Instructions for Form CT-633 Economic Transformation and Facility Redevelopment Program Tax Credit - New York

Form CT-633 Economic Transformation and Facility Redevelopment Program Tax Credit - New York

This document contains official instructions for Form CT-633 , Economic Transformation and Facility Redevelopment Program Tax Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form CT-633 is available for download through this link.

FAQ

Q: What is Form CT-633?
A: Form CT-633 is a tax form used in New York for claiming the Economic Transformation and Facility Redevelopment Program Tax Credit.

Q: What is the purpose of the Economic Transformation and Facility Redevelopment Program Tax Credit?
A: The purpose of this tax credit is to provide incentives for businesses to invest in economic transformation and facility redevelopment projects in New York.

Q: Who is eligible for the tax credit?
A: Eligible taxpayers include businesses that are undertaking qualifying projects in designated areas of New York.

Q: What types of projects qualify for the tax credit?
A: Projects that involve significant investment in transforming a facility or redeveloping a site in designated areas may qualify for the tax credit.

Q: How is the tax credit calculated?
A: The tax credit is generally 2% of the eligible project costs.

Q: What is the maximum tax credit amount?
A: The maximum tax credit amount is $5 million per project.

Q: How do I claim the tax credit?
A: You need to complete Form CT-633 and attach it to your New York state tax return.

Q: Are there any deadlines for claiming the tax credit?
A: Yes, the tax credit must be claimed within three years from the date the facility redevelopment project was placed in service or occupied.