Biotechnology Tax Credit Application - New York Department Of Finance (Page 4 of 8) in pdf

N Y C d E p a r t m E N t o f f I N a N C E

BIOTECHNOLOGY TAX CREDIT APPLICATION

Calendar Year

Ending

FOR GENERAL CORPORATION TAX, BUSINESS CORPORATION

Department of Finance

December 31, 2017

AND UNINCORPORATED BUSINESS TAX

DEFINITIONS AND INSTRUCTIONS

GENERAL INFORMATION

• 9% of qualified research expenses paid or incurred by

the taxpayer; and

for taxable years beginning on or after January 1, 2010,

• 100% of qualified high-technology training expenses

and before January 1, 2019, taxpayers that are qualified

paid or incurred by the taxpayer, limited to $4,000 per

emerging technology companies (QEtC), engage in

employee per year.

biotechnologies and meet the eligibility requirements

may claim a tax credit against the general corporation

Credit limitation

tax, business corporation tax or unincorporated business

the total amount of credit allowable to a taxpayer cannot

tax for amounts paid or incurred for certain facilities,

be more than $250,000 per calendar year. See Schedule

operations, and employee training.

C for computation of credit amounts. See Schedule d for

Credit limitation.

In order to be considered, the Biotechnology tax Credit

application must be submitted on or before January 16,

Application of credit

2018. See Filing Instructions below. the department will

the QEtC facilities, operations, and training credit may

make a determination of the amount of the biotechnology

be claimed for a maximum of three consecutive tax

credit that the taxpayer may claim on its city general corpo-

years; a portion of this credit that cannot be applied to the

ration tax (“GCt”), business corporation tax or unincorpo-

current year’s tax liability may be refunded without inter-

rated business tax (“uBt”) return and mail a certificate of

est, or applied as a payment against next year’s tax.

eligibility to the taxpayer indicating that amount on or

before february 16, 2018.

Combined filers

a taxpayer filing as a member of a combined group may

Who is eligible

claim the QEtC facilities, operations, and training credit.

to claim this credit the taxpayer must:

the credit is computed on a separate basis and applied

against the combined tax.

• be a QEtC as defined in section 3102‑e of the public

authorities law (pal). See tSB-m-12(9)C, (8)I,

Filing Instructions

September 14, 2012;

there are two methods to submit the application:

• have 100 full-time employees or less, with at least 75%

of those employees employed in New York City;

1. Submit the application through e-services. filing through

e-services will expedite the processing of your application.

• have a ratio of research and development funds to net

You can register for e-services at

sales which equals or exceeds six percent (6%) during

all applications must be submitted on or before January

the calendar year ending with or within the taxable

16, 2018. You will receive an electronic confirmation of

year for which the credit is claimed;

receipt at the time of submission.

• have gross revenues, along with the gross revenues of its

affiliates and related members, that did not exceed twen-

2. Submit the application in duplicate to:

ty million dollars for the calendar year immediately pre-

ceding the calendar year ending with or within the taxable

New York City department of finance

year for which the credit is claimed;

Biotechnology Credit application Section

59 maiden lane, 19th floor

• have total annual product sales of $10,000,000 or less

New York, N.Y. 10038

during the calendar year ending with or within the taxable

year for which the credit is claimed;

applications must be postmarked on or before January

and

16, 2018. a copy acknowledging receipt will be returned to

the taxpayer within 10 business days.

• be engaged in biotechnologies.

NOTE: Taxpayers filing their tax returns on the basis

Credit amount

of a calendar year may use the amounts from their

the amount of credit subject to limitation is the sum of

federal returns. Taxpayers on a fiscal year should do

the following amounts:

the calculations required in this form based on the

• 18% of research and development property, costs, and fees

calendar year ending with or within the taxable year

incurred in connection with emerging technology activities;

for which the credit is claimed.

Biotechnology Tax Credit Application - New York Department Of Finance Page 4

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