CT-605: Claim for EZ Investment Tax Credit and EZ Employment Incentive Credit for the Financial Services Industry (2024)
New York · NY DTF · Used for tax years 2024
Form CT-605 is New York’s claim form for the Empire Zone investment tax credit and employment incentive credit for the financial services industry. It calculates unused credits from the preceding period, credit recapture, and, for C corporations, credits used and available to car
Who files this form
Corporations use Form CT-605 to claim the Empire Zone investment tax credit (EZ-ITC) and Empire Zone employment incentive credit (EZ-EIC) for the financial services industry.
File this claim with your corporation franchise tax return: Form CT-3, CT-3-S, or CT-3-A. If you are claiming the credit as a corporate partner, mark an X in box A.
What you'll need
- Your corporation franchise tax return, Form CT-3, CT-3-S, or CT-3-A.
- A copy of the Certificate of Eligibility and the retention certificate. The form requires these attachments.
- The employer identification number or numbers shown on page 1 of your tax return, your corporation’s legal name, the empire zone name, and your tax period’s beginning and ending dates.
- Amounts of unused EZ-ITC and EZ-EIC from the preceding period, if applicable.
- If reporting recapture, property details for Schedule B, including the description, acquisition date, date the property ceased to qualify, life and unused life in months, and EZ-ITC allowed.
- For C corporations completing Schedule C, tax before credits, credits claimed before these credits, and fixed dollar minimum tax information.
How to file
File Form CT-605 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 the tax period’s beginning and ending dates. Use Schedule A to compute net credits or addbacks and Schedule B to compute any recapture. C corporations use Schedule C to compute credits used and available for carryforward.
The supplied form does not state a mailing address or e-filing procedure.
Common mistakes
- Do not leave the tax period blank. All filers must enter beginning and ending dates.
- Do not forget the required Certificate of Eligibility and retention certificate attachments.
- If claiming as a corporate partner, remember to mark box A.
- New York S corporations must enter 0 on lines 1 and 4.
- Schedule C, Parts 1 and 2, are for C corporations only.
- If line 3 is zero or less, enter 0 on both lines 14 and 16. If line 6 is zero or less, enter 0 on line 17.
Questions people ask
Which return goes with Form CT-605?
File it with Form CT-3, CT-3-S, or CT-3-A, your corporation franchise tax return.
Where do I report recaptured credits?
Compute recapture in Schedule B. Enter total recaptured EZ-ITC on line 7 and carry it to line 2. Enter total recaptured EZ-EIC on line 8 and carry it to line 5.
How does Schedule C limit the credit used?
For C corporations, line 11 subtracts the fixed dollar minimum tax on line 10 from line 9. Line 12 uses the lesser of that limit or the applicable net credit: line 6 for EZ-EIC and line 3 for EZ-ITC.
Where are carryforward amounts shown?
C corporations report EZ-ITC available for carryforward on line 16 and EZ-EIC available for carryforward on line 19.