CT-605: Claim for EZ Investment Tax Credit and EZ Employment Incentive Credit for the Financial Services Industry (2025)
New York · NY DTF · Used for tax years 2025
Form CT-605 is a New York corporation franchise tax form for the Empire Zone investment tax credit and employment incentive credit for the financial services industry. It reports unused credits from the preceding period, credit recapture, and, for C corporations, credits used and
Who files this form
Form CT-605 is for corporations claiming the Empire Zone investment tax credit (EZ-ITC) and 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
Attach a copy of the Certificate of Eligibility and the retention certificate.
Have the following information available to complete the form:
- Employer identification number(s) shown on page 1 of your tax return, the corporation’s legal name, and the empire zone name.
- The beginning and ending dates of your tax period.
- Unused EZ-ITC and EZ-EIC amounts from the preceding period.
- For recapture calculations, property descriptions, acquisition dates, dates the property stopped qualifying, property life and unused life in months, and the EZ-ITC allowed.
- For C corporations completing Schedule C, tax before credits, credits claimed before these credits, and fixed dollar minimum tax.
How to file
File Form CT-605 with your corporation franchise tax return, Form CT-3, CT-3-S, or CT-3-A, and attach the required certificates.
- Enter your identifying information and tax period.
- Use Schedule A to compute net EZ-ITC and EZ-EIC or addbacks.
- Use Schedule B to compute recaptured credits. Transfer line 7 to line 2 and line 8 to line 5.
- C corporations use Schedule C to compute credits used this period and amounts available for carryforward.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving the tax period blank: All filers must enter beginning and ending dates.
- Omitting certificates: Attach copies of the Certificate of Eligibility and retention certificate.
- Missing the corporate partner box: Mark box A if claiming the credit as a corporate partner.
- Entering prior-period unused credits for a New York S corporation: The form directs New York S corporations to enter 0 on lines 1 and 4.
- Completing Schedule C as an S corporation: Both parts of Schedule C are labeled for C corporations only.
Questions people ask
What do EZ-ITC and EZ-EIC mean?
EZ-ITC means Empire Zone investment tax credit. EZ-EIC means Empire Zone employment incentive credit.
Where do I calculate recaptured credits?
Use Schedule B. Add column H amounts for recaptured EZ-ITC on line 7, and column I amounts for recaptured EZ-EIC on line 8. Enter those totals on lines 2 and 5, respectively.
How much credit can a C corporation use this period?
Schedule C, line 12, uses the lesser of the net credit or the applicable credit limitation on line 11. Column A is for EZ-EIC, and column B is for EZ-ITC.
Where are carryforward amounts calculated?
C corporations calculate carryforwards in Schedule C, Part 2. Line 16 shows EZ-ITC available for carryforward, and line 19 shows EZ-EIC available for carryforward.