DTF-622: Claim for QETC Capital Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form DTF-622 is used to claim New York’s qualified emerging technology company (QETC) capital tax credit. It calculates the credit for qualified investments to be held at least four or nine years, applies credit limitations, and reports credit recapture, amounts used, and carryfo
Who files this form
Use Form DTF-622 to claim the qualified emerging technology company (QETC) capital tax credit.
The form also includes a place for partners in partnerships, shareholders of New York S corporations, and beneficiaries of estates or trusts to enter their share of the credit.
What you'll need
Have the following information available to complete the form:
- Your name as shown on your return, taxpayer identification number, and tax period beginning and ending dates.
- Each certified QETC’s name and EIN, plus the date and amount of each qualified investment.
- Your share of the credit and the business name and taxpayer identification number of the partnership, S corporation, estate, or trust, if applicable.
- Tax and other credit amounts from your tax return.
- Previously allowed QETC capital tax credits and any previous recapture amounts.
- Last year’s Form DTF-622, line 30, if you have an unused credit to carry forward.
- If reporting recapture, the tax year and amount of the credit originally allowed, and the applicable recapture percentage.
How to file
File Form DTF-622 with Form CT-3, CT-3-A, CT-3-S, IT-201, IT-203, IT-204, or IT-205, as applicable.
The supplied form does not provide a mailing address or e-filing directions.
Common mistakes
- Do not leave the tax period blank. All filers must enter beginning and ending dates.
- If you are claiming the credit as a corporate partner, mark an X in the box on line B.
- On line 19, enter 0 if line 18 is greater than line 17.
- Check the instruction references before completing lines that call for them. The form specifically directs S corporations, partnerships, and estates and trusts to see the instructions for line 22.
Questions people ask
What credit percentages are shown on the form?
Schedule A shows 10% for qualified investments to be held four years and 20% for qualified investments to be held nine years. Schedule B applies credit limitations.
Where do I report my share of a credit from a partnership, S corporation, estate, or trust?
Enter your share on line A. The form also asks for the business name and taxpayer identification number of that entity.
Where do I enter unused credit from last year?
Enter the unused credit from last year’s Form DTF-622, line 30, on this year’s line 24. Line 30 calculates the credit available for carryforward by subtracting line 29 from line 27.
Where is recapture reported?
Schedule C has separate parts for recapture involving investments to be held four years and nine years. Line 22 adds those recapture amounts. The form directs filers to the instructions for recapture details.