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 tax form used to claim the Excelsior Jobs Program Tax Credit in the state of New York.

Q: What is the Excelsior Jobs Program Tax Credit?A: The Excelsior Jobs Program Tax Credit is a program in New York that provides tax credits to businesses that create and maintain new jobs.

Q: Who can claim the Excelsior Jobs Program Tax Credit?A: Businesses that have been approved for the Excelsior Jobs Program and meet the eligibility requirements can claim the tax credit.

Q: What are the eligibility requirements for the Excelsior Jobs Program Tax Credit?A: The eligibility requirements include creating new jobs, meeting wage requirements, and receiving program approval.

Q: How do I fill out Form IT-607?A: Refer to the instructions provided with the form to properly fill out Form IT-607.

Q: When should I submit Form IT-607?A: Form IT-607 should be submitted with your annual New York state tax return.

Q: Is the Excelsior Jobs Program Tax Credit refundable?A: No, the Excelsior Jobs Program Tax Credit is not refundable. It can only be used to offset your state tax liability.

Q: Can I claim both the Excelsior Jobs Program Tax Credit and other tax credits?A: Yes, you can claim the Excelsior Jobs Program Tax Credit in addition to other eligible tax credits.

Q: What documentation do I need to include with Form IT-607?A: You may need to include documentation such as wage records and employment reports with Form IT-607.