Form Nyc-114.5 - Reap Credit Applied To Unincorporated Business Tax

Form NYC-114.5 - 2013

Page 2

INSTRUCTIONS

ity for REAP is dated before July 1, 1995,

credits applied to the current year (line 8f, col-

the applicable amount is $500.

umn B) cannot exceed the amount on line 4.

General Information

If you submitted your application before

The credit is refundable only if all of the

July 1, 2003 the applicable amount is $1,000

following three criteria are met:

REAP benefits are available only to taxpayers

if your certification of eligibility for REAP is

that have previously applied to the New York

1. the initial Certification of Eligibility must

dated on or after July 1, 1995 and either

City Department of Finance and received an

be dated on or after July 1, 2000;

your certification of eligibility is dated be-

Initial Certificate of Eligibility.

fore July 1, 2000, or your relocation was not

2. the relocation must be to eligible premises

to a revitalization area (as defined in subdi-

If you have relocated more than once, attach a

located in a "Revitalization Area" as defined

vision (n) of section 22-521 of the New York

schedule showing your apportionment of eligi-

in subdivision (n) of §22-621 of the New

City Administrative Code.)

ble aggregate employment shares to each relo-

York City Administrative Code;

cation. See Administrative Code §11-503(i)(1).

If you submitted your application before

3. the taxable year for which the credit is being

July 1, 2003, the applicable amount is $3,000

You must attach your annual certificate of eli-

claimed must be either the year of the relo-

if both your certification of eligibility for

gible

aggregate

employment

cation or one of the four taxable years im-

REAP is dated on or after July 1, 2000 and

(ACEAES) received from the New York City

mediately succeeding the year of the

your relocation was to a revitalization area.

Department of Finance and your initial Cer-

relocation.

tificate of Eligibility for each relocation for

If you submitted your application on or

NOTE

which you are claiming credit.

after July 1, 2003 but your relocation was

This form may no longer be used to claim

before July 1, 1995, the applicable amount is

Sales and Use Tax Credits.

Specific Instructions

$500.

The credit for sales and use taxes paid on elec-

The credit is non-refundable unless all of the

If you submitted your application on or

tricity or electric service used in the production

three criteria listed below are met. For relo-

after July 1, 2003 and your relocation was

of tangible personal property formerly allowed

cations where the credit is non-refundable fill

on or after July 1, 1995, the applicable

by Admin. Code §11-503(g) has been repealed

out lines 1 through 9 of this schedule and not

amount is $1,000 if your relocation was be-

for purchases on or after November 1, 2000.

line 10. If all of the three criteria are met the

fore July 1, 2000 or was not to a revitalization

This credit may no longer be taken and no ad-

credit is refundable. If the credit is refundable,

area.

justment to income or tax should be made with

skip lines 1 through 9 and fill out line 10.

respect to this credit.

If you submitted your application on or

A non-refundable REAP credit is limited to the

after July 1, 2003, the applicable amount is

Purchases of machinery or equipment used in

tax imposed for the year less the UBT paid

$3,000 if your relocation was on or after

production for which a credit is allowed by

Credit. It must be taken before all other credits

July 1, 2000 and was to a revitalization area.

Admin. Code §11-503(d) were exempted

except the UBT paid credit. If the allowable

from sales tax effective December 1, 1989.

non-refundable portion of the credit exceeds

Line 3

Purchases of services performed on machin-

the tax imposed for the year less the UBT Paid

The amount on line 3 represents the amount

ery or equipment used in production for which

Credit, the excess may be carried over to the

of your REAP credit that you can carry for-

a credit is allowed by Admin. Code §11-503(k)

five immediately succeeding taxable years

ward to the next five taxable years and apply

were exempted from sales tax effective Sep-

and, to the extent not previously utilized, may

against the tax for such years. Enter the

tember 1, 1996. Credits may be taken under

be credited against the taxpayer's tax for such

amount from line 3 on line 8e of the Carryover

these two provisions (and corresponding ad-

years.

Schedule of your next year’s Form NYC

dbacks to income should be made) only if the

114.5. See Instructions for Carryover Sched-

sales tax payment was made in the current year

Line 2

ule below.

with respect to a purchase in a period when

If you submitted your application before July

the applicable sales tax was effective.

1, 2003, the applicable amount is based on the

Carryover Schedule

date of the certification of eligibility. If you

If you wish to claim a credit pursuant to

If you have carryover credits from preceding

submitted your application on or after July 1,

§11-503(d), a form NYC 114.5 for the year

years, complete the carryover schedule regard-

2003, the applicable amount is based on the

1990 or a prior year should be used. If you

less of whether you will use any of the carry-

date of relocation. In completing line 2, use

wish to claim a credit pursuant to §11-

over credits this year. Enter on each line in

the appropriate applicable amount below:

503(k), a form NYC 114.5 for the year 2000

column B the amount from each carryover

or a prior year should be used.

year starting with the earliest preceding carry-

If you submitted your application before

over year (line 8a) that can be applied to the

July 1, 2003 and your certification of eligibil-

current year. The total amount of carryover

Form Nyc-114.5 - Reap Credit Applied To Unincorporated Business Tax - 2013 Page 2

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