Instructions for Form IT-633 Economic Transformation and Facility Redevelopment Program Tax Credit - New York

Form IT-633 Economic Transformation and Facility Redevelopment Program Tax Credit - New York

This document contains official instructions for Form IT-633 , Economic Transformation and Facility Redevelopment 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-633 is available for download through this link.

FAQ

Q: What is Form IT-633?A: Form IT-633 is a tax form used in New York to claim the Economic Transformation and Facility Redevelopment Program Tax Credit.

Q: What is the Economic Transformation and Facility Redevelopment Program Tax Credit?A: The Economic Transformation and Facility Redevelopment Program Tax Credit is a tax incentive program in New York that encourages investment in economically distressed areas.

Q: What is the purpose of Form IT-633?A: The purpose of Form IT-633 is to claim the tax credit for eligible costs incurred in the redevelopment of a facility.

Q: Who is eligible to claim the tax credit?A: Businesses and corporations that have incurred eligible costs for facility redevelopment in designated areas in New York may be eligible to claim the tax credit.

Q: What are eligible costs?A: Eligible costs include expenses related to the acquisition, construction, renovation, and equipping of a facility.

Q: How much tax credit can be claimed?A: The tax credit can range from 10% to 100% of eligible costs, depending on the location and size of the facility.

Q: Are there any application requirements?A: Yes, there are specific application requirements that must be met in order to claim the tax credit. These requirements include obtaining a certification from the New York State Department of Economic Development.

Q: When is the deadline to file Form IT-633?A: The deadline to file Form IT-633 is typically April 15th of the year following the tax year in which the eligible costs were incurred.