employees inside NYS and outside all EZs 4 Current tax year employment number inside NYS and outside all EZs (do not round) ........................................... 4 Base period Tax year June 30 September 30 December 31 Total employment number ending (mm-yyyy) March 31 Number in base year one Number in base year two Number in base year three Number in base year four Number in base year five Total number of full-time employees inside NYS and outside EZs in the base period............ 5 Base period employment number inside NYS and outside all EZs (do not round) ................................................. 5 6 Does the amount on line 4 equal or exceed the amount on line 5? (see instructions)............... Yes If No, stop; you are not eligible for the QEZE tax reduction credit. No Schedule B – Computation of test year employment number within the EZs in which you are certified Test year (mm-yyyy) to March 31 June 30 September 30 December 31 Total Number of full-time employees within the EZs ........................... 7 Test year employment number within the EZs in which you are certified (see instructions) .................................... 7 Schedule C – Employment increase factor (see instructions) 8 9 10 11 Current tax year employment number within the EZs in which you are certified (see instructions) ............... 8 Test year employment number within the EZs in which you are certified (from line 7) ................................. 9 Subtract line 9 from line 8 .......................................................................................................................... 10 Divide line 10 by line 9 (round the result to the fourth decimal place; if line 9 is zero and line 8 is greater than zero, enter 1 here) ................................................. 11 12 Divide line 10 by 100 (round the result to the fourth decimal place) ........................ 12 13 Employment increase factor (enter the greater of line 11 or 12, but not more than 1.0) ...................................... 13 Partnerships – Enter the line 13 amount on Form IT-204, line 133. All others – Enter the line 13 amount on line 26. 164002230094 IT-604 (2023) Page 3 of 8 Schedule D – Zone allocation factor (see instructions) A – EZ B – New York State 14 Average value of property (see instructions) ....................... 14 .00 14 .00 15 EZ property factor (divide line 14, column A, by line 14, column B; round the result to the fourth decimal place) . 15 16 .Wages and other compensation of employees (see instr.) 16 .00 16 .00 17 EZ payroll factor (divide line 16, column A, by line 16, column B; round the result to the fourth decimal place). 17 18 Total EZ factors (add lines 15 and 17) .............................................................................................. 18 19 Zone allocation factor (divide line 18 by two; round the result to the fourth decimal place) .................... 19 Partnerships – Enter the line 19 amount on Form IT-204, line 134 and enter the benefit period factor from the Benefit period factor table below on Form IT-204, line 135. All others – Enter the line 19 amount on line 27. Schedule E – Tax factor 0 Enter your tax from Form IT-201, line 39; Form IT-203, line 38; Form IT-205, line 6 (full-year resident 2 estate or trust); or Form IT-205-A, line 11 (nonresident estate or trust or part-year resident trust). 20 21 Enter the amount of your income from the QEZE allocated within NYS (see instructions) ............. 21 22 New York adjusted gross income (see instructions) ........................................................................ 22 .00 .00 .00 23 Divide line 21 by line 22 (the result cannot exceed one; round the result to the fourth decimal place) ..... 23 24 Multiply line 20 by line 23; this is your tax factor (enter here and on line 28) .................................... 24 .00 Schedule F – QEZE tax reduction credit (see instructions) 25 Tax year of the business benefit period ; benefit period factor (from table below) ......... 25 26 Employment increase factor (from line 13) ..................................................................................... 26 27 Zone allocation factor (from line 19) ................................................................................................ 27 28 29 30 31 32 33 Tax factor (from line 24) .................................................................................................................. QEZE tax reduction credit available for use (multiply line 25 × line 26 × line 27 × line 28) ................. Tax due before credits (see instructions) ........................................................................................ Credits applied against the tax before this credit (see instructions) ................................................ Net tax due (subtract line 31 from line 30) ........................................................................................ QEZE tax reduction credit used for the current tax year (see instructions) ..................................... Benefit period factor table* Tax year of the benefit period Benefit period factor 1 - 10 11 12 13 14 15 164003230094 1.0 .8 .6 .4 .2 0 28 29 30 31 32 33 Sole proprietors and fiduciaries – Find the tax year of your benefit period. Enter the benefit period factor for that tax year on line 25. All others – See instructions. * For taxpayers first certified prior to April 1, 2005, the QEZE tax reduction credit is generally available for up to 14 years for taxpayers that continue to qualify. .00 .00 .00 .00 .00 .00 Page 4 of 8 IT-604 (2023) Schedule G – Beneficiary’s and fiduciary’s share of QEZE income (see instructions) A Beneficiary’s name (same as on Form IT‑205, Schedule C) B Identifying number C Share of QEZE income Total .00 .00 .00 Fiduciary .00 Schedule H – Related entities List the names and EINs of any business entities related to the QEZE. Use additional sheets if necessary. Use the definition of related persons in the instructions to determine if an entity is related. Name EIN Schedule I – Valid business purpose for QEZEs first certified prior to August 1, 2002 (see instructions) If you are claiming that the QEZE was formed for a valid business purpose, mark an X in the box and submit a notarized statement describing in detail how your QEZE meets the valid business purpose test ...................................................... 164004230094 IT-604 (2023) Page 5 of 8 Claim for QEZE Tax Reduction Credit Section 2 – For QEZEs first certified on or after April 1, 2005 (see Important information in the instructions) All filers enter tax period: beginning ending Note: You must file all pages (1 through 8) with your return. All taxpayers must complete the information above Section 1 on page 1 and then complete either Section 1 (pages 1 through 4) or Section 2 (pages 5 through 8). Do not complete both sections. Name(s) as shown on your return Taxpayer identification number Name of empire zone (EZ) Employer identification number (EIN) of QEZE Name of qualified empire zone enterprise (QEZE) business Date (mm-dd-yyyy) of first certification by Empire State Development (submit copies of all certificates of eligibility and EZ retention certificates) .................................................................................................................................... Schedule J – Employment test for QEZEs first certified on or after April 1, 2005 (see instructions) Part 1 – EZ employment – Computation of the employment number within all EZs for the current tax year and the four-year base period. Include employees within all EZs, even if you are not certified in all of those zones (see instructions). Current tax year employment number March 31 June 30 September 30 December 31 Total Number of full-time employees within all EZs 34 Current tax year employment number within all EZs (do not round; see instructions) ............................................... 34 Base period Tax year June 30 September 30 December 31 Total employment number ending (mm-yyyy) March 31 Number in base year one Number in base year two Number in base year three Number in base year four Total number of full-time employees within all EZs in the base period ................................... 35 Base period employment number within all EZs (do not round; see instructions) ...................................................... 35 36 Does the amount on line 34 exceed line 35? (see instructions) ................................ Yes If No, stop; you are not eligible for the QEZE tax reduction credit. 164005230094 No (continued) Page 6 of 8 IT-604 (2023) Part 2 – New York State employment – Computation of the employment number in New York State for the current tax year and the four-year base period (see instructions). Current tax year employment number March 31 June 30 September 30 December 31 Total Number of full-time employees inside New York State 37 Current tax year employment number in New York State (do not round) ............................................................... 37 Base period employment number Tax year ending (mm-yyyy) March 31 June 30 September 30 December 31 Total Number in base year one Number in base year two Number in base year three Number in base year four Total number of full-time employees in New York State for the base period .......................... 38 Base period employment number in New York State (do not round)....................................................................... 38 39 Does the amount on line 37 exceed the amount on line 38? (see instructions) ............................. Yes No If No, stop; you are not eligible for the QEZE tax reduction credit. Schedule K – Computation of test year employment number within the EZs in which you are certified Test year (mm-yyyy) to March 31 June 30 September 30 December 31 Total Number of full-time employees within the EZs............................ 40 Test year employment number within the EZs in which you are certified (see instructions) .................................... 40 Schedule L – Employment increase factor (see instructions) 1 4 42 43 44 Current year employment number within the EZs in which you are certified (see instructions) .................... 41 Test year employment number within the EZs in which you are certified (from line 40) ............................... 42 Subtract line 42 from line 41 ...................................................................................................................... 43 Divide line 43 by line 42 (round the result to the fourth decimal place; if line 42 is zero and line 41 is greater than zero, enter 1 here) .............................. 44 45 Divide line 43 by 100 (round the result to the fourth decimal place) ........................ 45 46 Employment increase factor (enter the greater of line 44 or 45, but not more than 1.0)....................................... 46 Partnerships: Enter the line 46 amount on Form IT-204, line 133. All others: Enter the line 46 amount on line 59. 164006230094 IT-604 (2023) Page 7 of 8 Schedule M – Zone allocation factor (see instructions) A – EZ B – New York State 47 Average value of property (see instructions) ....................... 47 .00 47 .00 48 EZ property factor (divide line 47, column A, by line 47, column B; round the result to the fourth decimal place) 48 49 Wages and other compensation of employees. (see instr.) 49 .00 49 .00 50 EZ payroll factor (divide line 49, column A, by line 49, column B; round the result to the fourth decimal place). 50 51 Total EZ factors (add lines 48 and 50) .............................................................................................. 51 52 Zone allocation factor (divide line 51 by two; round the result to the fourth decimal place) .................... 52 Partnerships: Enter the line 52 amount on Form IT-204, line 134 and enter the benefit period factor on Form IT-204, line 135 (see instructions). All others: Enter the line 52 amount on line 60. Schedule N – Tax factor 53 Enter your tax from Form IT-201, line 39; Form IT-203, line 38; Form IT-205, line 6 (full-year resident estate or trust); or Form IT-205-A, line 11 (nonresident estate or trust or part-year resident trust) 53 54 Enter the amount of your income from the QEZE allocated within NYS (see instructions) ............. 54 55 New York adjusted gross income (see instructions) ........................................................................ 55 .00 .00 .00 56 Divide line 54 by line 55 (the result cannot exceed one; round the result to the fourth decimal place) ..... 56 57 Multiply line 53 by line 56; this is your tax factor (enter here and on line 61) .................................... 57 .00 Schedule O – QEZE tax reduction credit (see instructions) 58 Tax year of the business benefit period ; benefit period factor (see instructions) .......... 58 59 Employment increase factor (from line 46) ..................................................................................... 59 60 Zone allocation factor (from line 52) ................................................................................................ 60 61 62 63 64 65 66 Tax factor (from line 57) .................................................................................................................. QEZE tax reduction credit (multiply line 58 × line 59 × line 60 × line 61) ............................................. Tax due before credits (see instructions) ........................................................................................ Credits applied against the tax before this credit (see instructions) ................................................ Net tax due (subtract line 64 from line 63) ........................................................................................ QEZE tax reduction credit used for the current tax year (see instructions) ..................................... 164007230094 61 62 63 64 65 66 .00 .00 .00 .00 .00 .00 Page 8 of 8 IT-604 (2023) Schedule P – Beneficiary’s and fiduciary’s share of QEZE income (see instructions) A Beneficiary’s name (same as on Form IT‑205, Schedule C) B Identifying number C Share of QEZE income Total .00 .00 .00 Fiduciary .00 Schedule Q – Related entities List the names and EINs of any business entities related to the QEZE. Use additional sheets if necessary. Use the definition of related persons in the instructions to determine if an entity is related. Name 164008230094 EIN
Form IT-604 Claim for QEZE Tax Reduction Credit Tax Year 2023
More about the New York Form IT-604 Individual Income Tax Tax Credit TY 2023
We last updated the Claim for QEZE Tax Reduction Credit in January 2024, so this is the latest version of Form IT-604 , fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-604 directly from TaxFormFinder. You can print other New York tax forms here.
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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-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-604 from the Department of Taxation and Finance in January 2024.
Form IT-604 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-604
We have a total of twelve past-year versions of Form IT-604 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form IT-604
Form IT-604 Claim for QEZE Tax Reduction Credit Tax Year 2023
2022 Form IT-604
Form IT-604 Claim for QEZE Tax Reduction Credit Tax Year 2022
2021 Form IT-604
Form IT-604 Claim for QEZE Tax Reduction Credit Tax Year 2020
2020 Form IT-604
Form IT-604 Claim for QEZE Tax Reduction Credit Tax Year 2020
2019 Form IT-604
Form IT-604:2019:Claim for QEZE Tax Reduction Credit:it604
2018 Form IT-604
Form IT-604:2018:Claim for QEZE Tax Reduction Credit:it604
2017 Form IT-604
Form IT-604:2017:Claim for QEZE Tax Reduction Credit:it604
2016 Form IT-604
Form IT-604:2016:Claim for QEZE Tax Reduction Credit:it604
2015 Form IT-604
Form IT-604:2015:Claim for QEZE Tax Reduction Credit:it604
2014 Form IT-604
Form IT-604:2014:Claim for QEZE Tax Reduction Credit:it604
2013 Form IT-604
Form IT-604:2013:Claim for QEZE Tax Reduction Credit:it604
2012 Form IT-604
Form IT-604:2012:Claim for QEZE Tax Reduction Credit:it604
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