Form It-252-Att - Employment Incentive Credit For The Financial Services Industry - 2014 Page 2
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1
2Instructions
IT-252-ATT (2014) (back)
first succeeding year or line 4 for the second succeeding year the
General information
number of employees employed in New York State on the following
dates: September 30, 2014; December 31, 2014; March 31, 2015;
If you place property in service on or after October 1, 1998,
and before October 1, 2015, and that property qualifies for the
and June 30, 2015.
investment tax credit, you may be entitled to the employment
Caution: If you are also claiming the empire zone (EZ) wage credit
incentive credit. If you qualify, the credit is allowed for each of the
for the credit year, do not include on line 2 or line 4 any employees
two years immediately following the tax year in which the investment
for whom you are claiming that wage credit.
credit was allowed.
Example: A partnership files its partnership return using a
Column G – Unless you have a short tax year, divide the amount in
fiscal year of February 1, 2013, through January 31, 2014. The
column F by four. If you have a short tax year (a tax year of less than
partnership placed property in service on October 15, 2013, that
12 months), divide the amount in column F by the number of dates
qualified for the investment tax credit. The partnership should
shown in columns B through E that occur during the short tax year.
complete Form IT‑252‑ATT for tax years February 1, 2014, through
Column H – If you are claiming the credit for the first succeeding
January 31, 2015, and February 1, 2015, through January 31, 2016,
tax year, divide the amount on line 2, column G, by the amount
to determine if the partners of the partnership are eligible to claim
on line 1, column G, and round the result to the second decimal
the employment incentive credit.
place. If the percentage in column H, line 2, is at least 101% (1.01),
complete Part 2, line 5. If the percentage in column H, line 2, is less
The amount of the credit is a percentage of the original investment
than 101%, stop; you do not qualify for the employment incentive
credit base on which the investment tax credit was allowed. The
credit for this year.
percentage used to compute the credit is based upon the level of
employment in each of the two years during which the credit may
If you are claiming the credit for the second succeeding year, divide
be claimed compared to the level of employment in the base year.
the amount on line 4, column G, by the amount on line 3, column G,
However, the credit will not be allowed for a year if the taxpayer’s
and round the result to the second decimal place. If the percentage
average number of employees in New York State during that year is
in column H, line 4, is at least 101% (1.01), complete Part 2, line 6. If
not at least 101% of the taxpayer’s average number of employees
the percentage in column H, line 4, is less than 101%, stop; you do
in New York State during the base year. A taxpayer that has claimed
not qualify for the employment incentive credit for this year.
an investment tax credit for property it purchased that is principally
used by an affiliate of the taxpayer may also be eligible for an
Part 2 – Computation of employment incentive credit
employment incentive credit. In this case, the credit is allowed
Column A – Enter in column A the tax year in which the original
based on the taxpayer’s average number of employees in New
York State. The number of the affiliate’s employees is not taken into
investment tax credit was allowed.
consideration.
Column B – Enter in column B the amount of the investment credit
base (not the amount of the investment tax credit) that was used
Generally, the base year is the tax year immediately preceding the
to compute the original investment tax credit. Do not include in
tax year for which the original investment tax credit was claimed.
column B the investment credit base for any property for which you
However, if the business was not in operation in New York State
are claiming the EZ employment incentive credit.
during that year, the base year is the tax year for which the original
investment tax credit was claimed.
Column C – Multiply the column B amount by the appropriate rate
from the Tax rate schedule. However, if the property that qualified for
If you cannot claim all of your employment incentive credit because
the investment tax credit was disposed of or was not in qualified use
it is more than your New York State tax less other credits, you can
at the end of the credit year, figure the amount of credit to claim as
carry over the unused amount to the following ten tax years; or, if
follows:
you are the owner of a new business, you may qualify for a refund
(see Refundable unused investment tax credit on Form IT-252-I).
– For depreciable property under Internal Revenue Code (IRC)
section 167, multiply the credit by a fraction; the numerator is the
Specific instructions
number of months of qualified use, and the denominator is the
number of months of useful life of the property.
See the instructions for your tax return for the Privacy notification or
– For property subject to the provisions of IRC section 168, multiply
if you need help contacting the Tax Department.
the credit by a fraction; the numerator is the number of months of
qualified use, and the denominator is:
Part 1 – Eligibility for employment incentive credit
• 36 for three-year property,
Complete Part 1 to determine if you are eligible for the credit.
• the number of months you chose for buildings or structural
If you are eligible, complete Part 2.
components of buildings, or
Column A – Enter in column A the credit year (line 2 or line 4)
• 60 for all other classes of property.
and the base year (line 1 or line 3). The credit year is the tax year
you are claiming the employment incentive credit. If you qualify,
the credit is allowed for each of the two tax years immediately
succeeding the tax year in which the original investment tax credit
was allowed. The base year is the year preceding the year for which
you claimed the original investment tax credit. However, if your
business was not in operation in New York State during that year,
the base year is the year for which you claimed the investment tax
credit.
Columns B through E – Enter the total number of employees
employed within New York State on each of the dates listed that
occur during your credit and base tax years.
Example: A taxpayer filing for a fiscal year beginning September 1,
2014, and ending August 31, 2015, would enter on line 2 for the
245002140094
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