IT-603: Claim for EZ Investment Tax Credit and EZ Employment Incentive Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-603 is used to claim New York Empire Zone investment tax credit and employment incentive credit carryovers with your income tax return. It calculates credits used in the current year, unused amounts carried forward, and recapture of credits taken in previous periods.
Who files this form
Form IT-603 is for claiming available carryovers of the Empire Zone investment tax credit (EZ-ITC) and Empire Zone employment incentive credit (EZ-EIC), or reporting recapture of these credits.
File the claim with Form IT-201, IT-203, IT-204, or IT-205. The form includes directions for partnerships, fiduciaries, and partners, S corporation shareholders, or beneficiaries reporting their share of a credit addback.
What you'll need
Submit copies of both certificates with your claim:
- Certificate of Eligibility
- Empire Zone Retention Certificate
To complete the form, have your taxpayer identification number, empire zone name, available unused credit carryover, tax due before credits, and credits applied before the EZ-ITC and EZ-EIC.
If you are reporting recapture, Schedule B asks for property details, including its description, acquisition date, date it ceased to qualify, life and unused life in months, and credit amounts.
How to file
- Enter your name as shown on your return, taxpayer identification number, and empire zone name.
- Calendar-year filers must mark an X in the box. Other filers must enter their tax period's beginning and ending dates.
- Use Schedule A to calculate the available credit or recapture amount, Schedule B to calculate recapture, and Schedule C to calculate the credit used and carried forward.
- File Form IT-603 with Form IT-201, IT-203, IT-204, or IT-205, and submit copies of both required certificates.
The form refers you to Form IT-603-I for help completing the claim. The supplied text does not give a mailing address or e-file directions.
Common mistakes
- Do not leave out the required copies of the Certificate of Eligibility and Empire Zone Retention Certificate.
- Partnerships must enter 0 on line 1.
- If line 2 is greater than line 1, do not enter an amount on line 3. Go to line 4.
- Fiduciaries must complete lines 10 and 11 and enter the line 11 amount on line 2. All others enter the line 9 amount on line 2.
- On line 16, enter the smaller of line 12 or line 15, not the larger amount.
Questions people ask
Which return goes with Form IT-603?
File the claim with Form IT-201, IT-203, IT-204, or IT-205.
Which certificates must I submit?
Submit a copy of the Certificate of Eligibility and the Empire Zone Retention Certificate.
Where do I report my share of a credit addback?
Partners, S corporation shareholders, and beneficiaries of an estate or trust enter their share of the EZ-ITC and EZ-EIC addback on line 8.
How do I calculate the unused credit available to carry forward?
Subtract the credit used this year on line 16 from the credit available on line 12. Enter the result on line 17.