IT-605: Claim for EZ Investment Tax Credit and EZ Employment Incentive Credit for the Financial Services Industry (2024)
New York · NY DTF · Used for tax years 2024
Form IT-605 is New York’s claim form for the Empire Zone investment tax credit and employment incentive credit for the financial services industry. It calculates unused credits carried over from prior periods, recapture of previously claimed credits, credits used this year, and a
Who files this form
Form IT-605 is used to report available carryovers of unused Empire Zone investment tax credit (EZ-ITC) and employment incentive credit (EZ-EIC) for the financial services industry, and recapture of credits taken in previous periods.
File this claim with Form IT-201, IT-203, IT-204, or IT-205. The form includes directions for partnerships, fiduciaries, partners, S corporation shareholders, and beneficiaries of estates or trusts.
What you'll need
- A copy of your Certificate of Eligibility and Empire Zone Retention Certificate. Both must be submitted with the claim.
- Your Form IT-201, IT-203, IT-204, or IT-205, with which you file this claim.
- Your taxpayer identification number, name as shown on your return, and empire zone name.
- Information about unused credit carryovers, prior credits subject to recapture, tax due before credits, and other credits applied before these credits.
- If reporting property-related recapture: the property description, acquisition date, date it ceased to qualify, life and unused life in months, and credit amounts.
How to file
File Form IT-605 with your Form IT-201, IT-203, IT-204, or IT-205. Submit copies of the Certificate of Eligibility and Empire Zone Retention Certificate.
Calendar-year filers must mark an X in the calendar-year box. Other filers must enter their tax period's beginning and ending dates.
Use Schedule A to calculate the current-year credit or net recapture amount, Schedule B to calculate recapture, and Schedule C to calculate the credit used and carried forward.
The supplied form text does not give a mailing address or e-filing directions.
Common mistakes
- Do not omit 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 use line 11 for line 2. All other filers use line 9 for line 2.
- On line 16, enter the smaller of line 15 or line 12.
Questions people ask
Where do I enter unused credits from earlier periods?
Enter the available carryover of unused EZ-ITC or EZ-EIC from preceding periods on line 1. Partnerships must enter 0.
What if recapture is larger than my available carryover?
If line 2 is greater than line 1, leave line 3 blank and go to line 4. On line 4, subtract line 1 from line 2 to calculate the net recapture amount.
How much credit can I use this year?
Line 16 uses the smaller of your available credit on line 12 or the amount on line 15. Line 15 is tax due before credits minus the credits applied before EZ-ITC and EZ-EIC. The form also directs you to see the instructions.
Where is the unused credit for next year shown?
Line 17 shows unused EZ-ITC and EZ-EIC available for carryforward to the next year. Subtract line 16 from line 12.