CT-633: Economic Transformation and Facility Redevelopment Program Tax Credit (2025)
New York · NY DTF · Used for tax years 2025
Form CT-633 is used by corporations to claim New York’s Economic Transformation and Facility Redevelopment Program Tax Credit. It calculates credit components for jobs, investments, training, and real property taxes, including amounts from partnerships, and reports credit recaptu
Who files this form
Form CT-633 is for corporations claiming the Economic Transformation and Facility Redevelopment Program Tax Credit. It also includes reporting for corporate partners claiming credit amounts allocated by partnerships.
Schedule A requires a “Yes” answer to at least one of these questions:
- Is the business a qualified new business?
- Is the business at a closed facility within the Metropolitan Commuter Transportation District, but outside New York City, that was previously owned by New York State and operated as a psychiatric facility?
Schedule A also requires an average of at least five net new jobs for the current tax year. The form says you do not qualify if you fail these eligibility checks. It refers to instructions for definitions and calculation details, but those instructions are not included in the supplied text.
What you'll need
You must attach copies of both documents issued by Empire State Development (ESD):
- Certificate of Eligibility.
- Preliminary Schedule of Benefits.
Have the information needed for the parts you complete:
- Corporation’s legal name, EIN, tax period, and benefit-period year.
- Net new job counts, employee names and Social Security numbers, employment dates, and gross wages.
- Investment property descriptions, dates placed in service, federal tax cost or other basis, and the maximum closed-facility investment credit amount provided by ESD.
- Training expense descriptions, payment dates, amounts, and employee information.
- Eligible real property tax amounts.
- For partnership credits, each partnership’s name, EIN, and allocated credit amounts.
How to file
File CT-633 with Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-A, or CT-33-NL. Attach copies of the Certificate of Eligibility and Preliminary Schedule of Benefits issued by ESD.
Enter your tax period, mark the benefit-period year you are claiming, and indicate whether you are claiming as a corporate partner. Complete the applicable eligibility, credit calculation, summary, and partnership sections. S corporations must not complete Schedule D.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving out required attachments: You must attach both ESD documents listed on the form.
- Omitting the tax period: The form says all filers must enter it.
- Continuing after failing an eligibility check: Stop if both questions 1a and 1b are answered “No.” Also stop if the average number of net new jobs is below five.
- Completing Schedule D as an S corporation: The form specifically says S corporations must not complete this section.
Questions people ask
What credit components does CT-633 cover?
The form covers jobs, investment, training, and real property tax credit components.
Which benefit-period years can I claim on this form?
The form has boxes for the first through fifth years. Mark the box for the benefit-period year you are claiming.
How do I report credits allocated by a partnership?
Use Schedule E to list the partnership’s name, EIN, and allocated credits. Line 35 totals each credit component and directs you to transfer those amounts to lines 5, 13, 16, and 21.
Can unused credit be refunded or applied to next year’s tax?
Schedule D includes lines for unused credit available as a refund or an overpayment. Line 33 limits the requested refund to the amount on line 32, and line 34 shows the remainder to apply to next year’s tax. These lines refer to instructions for details. S corporations must not complete Schedule D.