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Instructions for Form IT-648
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Instructions for Form IT-648 Life Sciences Research and Development Tax Credit - New York
This document contains official instructions for Form IT-648 , Life Sciences Research and Development Tax Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-648 is available for download through this link.
FAQ
Q: What is Form IT-648?A: Form IT-648 is a tax form used in New York to claim the Life Sciences Research and Development Tax Credit.
Q: What is the Life Sciences Research and Development Tax Credit?A: The Life Sciences Research and Development Tax Credit is a tax credit available to qualified taxpayers who conduct qualified life sciences research and development activities in New York.
Q: Who is eligible to claim the Life Sciences Research and Development Tax Credit?A: Qualified taxpayers who conduct qualified life sciences research and development activities in New York are eligible to claim the tax credit.
Q: What activities qualify for the Life Sciences Research and Development Tax Credit?A: Qualified research and development activities related to life sciences, such as scientific experimentation, testing, and analysis, may qualify for the tax credit.
Q: How do I claim the Life Sciences Research and Development Tax Credit?A: To claim the tax credit, you need to complete and file Form IT-648 with the New York State Department of Taxation and Finance.
Q: What documentation do I need to provide to claim the tax credit?A: You may be required to provide supporting documentation, such as records of eligible expenses, to substantiate your claim for the tax credit.
Q: Is there a deadline to file Form IT-648?A: Yes, Form IT-648 must be filed by the due date of your New York State tax return for the year in which the credit is being claimed.
Q: Can I claim the Life Sciences Research and Development Tax Credit if I conducted research outside of New York?A: No, the tax credit is only available for qualified research and development activities conducted in New York.
Q: Is the Life Sciences Research and Development Tax Credit refundable?A: No, the tax credit is non-refundable. However, any unused credits can be carried forward for up to 15 years.
Instruction Details:
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