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 credit offered to businesses that create and maintain new jobs in New York.

Q: Who is eligible to claim this tax credit?
A: Businesses that have been certified by the Empire State Development Corporation (ESD) as participating in the Excelsior Jobs Program are eligible to claim this tax credit.

Q: What is the purpose of this tax credit?
A: The purpose of the Excelsior Jobs Program Tax Credit is to encourage job creation and investment in New York by providing tax incentives to eligible businesses.

Q: How do I file Form IT-607?
A: Form IT-607 can be filed electronically using tax preparation software or by mail. The form must be filed annually with the New York State Department of Taxation and Finance.

Q: What documents should be included with Form IT-607?
A: Depending on the type of credit being claimed, businesses may need to include supporting documents such as job application records, payroll records, and proof of investment in capital property.

Q: Are there any deadlines for filing this form?
A: Yes, Form IT-607 must be filed by the due date of the business's New York State franchise tax return, including extensions.