CT-603: Claim for EZ Investment Tax Credit and EZ Employment Incentive Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-603 is used by corporations to claim New York's Empire Zone (EZ) investment tax credit and employment incentive credit with their corporation franchise tax return. It reports unused credits from the preceding period, credit recapture, credits used, and amounts available t
Who files this form
Corporations use Form CT-603 to claim the Empire Zone investment tax credit (EZ-ITC) and Empire Zone employment incentive credit (EZ-EIC) with their corporation franchise tax return.
The form includes entries for unused credits from the preceding period and recapture of credits taken in previous periods. It also includes a checkbox for corporations claiming the credit as a corporate partner.
What you'll need
- Attach a copy of the Certificate of Eligibility and the retention certificate.
- File the claim with your corporation franchise tax return: Form CT-3, CT-3-S, or CT-3-A.
- Have the EIN shown on page 1 of your tax return, the corporation’s legal name, the Empire Zone name, and the beginning and ending dates of the tax period ready.
- Have the amounts of unused EZ-ITC and EZ-EIC from the preceding period available.
- For Schedule C recapture calculations, have the property description, acquisition date, date the property ceased to qualify, life and unused life in months, and EZ-ITC allowed.
How to file
File Form CT-603 with your corporation franchise tax return, Form CT-3, CT-3-S, or CT-3-A. Attach a copy of the Certificate of Eligibility and the retention certificate.
Enter your tax period and identifying information. Mark box A if you are claiming the credit as a corporate partner.
The form refers filers to Form CT-603-I for help completing the claim. The supplied form text does not give a mailing address or e-filing directions.
Common mistakes
- Do not leave the tax period blank. All filers must enter it.
- Do not omit the Certificate of Eligibility or retention certificate attachments.
- New York S corporations must not complete Schedule B. The form also directs them to the instructions for the recapture entries on lines 2 and 5.
- If line 3 is negative, enter 0 on both lines 13 and 15.
- If line 6 is negative, enter 0 on both lines 16 and 18.
- If claiming the credit as a corporate partner, mark an X in box A.
Questions people ask
Which credits does Form CT-603 cover?
It covers the Empire Zone investment tax credit (EZ-ITC) and Empire Zone employment incentive credit (EZ-EIC).
Do New York S corporations complete Schedule B?
No. The form specifically says New York S corporations do not complete that schedule.
Where do I calculate recapture of earlier credits?
Use Schedule C. Line 19 totals recaptured EZ-ITC, and line 20 totals recaptured EZ-EIC. The form directs New York S corporations to the instructions for the related entries on lines 2 and 5.
Where are credits available for carryforward shown?
Schedule B, Part 2 shows EZ-ITC available for carryforward on line 15 and EZ-EIC available for carryforward on line 18.