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Instructions for Form IT-648
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Instructions for Form IT-648 Life Sciences Research and Development Tax Credit - New York
This document contains official instructions for Form IT-648 , Life Sciences Research and Development Tax Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-648 is available for download through this link.
FAQ
Q: What is Form IT-648?
A: Form IT-648 is the Life Sciences Research and Development Tax Credit form in New York.
Q: What is the purpose of Form IT-648?
A: The purpose of Form IT-648 is to claim the Life Sciences Research and Development Tax Credit in New York.
Q: Who can file Form IT-648?
A: Any taxpayer engaged in qualified research activities related to life sciences in New York can file Form IT-648.
Q: What are qualified research activities for the Life Sciences Research and Development Tax Credit?
A: Qualified research activities for the Life Sciences Research and Development Tax Credit include activities related to the development or improvement of pharmaceutical, biotechnology, or medical device products.
Q: What expenses can be claimed for the Life Sciences Research and Development Tax Credit?
A: Eligible expenses that can be claimed for the Life Sciences Research and Development Tax Credit include qualified research expenses, basic research payments, and research consortium expenses.
Q: How much is the Life Sciences Research and Development Tax Credit?
A: The Life Sciences Research and Development Tax Credit is equal to 15% of the eligible expenses, up to a maximum credit of $500,000.
Q: What is the deadline for filing Form IT-648?
A: Form IT-648 must be filed by the due date of the taxpayer's original New York State income tax return, including extensions.
Q: Are there any additional requirements for claiming the Life Sciences Research and Development Tax Credit?
A: Yes, taxpayers must meet certain eligibility requirements and keep supporting documentation for at least six years.
Q: Can tax professionals or authorized representatives file Form IT-648 on behalf of a taxpayer?
A: Yes, tax professionals or authorized representatives can file Form IT-648 on behalf of a taxpayer.
Instruction Details:
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