Instructions for Form IT-606 Claim for Qeze Credit for Real Property Taxes - New York

Form IT-606 Claim for Qeze Credit for Real Property Taxes - New York

This document contains official instructions for Form IT-606 , Claim for Qeze Credit for Real Property Taxes - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-606 is available for download through this link.

FAQ

Q: What is Form IT-606?
A: Form IT-606 is a form used in New York to claim the QEZ credit for real property taxes.

Q: What is the QEZ credit?
A: The QEZ credit is a tax credit available to qualified Empire Zone Enterprises (QEZEs) for real property taxes paid on qualified business property.

Q: Who can use Form IT-606?
A: Businesses that qualify as QEZEs can use Form IT-606 to claim the QEZ credit.

Q: What is considered qualified business property?
A: Qualified business property includes real property located within an Empire Zone and owned or leased by a QEZ.

Q: What is the deadline for filing Form IT-606?
A: The deadline for filing Form IT-606 is the same as the deadline for filing the taxpayer's New York State income tax return, which is usually April 15th.

Q: Are there any specific requirements for claiming the QEZ credit?
A: Yes, there are specific requirements that must be met, such as being certified as a QEZ business and meeting certain employment and investment requirements.

Q: Can I claim the QEZ credit for real property taxes paid in a previous year?
A: No, the QEZ credit can only be claimed for real property taxes paid in the current tax year.

Q: Is the QEZ credit refundable?
A: No, the QEZ credit is not refundable. It can only be used to offset the taxpayer's New York State tax liability.

Q: Are there any other credits or deductions available for QEZEs?
A: Yes, QEZEs may also be eligible for other tax credits and deductions, such as the QETC credit and the investment tax credit.