IT-603: Claim for EZ Investment Tax Credit and EZ Employment Incentive Tax Credit (2025)
New York · NY DTF · Used for tax years 2025
Form IT-603 is used to claim carryovers of New York Empire Zone investment tax and employment incentive credits. It calculates credits used in the current tax year, unused credits carried forward, and any recapture of previously claimed credits.
Who files this form
Form IT-603 is used to report available carryovers of unused Empire Zone investment tax credit (EZ-ITC) and employment incentive credit (EZ-EIC), and to calculate recapture of credits taken in earlier periods.
File this claim with Form IT-201, IT-203, IT-204, or IT-205.
What you'll need
Submit copies of both:
- Your Certificate of Eligibility.
- Your Empire Zone Retention Certificate.
To complete the form, have your taxpayer identification number, empire zone name, and available unused credit carryover amounts. For recapture calculations, Schedule B asks for property descriptions, acquisition dates, dates the property ceased to qualify, property life and unused life in months, and credit amounts. Schedule C asks for tax due before credits and other credits applied before these credits.
How to file
File Form IT-603 with your personal income tax return, Form IT-201, IT-203, IT-204, or IT-205. Submit copies of your Certificate of Eligibility and Empire Zone Retention Certificate.
The form directs you to Form IT-603-I for help completing the claim.
Common mistakes
- Calendar-year filers must mark an X in the calendar-year box. Other filers must enter the beginning and ending dates of their tax period.
- Partnerships must enter 0 on line 1.
- If line 2 is greater than line 1, leave line 3 blank and go to line 4.
- Fiduciaries must complete lines 10 and 11 and enter the line 11 amount on line 2. All other filers enter the line 9 amount on line 2.
- Submit both required certificate copies with the claim.
Questions people ask
What does EZ-ITC or EZ-EIC mean?
EZ-ITC means Empire Zone investment tax credit. EZ-EIC means Empire Zone employment incentive credit.
Where do I enter unused credits from earlier periods?
Enter the available carryover of unused EZ-ITC or EZ-EIC on line 1. Partnerships must enter 0.
How do I calculate the credits used this year?
On line 16, enter the smaller of line 12, the credits available for use, or line 15, tax due before credits minus credits applied before the EZ-ITC and EZ-EIC.
Where do I show unused credits available to carry forward?
Subtract line 16 from line 12 and enter the result on line 17.
Where do I report my share of a credit addback from another entity?
Partners, S corporation shareholders, and beneficiaries of estates or trusts enter their share of the EZ-ITC and EZ-EIC addback on line 8.