CT-648: Life Sciences Research and Development Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-648 is used by corporations to claim New York’s Life Sciences Research and Development Tax Credit. It reports credit earned by the corporation or allocated from partnerships and, for C corporations, calculates the credit used, refunded, or applied to next year’s tax.
Who files this form
Form CT-648 is for C corporations and New York S corporations claiming the Life Sciences Research and Development Tax Credit, either as a corporation that earned the credit or as a corporate partner receiving a share of the credit from a partnership.
File it with Form CT-3, CT-3-A, or CT-3-S.
What you'll need
- A copy of the certificate of tax credit issued by Empire State Development (ESD). The form requires you to submit this copy.
- Your corporation’s legal name, employer identification number (EIN), and tax period.
- If your corporation earned the credit, the credit allocation year, certificate number, and employee count from the certificate, plus the year of eligibility you are claiming.
- If you received credit from a partnership, the partnership’s name, EIN, certificate number, and credit amount allocated to you.
- For C corporations completing Schedule D, the tax due before credits, credits claimed before this credit, and fixed dollar minimum tax.
How to file
File Form CT-648 with Form CT-3, CT-3-A, or CT-3-S, and submit a copy of the ESD certificate of tax credit. The supplied form does not give a mailing address or e-filing directions.
All filers must enter their tax period and complete line A to show whether the corporation earned the credit itself.
- C corporations that earned the credit: Complete lines B through E, Schedule A, Schedule C line 5, and Schedule D. CT-3-A filers must also complete Schedule B if applicable.
- C corporations claiming a partnership share: Complete Schedules C and D.
- New York S corporations that earned the credit: Complete lines B through E, Schedule A, and Schedule C line 5.
- New York S corporations claiming a partnership share: Complete Schedule C.
CT-3-A filers must complete Schedule B if more than one member included in the combined return is claiming this credit as a qualified life sciences company.
Common mistakes
- Leaving line A or the tax period blank: Both are required for all filers.
- Omitting the certificate: You must submit a copy of the ESD certificate of tax credit.
- Completing Schedule D as a New York S corporation: The form specifically says not to complete this schedule.
- Skipping Schedule B when required: CT-3-A filers must complete it when more than one member included in the combined return claims the credit as a qualified life sciences company.
- Entering a negative amount on line 10: Enter 0 if line 9 is more than line 8.
Questions people ask
Can a corporate partner claim a share of this credit?
Yes. The form provides for corporate partners receiving an allocated credit from a partnership. Report the partnership information and allocated credit in Schedule C.
Where do I find the information for lines B through D?
Use your certificate of tax credit for the credit allocation year, certificate number, and number of employees.
How do I identify the year of eligibility I am claiming?
On line E, mark an X in the box for the 1st, 2nd, or 3rd year of eligibility.
Can unused credit be refunded or applied to next year’s tax?
Schedule D provides for unused credit to be refunded or applied as an overpayment to the next tax year. Line 12 calculates the unused credit, line 13 reports the refund amount, and line 14 reports the amount applied to next year. New York S corporations do not complete Schedule D.