Instructions For Form Ct-605 - Claim For Ez Investment Tax Credit And Ez Employment Incentive Credit For The Financial Services Industry - New York State Department Of Taxation And Finance - 2004 Page 4
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4Page 4 of 4 CT-605-I (2004)
your franchise tax return to determine the order of credits that
Schedule D — Part I — Computation of EZ-ITC
applies, or refer to Form CT-600, Ordering of Corporation Tax
Line 17 — New York C corporations: If the amount on line 15 is
Credits .
greater than the amount on line 16, subtract line 16 from line 15.
Line 23, Column B — Enter your franchise tax from Form CT-3,
This is the amount of your EZ-ITC. If the amount on line 16 is
line 78, or CT-3-A, line 77, minus the total amount of any tax
greater than the amount on line 15, you have a net recaptured
credits you are claiming before the EZ-ITC. If you wish to apply the
EZ-ITC; subtract line 15 from line 16. Add this recaptured credit
EZ-EIC before the EZ-ITC, be sure to also subtract the EZ-EIC
amount back to the tax due on your franchise tax return.
used this period (shown on line 27, Column A). Certain credits
New York S corporations: If the amount on line 15 is greater
must be applied before the EZ-ITC. Refer to the instructions of
than the amount on line 16, subtract line 16 from line 15. This is
your franchise tax return to determine the order of credits that
the amount of your EZ-ITC. Transfer that amount to
applies, or refer to Form CT-600, Ordering of Corporation Tax
Form CT-34-SH. If the amount on line 16 is greater than the
Credits .
amount on line 15, you have a net EZ-ITC recapture; subtract line
15 from line 16. Transfer that amount to Form CT-34-SH.
Schedule E — Part II — Credits available for refund
or carryforward
(New York C corporations only)
Schedule D — Part II — Computation of EZ-EIC
Line 22 — New York C corporations: If the amount on line 20 is
Line 32 — A new business may elect to treat 50% of the current
greater than the amount on line 21, subtract line 21 from line 20.
year EZ-ITC available to be carried forward as an overpayment of
This is the amount of your EZ-EIC. If the amount on line 21 is
tax to be refunded.
greater than the amount on line 20, you have a net recaptured
New business under Article 9-A, section 210.12(j), means any
EZ-EIC; subtract line 20 from line 21. Add this recaptured credit
corporation except:
amount back to the tax due on your franchise tax return.
• A corporation in which over 50% of the number of shares of
New York S corporations: If the amount on line 20 is greater
stock entitling their holders to vote for the election of directors or
than the amount on line 21, subtract line 21 from line 20. This is
trustees is owned or controlled either directly or indirectly by a
the amount of your EZ-EIC. Transfer that amount to
taxpayer subject to tax under Tax Law Article 9-A; Article 9,
Form CT-34-SH. If the amount on line 21 is greater than the
section 183, 184, or 185; Article 32; or Article 33.
amount on line 20, you have a net EZ-EIC recapture; subtract
• A corporation that is substantially similar in operation and in
line 20 from line 21. Transfer that amount to Form CT-34-SH.
ownership to a business entity taxable, or previously taxable,
under Tax Law Article 9-A; Article 9, section 183, 184, 185, or
Schedule E — Part I — Computation of EZ-EIC and
186; Article 32; Article 33; or Article 23; or that would have been
EZ-ITC used
(New York C corporations only)
subject to tax under Article 23, as such article was in effect on
January 1, 1980; or the income or losses of which are or were
Use Column A to determine the amount of EZ-EIC that you may
includable under Tax Law Article 22, whereby the intent and
apply in the current period.
purposes of section 210.19(e) with respect to refunding of credit
Use Column B to determine the amount of EZ-ITC that you may
to new businesses would be evaded.
apply in the current period.
• A corporation that has been subject to tax under Article 9-A for
more than five tax years (excluding short periods).
Line 23, Column A — Enter your franchise tax from Form CT-3,
line 78, or CT-3-A, line 77, minus the total amount of any tax
Enter the lesser of 50% of line 13 or 50% of line 31; then transfer
credits you are claiming before the EZ-EIC. If you wish to apply the
the line 32 amount to your franchise tax return.
EZ-ITC before the EZ-EIC, be sure to also subtract the EZ-ITC
used this period (shown on line 27, Column B). Certain credits
Lines 33 and 36 — Refer to these figures when computing next
must be applied before the EZ-EIC. Refer to the instructions of
year’s credit on Form CT-605.
Need help?
Hotline for the hearing and speech impaired:
Internet access:
If you have access to a telecommunications device for the
(for information, forms, and publications)
deaf (TDD), contact us at 1 800 634-2110. If you do not
own a TDD, check with independent living centers or
community action programs to find out where machines
Fax-on-demand forms: Forms are
are available for public use.
available 24 hours a day,
7 days a week.
1 800 748-3676
Persons with disabilities: In compliance with the
Americans with Disabilities Act, we will ensure that our
Telephone assistance is available from 8:00
to
A.M.
lobbies, offices, meeting rooms, and other facilities are
5:00
(eastern time), Monday through Friday.
P.M.
accessible to persons with disabilities. If you have
To order forms and publications:
1 800 462-8100
questions about special accommodations for persons
Business Tax Information Center:
1 800 972-1233
with disabilities, please call 1 800 972-1233.
From areas outside the U.S. and
outside Canada:
(518) 485-6800
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