Instructions for Form IT-607 Claim for Excelsior Jobs Program Tax Credit - New York

Form IT-607 Claim for Excelsior Jobs Program Tax Credit - New York

This document contains official instructions for Form IT-607 , Claim for Excelsior Jobs Program Tax Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-607 is available for download through this link.

FAQ

Q: What is Form IT-607?A: Form IT-607 is a form used to claim the Excelsior Jobs Program Tax Credit in New York.

Q: What is the Excelsior Jobs Program Tax Credit?A: The Excelsior Jobs Program Tax Credit is a tax incentive program aimed at encouraging businesses to create and maintain jobs in New York.

Q: Who is eligible to claim the Excelsior Jobs Program Tax Credit?A: Eligible entities include businesses that have been certified by Empire State Development (ESD) as participating in the Excelsior Jobs Program.

Q: What information is required to complete Form IT-607?A: The form requires information about the taxpayer, the business, and the jobs created.

Q: What is the deadline for filing Form IT-607?A: The form must be filed within three years from the due date of the original return or within three years from the date the return was filed, whichever is later.

Q: What documentation needs to be attached to Form IT-607?A: You must attach a copy of the certification letter received from Empire State Development (ESD).

Q: How long does it take to process a claim for the Excelsior Jobs Program Tax Credit?A: The processing time can vary, but it generally takes several weeks for the claim to be processed.

Q: Can the Excelsior Jobs Program Tax Credit be carried forward or refunded?A: No, the credit can only be used against the taxpayer's liability for the tax year in which it is claimed.