IT-607: Claim for Excelsior Jobs Program Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-607 is used to claim New York's Excelsior Jobs Program Tax Credit. It reports credit components for jobs, investment, research and development, real property, and child care services, along with allocated shares and any recapture of credit.
Who files this form
Form IT-607 is used to claim the Excelsior Jobs Program Tax Credit. The form provides for individuals, including sole proprietors, partnerships, fiduciaries, partners, S corporation shareholders, and beneficiaries.
If you received a share of the credit from a partnership, New York S corporation, estate, or trust, complete Schedule B with information about each entity. An estate or trust must complete Schedule C.
What you'll need
- Your Form IT-201, IT-203, IT-204, or IT-205. Submit IT-607 with the applicable return.
- A copy of the certificate(s) of tax credit issued by Empire State Development (ESD). These must also be submitted.
- Your certificate number, project number, and year of eligibility. Green CHIPS projects also need the phase shown on the ESD certificate.
- Amounts for your credit components and any shares received from partnerships, S corporations, estates, or trusts.
- For Schedule B, the name, entity type, and employer identification number of each entity that passed a share of the credit to you.
- For an estate or trust, beneficiary names, identifying numbers, and allocated shares of credit and recapture.
How to file
Submit Form IT-607 with Form IT-201, IT-203, IT-204, or IT-205. Also submit a copy of the tax credit certificate(s) issued by ESD.
The supplied form does not give a mailing address or e-file instructions.
Common mistakes
- Do not leave out the ESD tax credit certificate(s). The form requires you to submit a copy.
- Do not submit IT-607 by itself. The form says to submit it with IT-201, IT-203, IT-204, or IT-205.
- If you received a share of the credit from an entity, do not skip Schedule B. Include each partnership, New York S corporation, estate, or trust that provided a share.
- If filing for an estate or trust, do not skip Schedule C. The form says it must be completed.
- Calendar-year filers should mark the calendar-year box. Other filers should enter the beginning and ending dates of their tax period.
Questions people ask
What credit components are listed on IT-607?
Schedule A lists five components: Excelsior jobs, investment, research and development, real property, and child care services tax credits. Add the component totals on line 26.
What should I enter for the year of eligibility?
Item B asks for a number from 1 to 10.
What extra information is required for a Green CHIPS project?
In item B1, indicate Phase 1 or Phase 2 as shown on your ESD certificate of tax credit.
Where do I report a credit share received from another entity?
Schedule A has separate lines for shares received from partnerships, S corporations, and estates or trusts. In Schedule B, list each entity's name, type, and employer identification number. Use P for a partnership, S for an S corporation, or ET for an estate or trust.