Instructions for Form IT-650 Empire State Apprenticeship Tax Credit - New York

Form IT-650 Empire State Apprenticeship Tax Credit - New York

This document contains official instructions for Form IT-650 , Empire State Apprenticeship Tax Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-650 is available for download through this link.

FAQ

Q: What is Form IT-650?
A: Form IT-650 is the Empire StateApprenticeship Tax Credit form in New York.

Q: Who is eligible for the Empire State Apprenticeship Tax Credit?
A: Employers who hire eligible apprentices in the state of New York are eligible for this tax credit.

Q: What is the purpose of the Empire State Apprenticeship Tax Credit?
A: The purpose of this tax credit is to encourage employers to hire and train apprentices in New York.

Q: How can I claim the Empire State Apprenticeship Tax Credit?
A: You need to complete and submit Form IT-650 with your annual tax return.

Q: What information do I need to provide on Form IT-650?
A: You will need to provide information about the eligible apprentices you have hired and the training program they are enrolled in.

Q: Are there any limits to the amount of tax credit I can claim?
A: Yes, the maximum tax credit per eligible apprentice is $2,000 per year.

Q: Can I carry forward any unused tax credit?
A: No, the Empire State Apprenticeship Tax Credit cannot be carried forward to future years.

Q: Is there a deadline for submitting Form IT-650?
A: Yes, Form IT-650 must be submitted with your annual tax return by the due date.