IT-634: Empire State Jobs Retention Program Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-634 computes the New York Empire State Jobs Retention Program Credit and reports any recapture of the credit. It includes credit shares received from partnerships, S corporations, estates, and trusts, and allocations between beneficiaries and fiduciaries.
Who files this form
Form IT-634 is used to report the Empire State jobs retention program credit. It includes entries for individuals, including sole proprietors, partnerships, and fiduciaries, as well as partners, New York S corporation shareholders, and estate or trust beneficiaries receiving a share of the credit.
If you received a share of the credit or a share of credit recapture from a partnership, New York S corporation, estate, or trust, complete Schedule B for each entity.
What you'll need
- Form IT-201, IT-203, IT-204, or IT-205, with which you must submit Form IT-634.
- A copy of the certificates of tax credit issued by Empire State Development (ESD). These must also be submitted.
- Your name and identifying number as shown on your return, your year of eligibility, and your certificate number.
- Amounts of your own credit and any shares of credit received from partnerships, S corporations, estates, or trusts.
- For Schedule B, each entity’s name, type, and employer identification number.
- If completing Schedule C, beneficiaries’ names as shown on Form IT-205, Schedule C, identifying numbers, and shares of credit and credit recapture.
How to file
Submit Form IT-634 with Form IT-201, IT-203, IT-204, or IT-205. Include a copy of the tax credit certificates issued by ESD.
On Form IT-634:
- Calendar-year filers mark an X in the calendar-year box. Other filers enter their tax period’s beginning and ending dates.
- Enter your year of eligibility and certificate number.
- Use Schedule A to report the credit. Line 5 is the total of lines 1 through 4.
- Complete Schedule B for each entity from which you received a share of credit or credit recapture.
- Schedule C provides entries for beneficiaries’ and the fiduciary’s shares of credit and recapture. Schedule D summarizes recapture.
Report the Schedule D, line 11 amount as follows:
- Individuals, including sole proprietors, partners, S corporation shareholders, and beneficiaries: Enter the amount and code 634 on Form IT-201-ATT, line 20, or Form IT-203-ATT, line 19.
- Fiduciaries: Include the amount on Form IT-205, line 12.
- Partnerships: Enter the amount and code 634 on Form IT-204, line 148.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Leaving out the certificates: The form says you must also submit a copy of the tax credit certificates issued by ESD.
- Submitting IT-634 by itself: The form directs you to submit it with Form IT-201, IT-203, IT-204, or IT-205.
- Leaving an entity out of Schedule B: The form requires information for each partnership, New York S corporation, estate, or trust from which you received a share of credit or credit recapture.
Questions people ask
Who issues the tax credit certificates?
Empire State Development (ESD) issues them. You must submit a copy with Form IT-634.
What number goes in the year-of-eligibility field?
Field A asks for a number from 1 to 10 and refers you to the instructions. The supplied form does not explain how to determine that number.
How do I identify an entity’s type in Schedule B?
Enter P for a partnership, S for an S corporation, or ET for an estate or trust.
Where do I report credit received through another entity?
Schedule A has separate entries for your share from partnerships on line 2, S corporations on line 3, and estates or trusts on line 4. Complete Schedule B with information about each entity as well.