Instructions for Form IT-638 Start-Up Ny Tax Elimination Credit - New York

Form IT-638 Start-Up Ny Tax Elimination Credit - New York

This document contains official instructions for Form IT-638 , Start-Up Ny Tax Elimination Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-638 is available for download through this link.

FAQ

Q: What is Form IT-638 Start-Up NY Tax Elimination Credit?
A: Form IT-638 Start-Up NY Tax Elimination Credit is a form used to claim the Start-Up NY tax credit in New York.

Q: What is the Start-Up NY tax credit?
A: The Start-Up NY tax credit is a tax incentive for businesses that are approved participants in the Start-Up NY program in New York.

Q: Who can claim the Start-Up NY tax credit?
A: Only businesses that have been approved as participants in the Start-Up NY program in New York can claim the tax credit.

Q: What expenses are eligible for the Start-Up NY tax credit?
A: Expenses related to new hires, employee training, and certain other business activities may be eligible for the Start-Up NY tax credit.

Q: What is the deadline to file Form IT-638?
A: The deadline to file Form IT-638 is the same as the deadline to file your New York State tax return, which is usually April 15th.

Q: Is there a limit to the amount of the Start-Up NY tax credit?
A: Yes, there is a limit to the amount of the Start-Up NY tax credit. The credit cannot exceed the income tax liability of the business for the tax year.

Q: Can the Start-Up NY tax credit be carried forward or back?
A: No, the Start-Up NY tax credit cannot be carried forward or back. It can only be used to offset the current tax liability of the business.