Instructions for Form CT-46 Claim for Investment Tax Credit (Includes Employment Incentive Credit) - New York

This document contains official instructions for Form CT-46 , Claim for Employment Incentive Credit) - a form released and collected by the New York State Department of Financial Services.

FAQ

Q: What is Form CT-46?
A: Form CT-46 is a claim form for the Investment Tax Credit (Includes Employment Incentive Credit) in New York.

Q: What is the purpose of the Investment Tax Credit?
A: The purpose of the Investment Tax Credit is to provide a credit against New York state tax liability for qualified investments made by businesses.

Q: What is the Employment Incentive Credit?
A: The Employment Incentive Credit is a subset of the Investment Tax Credit that provides additional tax credits for job creation and retention.

Q: Who is eligible to claim the Investment Tax Credit?
A: Businesses that make qualified investments in certain eligible property located in New York may be eligible to claim the Investment Tax Credit.

Q: What documentation do I need to submit with Form CT-46?
A: You may need to submit documentation such as invoices, purchase orders, and other supporting documents that demonstrate your qualified investments.

Q: Is there a deadline for filing Form CT-46?
A: Yes, Form CT-46 must be filed within three years from the due date of the tax return for the taxable year in which the investment was made.

Q: What happens after I file Form CT-46?
A: After you file Form CT-46, the New York State Department of Taxation and Finance will review your claim and notify you of any adjustments or additional information required.

Q: Can I claim the Investment Tax Credit for investments made in previous years?
A: Yes, you may be able to claim the Investment Tax Credit for qualified investments made in previous years, as long as you meet the eligibility requirements.