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 4
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4Page 4 of 4 CT-603-I (2004)
— For three-year property depreciated under IRC
II
Part
– Computation of EZ-EIC
section 168, the formula is as follows:
Use Schedule D, Part II to determine the amount of the
36 minus the number of
EZ-EIC allowed for each year of eligibility listed in Part I.
original EZ-ITC allowed
months of qualified use
×
Example:
36
A corporation acquired qualified property in 2003 at a cost
Recapture is only required if the property is disposed of
of $100,000.
or ceases to be in qualified use prior to the end of 36
months.
Average number of
EZ -EIC
— For other than three-year property or buildings or
Year
EZ employees
available for use
structural components of buildings depreciated under
2002
200
XXX
IRC section 168, the formula is as follows:
2003
not required
XXX
60 minus the number of
2004
202
$ 3,000 (30% of $10,000)
original EZ-ITC allowed
months of qualified use
×
2005
199
-0-*
60
2006
205
$ 3,000 (30% of $10,000)
Recapture is only required if the property is disposed of
or ceases to be in qualified use prior to the end of
* In 2005, the average number of EZ employees was less than 101% of
60 months.
the number employed in 2002.
— For recovery property that is a building or a structural
component of a building and depreciated under IRC
section 168, the formula is as follows:
Schedule E — Computation of recapture of EZ-ITC
and EZ-EIC
months of unused life
original EZ-ITC allowed
×
number of months
When property on which an EZ-ITC has been allowed is
allowed by IRC and
disposed of or ceases to be in qualified use before the end
used by taxpayer
of its useful life, the difference between the credit taken and
the credit allowed for actual use must be added back to the
If qualified property has a useful life of more than 12 years,
tax otherwise due in the year of disposition or
no credit need be added back if it has been in use more
disqualification. The decertification of a business enterprise
than 12 consecutive years.
in an EZ is a disposal or cessation of qualified use on the
For purposes of the recapture, the termination or expiration
effective date of the decertification.
of an EZ’s designation as an EZ will not be considered a
Section 210.12-B(f) provides different formulas to compute
disposal or cessation of qualified use.
the recapture of EZ-ITC.
Column G — Enter the total amount of EZ-ITC allowed.
Include the original EZ-ITC, but not any EZ-EIC allowed.
— For property depreciated under IRC section 167, the
formula is as follows:
Column I — Multiply 30% of the amount in column H by the
months of unused life
original EZ-ITC allowed
number of years the EZ-EIC was allowed.
×
months of useful life
Line 29 — Only EZ corporations that have been decertified
must compute the additional recapture. For details on
computing the recapture, see TSB-M-86(13.3)C,
Decertification of Economic Development Zone Business .
Need help?
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Internet access:
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(for information, forms, and publications)
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Fax-on-demand forms: Forms are
are available for public use.
available 24 hours a day,
7 days a week.
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Telephone assistance is available from 8:00
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A.M.
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(eastern time), Monday through Friday.
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accessible to persons with disabilities. If you have
To order forms and publications:
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questions about special accommodations for persons
Business Tax Information Center:
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with disabilities, please call 1 800 972-1233.
From areas outside the U.S. and
outside Canada:
(518) 485-6800
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