CT-634: Empire State Jobs Retention Program Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-634 calculates a corporation’s New York Empire State Jobs Retention Program Credit, including credit received from partnerships and recapture of credit taken in previous years. It also calculates the credit used, refunded, or applied to next year’s tax, except for New Yor
Who files this form
Corporations claiming the Empire State jobs retention program credit use Form CT-634 with Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-A, or CT-33-NL.
The form also provides for corporations claiming the credit as corporate partners. If this applies, mark an X in box B.
What you'll need
Have these documents and details ready:
- A copy of the certificates of tax credit issued by Empire State Development (ESD). You must attach this copy.
- The applicable corporation tax return listed on the form.
- The corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- The year of eligibility and certificate number.
- For partnership credits, each partnership’s name, EIN, and credit amount.
How to file
File Form CT-634 with Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-A, or CT-33-NL. Attach a copy of the certificates of tax credit issued by ESD.
Enter your tax period, corporation name, EIN, year of eligibility, and certificate number. If claiming credit as a corporate partner, mark box B and complete the partnership information.
Compute the credit in Schedule A. Complete Schedule B to calculate the credit used, refunded, or applied to next year’s tax, unless you are a New York S corporation.
Common mistakes
- Leaving the tax period blank. All filers must enter beginning and ending dates.
- Forgetting to attach a copy of the ESD certificates of tax credit.
- Entering a year of eligibility outside the printed range. Item A calls for a number from 1 to 10.
- Completing Schedule B as a New York S corporation. The form says New York S corporations do not complete this section.
- Entering a negative credit limitation on line 10. If line 8 minus line 9 is zero or less, enter 0.
- Requesting a refund on line 13 that exceeds the unused credit on line 12.
Questions people ask
Can a corporation claim this credit as a partner?
Yes. The form includes box B for a corporate partner claiming the credit and a partnership information section for the partnership’s name, EIN, and credit amount.
Where does the total partnership credit go?
Enter the total credit amount from partnerships on line 15 and on line 2.
Do New York S corporations complete Schedule B?
No. The form explicitly says New York S corporations do not complete Schedule B.
Can unused credit be refunded or applied to next year’s tax?
Schedule B provides for both options. Line 12 calculates unused credit available for refund or as an overpayment. Enter the refund amount on line 13, limited to line 12. Line 14 is the amount applied as an overpayment to next year’s tax, calculated by subtracting line 13 from line 12.