Form CT-223 Innovation Hot Spot Deduction - New York

What Is Form CT-223?

This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form CT-223?
A: Form CT-223 is a tax form for claiming the Innovation Hot Spot Deduction in New York.

Q: What is the Innovation Hot Spot Deduction?
A: The Innovation Hot Spot Deduction is a tax incentive for businesses located in designated areas of New York that are focused on promoting innovation and economic growth.

Q: How do I qualify for the Innovation Hot Spot Deduction?
A: To qualify for the deduction, your business must be located in an Innovation Hot Spot designated by Empire State Development (ESD) and meet other eligibility criteria.

Q: How do I claim the Innovation Hot Spot Deduction?
A: You can claim the deduction by completing Form CT-223 and including it with your New York state tax return.

Q: Is there a deadline for claiming the Innovation Hot Spot Deduction?
A: Yes, the deduction must be claimed within 3 years after the due date of the tax return for the year in which the deduction was earned.

Q: Are there any limitations on the deduction?
A: Yes, there are limitations on the amount of the deduction based on the number of full-time employees and certain other factors.

Q: What if I have more questions about the Innovation Hot Spot Deduction?
A: If you have more questions, you can contact the New York State Department of Taxation and Finance or consult a tax professional.