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New York Claim for QEZE Credit for Real Property Taxes
Extracted from PDF file 2023-new-york-form-it-606.pdf, last modified December 2006Claim for QEZE Credit for Real Property Taxes
IT-606 Department of Taxation and Finance Claim for QEZE Credit for Real Property Taxes Tax Law - Section 15 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: See Form IT-606-I, Instructions for Form IT-606, for assistance. File this claim with your Form IT-201, IT-203, IT-204, or IT-205. beginning Name(s) as shown on your return ending Taxpayer identification number Name of empire zone (EZ) Name of qualified empire zone enterprise (QEZE) business Employer identification number (EIN) of QEZE 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 empire zone (EZ), and that is subject to a brownfield site cleanup agreement executed prior to January 1, 2006 ................................................................................................... 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) ........................................ Base period employment no. Tax year ending (mm-yyyy) March 31 June 30 September 30 December 31 1 Total 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) ............................................... 3 Does the amount on line 1 equal or exceed line 2? (see instructions) .............. Yes No 2 If the employment number within all EZs for the current year (line 1) does not equal or exceed the employment number within all EZs in the base period (line 2), stop; you are not eligible for the QEZE credit for real property taxes. 166001230094 Page 2 of 8 IT-606 (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 New York State and outside all EZs (do not round) .................. Base period employment no. Tax year ending (mm-yyyy) March 31 June 30 September 30 December 31 4 Total 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 New York State and outside all EZs in the base period 5 Base period employment number inside New York State 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 No If the employment number inside New York State and outside all EZs for the current tax year (line 4) does not equal or exceed the employment number inside New York State and outside all EZs in the base period (line 5), stop; you are not eligible for the QEZE credit for real property taxes. 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) ............................. 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; also enter on line 15)......... 13 166002230094 7 IT-606 (2023) Page 3 of 8 Schedule D – Computation of QEZE credit for real property taxes for QEZEs first certified prior to April 1, 2005 14 Tax year of the business tax benefit period ; benefit period factor (from table below) ..... 14 15 Employment increase factor (from line 13) ..................................................................................... 15 16 Eligible real property taxes (see instructions) .................................................................................... 16 17 Multiply line 14 by line 15 by line 16................................................................................................ 17 18 Recapture of QEZE credit for real property taxes (from Worksheet A in instructions) ........................ 18 Partners, shareholders, and beneficiaries, see instructions. 19 Net recapture of QEZE credit for real property taxes (Subtract line 17 from line 18. If line 17 is greater than line 18, skip line 19 and continue on line 20; see instructions.)............................................ 19 20 QEZE credit for real property taxes after recapture (subtract line 18 from line 17) ............................ 20 21 QEZE credit for real property taxes limitation (see instructions; do not enter 0) .................................. 21 22 QEZE credit for real property taxes after limitation (see instructions) ............................................... 22 23 Partners, shareholders, and beneficiaries, see instructions............................................................ 23 24 Total QEZE credit for real property taxes (add lines 22 and 23; see instructions) ................................ 24 Benefit period factor table* Tax year of the benefit period Benefit period factor 1 - 10 11 12 13 14 15 1.0 .8 .6 .4 .2 0 .00 .00 .00 .00 .00 .00 .00 .00 .00 * The QEZE credit for real property taxes is generally available for up to 14 years for taxpayers that continue to qualify. Find the tax year of your business tax benefit period (enter a number from 1 to 15 for your benefit period). Enter the benefit period factor for that year (from the table on the left) on line 14. Schedule E – Beneficiary’s and fiduciary’s share of credit (see instructions) A Beneficiary’s name (same as on Form IT‑205, Schedule C) B Identifying number D Share of recapture of QEZE credit for real property taxes C Share of QEZE credit for real property taxes Total .00 .00 .00 .00 .00 .00 Fiduciary .00 .00 166003230094 Page 4 of 8 IT-606 (2023) Schedule F – Related entities List the names and EINs of any related business entities. Submit additional sheets if necessary. Use the definition of related persons in the instructions to determine if an entity is related. Name EIN Schedule G – 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 the QEZE meets the valid business purpose test. ............................................ 166004230094 IT-606 (2023) Page 5 of 8 Claim for QEZE Credit for Real Property Taxes Section 2 – For QEZEs first certified on or after April 1, 2005 (see Important information in the instructions) 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. All filers enter tax period: beginning ending File this claim with your Form IT-201, IT-203, IT-204, or IT-205. Name(s) as shown on your return Taxpayer identification number Name of empire zones (EZ): Indicate whether each zone is a development zone (DZ) or investment zone (IZ) (submit additional sheets if necessary). Name of qualified empire zone enterprise (QEZE) business Employer identification number (EIN) of QEZE Date (mm-dd-yyyy) of first certification by Empire State Development (submit copies of all certificates of eligibility and EZ retention certificates). ...................................................................................................................................... Tax year of the business tax benefit period (see instructions). ................................................................ Schedule H – 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 25 Current tax year employment number within all EZs (do not round; see instructions) ........................................ 25 Base period employment no. 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 within all EZs in the base period .................................... 26 Base period employment number within all EZs (do not round; see instructions) ............................................... 26 27 Does the amount on line 25 exceed line 26? (see instructions) ........................ Yes No If the employment number within all EZs for the current tax year (line 25) does not exceed the employment number within all EZs in the base period (line 26), stop; you are not eligible for the QEZE credit for real property taxes. 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 in NYS 28 Current tax year employment number in New York State (do not round) ........................................................ 28 (continued on page 6) 166005230094 Page 6 of 8 IT-606 (2023) Base period employment no. 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 in the base period.............................. 29 Base period employment number in New York State (do not round)................................................................ 29 30 Does the amount on line 28 exceed the amount on line 29? (see instructions) ............................. Yes No If the employment number inside New York State for the current tax year (line 28) does not exceed the employment number in New York State for the base period (line 29), stop; you are not eligible for the QEZE credit for real property taxes. Schedule I – Computation of net new employment 31 Current year employment number in the EZs in which you are certified (see instructions)........................... 31 32 Base period employment number in the EZs in which you are certified (see instructions)............................ 32 33 Net new employment (subtract line 32 from 31) ............................................................................................. 33 Schedule J – DZ employment increase factor Net new employees (from line 33) DZ employment increase factor 1 to 10 .................................................................... 0.25 11 to 49 .................................................................. 0.50 50 to 75 .................................................................. 0.75 76 and above ......................................................... New employees (from line 33) divided by 100. This number cannot exceed 1.0 34 DZ employment increase factor from table above ...................................................................................... 34 Schedule K – Employee information Enter name, Social Security number, employee’s zone location, and wage and benefit information for all new employees included in the Net new employment number on line 33 upon which this claim is based. Submit additional sheets if necessary. A Employee’s name B Employee’s Social Security number C Employee’s zone location (see instructions) D Total wages, health benefits, and retirement benefits .00 .00 .00 Column E total from additional sheet(s) submitted, if any ......................................................................................................... 35 Total eligible wages, health benefits, and retirement benefits (add column E amounts, including any amounts from additional sheets; see instructions) ......................................................................... 35 166006230094 E Eligible wages, health benefits, and retirement benefits included in column D (enter no more than $40,000 per employee) .00 .00 .00 .00 .00 IT-606 (2023) Page 7 of 8 Schedule L – Computation of credit for QEZEs certified in DZs (see instructions) 36 37 38 39 Eligible wages, health benefits, and retirement benefits from line 35 .......................................... 25% (.25) factor ............................................................................................................................ DZ employment increase factor from line 34 ............................................................................... QEZE credit for real property taxes for QEZEs certified in DZs (multiply line 36 by line 37 by line 38) .... 36 37 38 39 .00 .25 .00 Schedule M – Computation of QEZE credit for real property taxes for manufacturers and QEZEs certified only in an IZ (see instructions) 40 Eligible wages, health benefits, and retirement benefits from line 35 .......................................... 40 41 25% (.25) factor ............................................................................................................................ 41 42 QEZE credit for real property taxes (multiply line 40 by line 41)........................................................ 42 .00 .25 .00 Schedule N – QEZE credit for real property taxes 47a .00 .00 .00 .00 .00 47b 48 .00 .00 49 50 51 52 .00 .00 .00 .00 43 QEZE credit from line 39 or line 42 .............................................................................................. 43 44 Capital investment amount (from line 55 or line 58) ......................................................................... 44 45 Enter the greater of line 43 or line 44 ........................................................................................... 45 46 Eligible real property taxes (submit documentation) ......................................................................... 46 7a Enter the lesser of line 45 or line 46 ............................................................................................. 4 47b If certified on or after April 1, 2009, multiply line 47a by 75% (.75) and enter the result. If certified before April 1, 2009, enter the line 47a amount here ............................................... 48 Recapture of QEZE credit for real property taxes (see instructions) ............................................... 49 Net recapture of QEZE credit for real property taxes (Subtract line 47b from line 48. If line 47b is greater than line 48, skip line 49 and continue on line 50, see instructions.)....................................... 50 QEZE credit for real property taxes after recapture (subtract line 48 from line 47 b) ......................... 51 Partners, shareholders, and beneficiaries, see instructions ......................................................... 52 Total QEZE credit for real property taxes (add lines 50 and 51; see instructions) .............................. Schedule O – Beneficiary’s and fiduciary’s share of credit (see instructions) A Beneficiary’s name (same as on Form IT‑205, Schedule C) B Identifying number C Share of QEZE credit for real property taxes D Share of recapture of QEZE credit for real property taxes Total .00 .00 .00 .00 .00 .00 Fiduciary .00 .00 166007230094 Page 8 of 8 IT-606 (2023) Schedule P – Related entities List the names and EINs of any related business entities. Submit additional sheets if necessary. Use the definition of related persons in the instructions to determine if an entity is related. Name EIN Schedule Q – Capital investment amount (complete only Part 1 or Part 2; see instructions) Part 1 – Capital investment amount for QEZEs certified in DZs (see instructions) A Address of property B Name of zone (if applicable) C Cost or other basis (see instructions) D Multiply column C by 10% (0.1) E Percentage of physical occupancy and use (see instructions) F Multiply column D by column E .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 53 Total (add column F amounts) ............................................................................................................................... 53 .00 54 Enter column F total from additional schedules submitted, if any ..................................................................... 54 .00 55 Total (add lines 53 and 54; enter here and on line 44)............................................................................................... 55 .00 Part 2 – Capital investment amount for QEZEs certified only in IZs or for manufacturers (see instructions) A Address of property B Name of zone (if applicable) C Cost or other basis (see instructions) .00 .00 .00 .00 .00 .00 D Multiply column C by 10% (0.1) E Percentage of physical occupancy and use (see instr.) F Percent of column C (see instructions) G Multiply column D by the greater of column E or F .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 56 Total (add column G amounts) .............................................................................................................................. 56 .00 57 Enter column G total from additional schedules submitted, if any..................................................................... 57 .00 58 Total (add lines 56 and 57; enter here and on line 44)............................................................................................... 58 .00 166008230094
Form IT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2023
More about the New York Form IT-606 Individual Income Tax Tax Credit TY 2023
We last updated the Claim for QEZE Credit for Real Property Taxes in January 2024, so this is the latest version of Form IT-606, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-606 directly from TaxFormFinder. You can print other New York tax forms here.
Other New York Individual 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-201 | Individual Income Tax Return |
| IT-201-V | Payment Voucher for Income Tax Returns |
| Form IT-201-D | Resident Itemized Deduction Schedule (DISCONTINUED) |
| Form IT-203 | Nonresident Income Tax Return |
| 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-606 from the Department of Taxation and Finance in January 2024.
Form IT-606 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-606
We have a total of twelve past-year versions of Form IT-606 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form IT-606
Form IT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2023
2022 Form IT-606
Form IT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2022
2021 Form IT-606
Form IT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2021
2020 Form IT-606
Form IT-606 Claim for QEZE Credit for Real Property Taxes Tax Year 2020
2019 Form IT-606
Form IT-606:2019:Claim for QEZE Credit for Real Property Taxes:it606
2018 Form IT-606
Form IT-606:2018:Claim for QEZE Credit for Real Property Taxes:it606
2017 Form IT-606
Form IT-606:2017:Claim for QEZE Credit for Real Property Taxes:IT606
2016 Form IT-606
Form IT-606:2016:Claim for QEZE Credit for Real Property Taxes:IT606
2015 Form IT-606
Form IT-606:2015:Claim for QEZE Credit for Real Property Taxes:IT606
2014 Form IT-606
Form IT-606:2014:Claim for QEZE Credit for Real Property Taxes:IT606
2013 Form IT-606
Form IT-606:2013:Claim for QEZE Credit for Real Property Taxes:IT606
2012 Form IT-606
Form IT-606:2012:Claim for QEZE Credit for Real Property Taxes:IT606
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