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Instructions for Form CT-648
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Instructions for Form CT-648 Life Sciences Research and Development Tax Credit - New York
This document contains official instructions for Form CT-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 CT-648 is available for download through this link.
FAQ
Q: What is Form CT-648?
A: Form CT-648 is a tax form used to claim the Life Sciences Research and Development Tax Credit in New York.
Q: What is the purpose of the Life Sciences Research and Development Tax Credit?
A: The purpose of the tax credit is to incentivize research and development activities in the life sciences field in New York.
Q: Who is eligible to claim the Life Sciences Research and Development Tax Credit?
A: Companies engaged in eligible life sciences research and development activities in New York may be eligible to claim the tax credit.
Q: What expenses can be included in the tax credit calculation?
A: Expenses related to qualified research and development activities, including wages, supplies, and contract research expenses, may be included.
Q: What is the procedure for claiming the tax credit?
A: To claim the tax credit, companies must complete and file Form CT-648 along with supporting documentation.
Q: Are there any limitations on the tax credit?
A: Yes, there are certain limitations and restrictions on the tax credit, including a maximum credit amount and restrictions on double-dipping with other tax credits.
Instruction Details:
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