Instructions for Form IT-645 Recapture of Start-Up Ny Tax Benefits - New York

Form IT-645 Recapture of Start-Up Ny Tax Benefits - New York

This document contains official instructions for Form IT-645 , Recapture of Start-Up Ny Tax Benefits - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-645 is available for download through this link.

FAQ

Q: What is Form IT-645?A: Form IT-645 is a tax form used in the state of New York to recapture start-up NY tax benefits.

Q: What are start-up NY tax benefits?A: Start-up NY tax benefits are incentives provided to businesses that locate or expand in designated tax-free areas within New York State.

Q: Who needs to file Form IT-645?A: Any business that received start-up NY tax benefits and is required to recapture those benefits must file Form IT-645.

Q: What information is needed to complete Form IT-645?A: You will need the following information to complete the form: business name, taxpayer identification number, recaptured tax benefits amount, and the tax year for which the recapture is being claimed.

Q: When is Form IT-645 due?A: Form IT-645 is generally due on the same date as your New York State business tax return.

Q: Are there any penalties for not filing Form IT-645?A: Yes, failure to file Form IT-645 may result in penalties imposed by the New York State Department of Taxation and Finance.

Q: Is there any fee associated with filing Form IT-645?A: No, there is no fee for filing Form IT-645.

Q: Can I claim a refund if I overpaid the recaptured tax benefits?A: Yes, you can claim a refund for any overpayment of recaptured tax benefits on Form IT-645.