Instructions for Form CT-648 Life Sciences Research and Development Tax Credit - New York

Form CT-648 Life Sciences Research and Development Tax Credit - New York

This document contains official instructions for Form CT-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 CT-648 is available for download through this link.

FAQ

Q: What is Form CT-648?
A: Form CT-648 is the form used to claim the Life Sciences Research and Development Tax Credit in New York.

Q: What is the Life Sciences Research and Development Tax Credit?
A: The Life Sciences Research and Development Tax Credit is a tax incentive provided to businesses in New York that engage in qualifying research and development activities in the life sciences field.

Q: Who is eligible to claim this tax credit?
A: Businesses that conduct research and development activities in the life sciences field in New York may be eligible to claim this tax credit.

Q: What expenses can be claimed as part of this tax credit?
A: Expenses related to qualified research and development activities, including wages, supplies, and contracted research expenses, can be claimed as part of this tax credit.

Q: How can I calculate the amount of tax credit I can claim?
A: The amount of tax credit you can claim is calculated based on a percentage of eligible research and development expenses. Refer to the instructions provided with Form CT-648 for detailed guidance on calculating the credit.

Q: Are there any limitations on the tax credit?
A: Yes, there are certain limitations on the tax credit, including a maximum credit amount and a carryover provision for unused credits.

Q: Can I claim the tax credit if I am a sole proprietor?
A: No, the tax credit is only available to businesses, including corporations, partnerships, and limited liability companies.

Q: When is the deadline to file Form CT-648?
A: Form CT-648 must be filed on or before the due date of the business's New York State income tax return, including extensions.

Q: Is there a fee to file Form CT-648?
A: No, there is no fee to file Form CT-648.

Q: What supporting documentation do I need to submit with Form CT-648?
A: You may need to submit documentation such as research records, payroll records, and expense receipts to support your claim for the tax credit. Refer to the instructions provided with the form for a complete list of required documentation.