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Instructions for Form IT-607
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Instructions for 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 tax form specifically for claiming the Excelsior Jobs Program tax credit in the state of New York.
Q: What is the Excelsior Jobs Program?A: The Excelsior Jobs Program is an economic development program in New York that provides tax credits to businesses that create new jobs in certain industries.
Q: Who can claim the Excelsior Jobs Program tax credit?A: Businesses that have been approved for the Excelsior Jobs Program and have created eligible new jobs can claim the tax credit.
Q: What information is required on Form IT-607?A: Form IT-607 requires information about the business, the jobs created, and the amount of credit being claimed.
Q: When is Form IT-607 due?A: Form IT-607 is generally due at the same time as the business's annual tax return, which is typically March 15th for calendar year filers.
Q: Can I e-file Form IT-607?A: Yes, Form IT-607 can be e-filed through the New York State Department of Taxation and Finance's e-services platform.
Q: What supporting documentation should be included with Form IT-607?A: Supporting documentation may include copies of employment records, pay stubs, and certifications from the Empire State Development Corporation.
Q: Is the Excelsior Jobs Program tax credit refundable?A: No, the Excelsior Jobs Program tax credit is not refundable, meaning it can only be used to offset the business's tax liability.
Q: What happens if I don't submit Form IT-607?A: If you are eligible for the Excelsior Jobs Program tax credit and fail to submit Form IT-607, you will not be able to claim the credit for that tax year.
Instruction Details:
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