IT-648: Life Sciences Research and Development Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-648 is used to claim the New York Life Sciences Research and Development Tax Credit. It reports credit earned directly or received from a partnership, New York S corporation, or estate or trust, and calculates the total credit and any allocation to beneficiaries.
Who files this form
Use the 2024 Form IT-648 to claim the Life Sciences Research and Development Tax Credit as:
- An individual, including a sole proprietor, a partnership, or an estate or trust that earned the credit.
- A partner, a shareholder of a New York S corporation, or a beneficiary of an estate or trust receiving a share of the credit.
All filers must complete line A to show whether they earned the credit directly or are receiving a share.
What you'll need
Have the following ready:
- Your applicable return: Form IT-201, IT-203, IT-204, or IT-205.
- A copy of your certificate of tax credit issued by Empire State Development (ESD), which must be submitted with IT-648.
- Your name and identifying number as shown on your return.
If you earned the credit directly, use your certificate for the credit allocation year, certificate number, and number of employees. You must also indicate whether this is your first, second, or third year of eligibility.
If you received a share of the credit, you need each entity’s name, type, employer identification number, certificate number, and your share of the credit.
Fiduciaries completing Schedule C need each beneficiary’s name as shown on Form IT-205, Schedule C, identifying number, and share of the credit.
How to file
Submit Form IT-648 with Form IT-201, IT-203, IT-204, or IT-205. Include a copy of your ESD certificate of tax credit.
To complete IT-648:
- Complete line A.
- If you answer Yes, complete lines B through E and Schedules A and D. Fiduciaries must also complete Schedule C.
- If you answer No, complete Schedules B and D. Fiduciaries must also complete Schedule C.
- In Schedule D, add lines 6, 7, and 8 to calculate the total credit on line 9.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving line A blank: The form says all filers must complete it.
- Omitting the certificate: You must submit a copy of your ESD certificate of tax credit.
- Exceeding the line 1 limit: The credit entered on line 1 may not exceed $500,000.
- Skipping Schedule C as a fiduciary: The form requires fiduciaries to complete Schedule C whether they answer Yes or No on line A.
Questions people ask
Where do I find the information for lines B through D?
Use your certificate of tax credit for the credit allocation year, certificate number, and number of employees.
How do I report a credit received from another entity?
Complete Schedule B for each entity. Enter P for a partnership, S for an S corporation, or ET for an estate or trust. Include the entity’s identifying information and your share of the credit. Use additional forms if necessary.
What is the maximum amount I can enter on line 1?
The form states that line 1 may not exceed $500,000.
How does a fiduciary calculate its share of the credit?
In Schedule C, add lines 1 and 2 to get line 3. Total the credit allocated to beneficiaries on line 4. Subtract line 4 from line 3 to get the fiduciary’s share on line 5, then enter that amount on line 8.