IT-634: Empire State Jobs Retention Program Credit (2025)
New York · NY DTF · Used for tax years 2025
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, or trusts, and allocations between beneficiaries and fiduciaries.
Who files this form
Form IT-634 reports the Empire State Jobs Retention Program Credit. It includes entries for individuals, including sole proprietors, partnerships, fiduciaries, partners, New York S corporation shareholders, and estate or trust beneficiaries.
You must file a separate Form IT-634 for each certificate issued by Empire State Development.
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.
What you'll need
Have these documents and details ready:
- Each Empire State Development certificate and its certificate number. Submit a copy of each certificate with your return.
- Your name and identifying number as shown on your return.
- Your credit amount and any share of credit received from a partnership, S corporation, estate, or trust.
- For Schedule B, the entity’s name, type, employer identification number, and share of credit.
- For Schedule C, beneficiaries’ names as shown on Form IT-205, Schedule C, identifying numbers, and shares of credit and credit recapture.
- Any credit recapture amounts needed for Schedule D.
How to file
Submit Form IT-634 with Form IT-201, IT-203, IT-204, or IT-205. Include a copy of each Empire State Development certificate.
Complete the certificate section. Calendar-year filers must mark an X in the box. Other filers must enter their tax period’s beginning and ending dates.
Use Schedule A to compute the credit. Lines 1a, 2a, 3a, and 4a collect the corresponding amounts from additional Forms IT-634. Line 5 adds lines 1 through 4a.
Complete the applicable entity, beneficiary, and recapture information in Schedules B, C, and D.
Common mistakes
- Do not use one Form IT-634 for multiple certificates. The form requires a separate form for each certificate.
- Do not omit certificate copies. A copy of each certificate must accompany your return.
- Do not leave the required certificate section incomplete. Enter the certificate number and mark the calendar-year box or provide the tax period dates, as applicable.
- Do not skip Schedule B if you received a share of either the credit or credit recapture from an entity.
Questions people ask
Do I need a separate form for each certificate?
Yes. File a separate Form IT-634 for each Empire State Development certificate and submit a copy of each certificate with your return.
What type code should I enter in Schedule B?
Enter P for a partnership, S for an S corporation, or ET for an estate or trust.
Where do individuals report the total credit recapture?
Individuals, including sole proprietors, partners, S corporation shareholders, and beneficiaries enter the Schedule D, line 11 amount and code 634 on Form IT-201-ATT, line 20, or Form IT-203-ATT, line 19.
Where do fiduciaries and partnerships report the total credit recapture?
Fiduciaries include the Schedule D, line 11 amount on Form IT-205, line 12. Partnerships enter the line 11 amount and code 634 on Form IT-204, line 148.