CT-607: Claim for Excelsior Jobs Program Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-607 is used by corporations to claim New York’s Excelsior Jobs Program tax credit. It reports credit components for jobs, investment, research and development, real property, and child care services, including amounts allocated from partnerships. It also reports credit re
Who files this form
Form CT-607 is used by corporations claiming the Excelsior Jobs Program tax credit. The form also provides for corporations claiming the credit as corporate partners and for New York S corporations.
File it with Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-A, or CT-33-NL.
What you'll need
- A copy of the certificate or certificates of tax credit issued by Empire State Development (ESD). You must submit these with the form.
- The corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- The certificate number, project number, and year of eligibility. For Green CHIPS projects, you also need the phase shown on the ESD certificate.
- If claiming credits allocated from partnerships, each partnership’s name, EIN, and allocated amounts for each credit component.
- For Schedule G, the tax due before credits, credits claimed before this credit, and minimum tax amounts.
How to file
File Form CT-607 with Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-A, or CT-33-NL. Include a copy of the tax credit certificate or certificates issued by ESD.
If you need more space for partnership information, submit additional forms.
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 beginning and ending dates.
- Do not omit the required copies of ESD tax credit certificates.
- If claiming the credit as a corporate partner, mark an X in box C.
- New York S corporations complete Schedule F only when reporting a recapture and do not complete Schedule G.
- On line 28, enter 0 if the credit limitation calculation is zero or less.
- Do not enter a refund on line 31 that exceeds the unused credit on line 30.
Questions people ask
What credit components does Form CT-607 cover?
It covers the Excelsior jobs, investment, research and development, real property, and child care services tax credit components.
Can unused credit be refunded or applied to next year’s tax?
Schedule G provides for unused credit to be refunded on line 31 or applied as an overpayment to next year’s tax on line 32. New York S corporations do not complete this schedule.
How do I report credits allocated from partnerships?
Enter each partnership’s name, EIN, and allocated credits in the partnership information section. Total each credit component on line 33 and transfer those totals to lines 2, 5, 8, 11, and 14, as applicable.
What do Green CHIPS projects need to report?
On line B1, indicate Phase 1 or Phase 2 using the phase shown on the tax credit certificate issued by ESD.