IT-605: Claim for EZ Investment Tax Credit and EZ Employment Incentive Credit for the Financial Services Industry (2025)
New York · NY DTF · Used for tax years 2025
New York Form IT-605 is used to claim the EZ Investment Tax Credit and EZ Employment Incentive Credit for the financial services industry. It calculates unused credits carried over from prior periods, credits used in the current year, amounts carried forward, and recapture of pre
Who files this form
Form IT-605 is the claim form for the Empire Zone investment tax credit (EZ-ITC) and employment incentive credit (EZ-EIC) for the financial services industry. It covers unused credits carried over from preceding periods and recapture of credits taken previously.
The form directs filers to submit it 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, unused credit carryover amounts, tax due before credits, and other credits being applied.
If reporting recapture in Schedule B, you will also need property details, including the acquisition date, the date the property ceased to qualify, its 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 your Certificate of Eligibility and Empire Zone Retention Certificate.
Use the name or names shown on the front page of your return. Calendar-year filers must mark the designated box with an X. Other filers must enter their tax period’s beginning and ending dates.
The provided form text does not specify a mailing address or e-file method.
Common mistakes
Follow these printed reminders:
- Do not omit the copies of your 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 the line 11 amount on line 2. All other filers use the line 9 amount on line 2.
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.
Where do I calculate credit recapture?
Use Schedule B. It includes recaptured EZ-ITC, recaptured EZ-EIC, additional recapture, and your share of credit addbacks from a partnership, S corporation, estate, or trust.
How much credit does the form allow me to use this year?
Line 16 directs you to enter the smaller of line 15 or line 12. Line 12 is the available credit from line 3. Line 15 is tax due before credits minus the other credits entered on line 14. The form also refers filers to instructions for these calculations, but those instructions were not provided.
Where is the unused credit for next year shown?
Line 17 shows unused EZ-ITC and EZ-EIC available for carryforward to next year. Subtract line 16 from line 12.