Instructions For Form Ct-603 - Claim For Ez Investment Tax Credit And Ez Employment Incentive Credit - New York State Department Of Taxation And Finance - 2004 Page 3
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4CT-603-I (2004) Page 3 of 4
II
Part
— Credits available for refund or carryforward
allowed only for those years during which your average
number of employees (except general executive officers) in
(New York C corporations only)
the EZ in which the property is located is at least 101% of
Line 20 — A new business may elect to treat 50% (.50) of
the average number of employees (except general
the current year EZ-ITC available to be carried forward as
executive officers) in the EZ in which the property is located
an overpayment of tax to be refunded. The election applies
during the tax year immediately preceding the tax year for
to an EZ-ITC computed for a tax year beginning on or after
which the original EZ-ITC was allowed, or in the case of a
January 1, 1994.
newly designated EZ, the average number of employees
located in the area which was subsequently designated as
New business under Article 9-A, section 210.12(j), means
the EZ.
any corporation except for a corporation
If you did not have a tax year for New York State
— in which over 50% of the number of shares of stock
immediately preceding the year in which the EZ-ITC was
entitling their holders to vote for the election of directors
originally allowed, your average number of employees in the
or trustees is owned or controlled either directly or
EZ in which the property is located in the tax year in which
indirectly by a taxpayer subject to tax under Tax Law
the EZ-EIC is claimed must be at least 101% of your
Article 9-A; Article 9, section 183, 184, 185 or 186;
average number of employees in the EZ in which the
Article 32; or Article 33; or
property is located in the tax year in which the EZ-ITC was
— that is substantially similar in operation and in ownership
originally allowed, or in the case of a newly designated EZ,
to a business entity taxable, or previously taxable, under
the area which was subsequently designated as the EZ.
Article 9-A; Article 9, section 183, 184, 185 or 186;
New York C corporations: The EZ-EIC can reduce the
Article 32; Article 33; or Article 23, or that would have
corporate tax liability to the fixed dollar minimum. Carry over
been subject to tax under Article 23, as such article was
any EZ-EIC that cannot be used to reduce the tax liability
in effect on January 1, 1980; or the income or losses are
for the current year to the following year or years.
or were includable under Article 22, whereby the intent
and purpose of section 210.12-B concerning refunding of
A corporation may not claim a refund of the EZ-EIC.
credit to new businesses would be evaded; or
Part
I
– Eligibility for EZ-EIC
— that has been subject to tax under Article 9-A for more
than five tax years, excluding short tax years (less than
Complete Part I to determine if you are eligible for the credit.
12 months).
If you are eligible, complete Part II.
Enter the lesser of 50% of line 1 or 50% of line 19; transfer
All references to current tax year mean the tax year covered
the line 20 amount to be refunded to Form CT-3, line 99a or
by this claim.
Form CT-3-A, line 100a. Transfer the line 20 amount to be
Column A — Enter the current tax year and the base year.
applied to next year’s tax to Form CT-3, line 99b or
The base year is the year preceding the year you claimed
Form CT-3-A, line 100b.
the original EZ-ITC. However, if your business was not in
operation in New York State during that year, the base year
Lines 21 and 24 — Keep these amounts in your records.
is the year in which you claimed the EZ-ITC.
You will need to refer to these figures when completing your
Form CT-603 for next year.
Columns B, C, D and E — Enter the total number of
employees employed within the EZ on each of the dates
Schedule C — EZ-ITC
listed that occurred during your tax year.
Columns A and B — List in these columns a clear
Example: A taxpayer filing a tax return for a fiscal year
description of qualified property placed in service during this
beginning September 1, 2004, and ending August 31, 2005,
tax period and the principal manufacturing or productive use
would enter the number of employees employed in the EZ
of each item of property. Corporate partners include your
on the following dates: September 30, 2004, December 31,
allocable share of qualified property purchased by the
2004, March 31, 2005, and June 30, 2005.
certified partnership. List individual items of machinery and
equipment separately; do not show them as one general
Column G — Unless you have a short tax year, divide the
category such as machinery . Describe the property in terms
amount in column F by four. If you have a short tax year,
a layman can understand. Attach additional pages if
divide the amount in column F by the number of dates
necessary.
shown in columns B through E that occur during the short
tax year.
Schedule D — EZ-EIC
Column H — Divide the average number of employees in
If you acquire, construct, reconstruct, or erect property for
the current tax year by the average number of employees in
which an EZ-ITC is allowed, an EZ-EIC may be allowed in
the base year (column G), and carry the result to two
the following three years.
decimal places. If the percentage in column H is at least
101% (1.01), complete Part II. If the percentage in
The amount of the EZ-EIC allowed is 30% of the original tax
column H is less than 101%, stop; you do not qualify for the
credit for each of the three years following the year for which
EIC for this year.
the original EZ-ITC was allowed. However, the credit is
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