Instructions for Form IT-645 Recapture of Start-Up Ny Tax Benefits - New York

Form IT-645 Recapture of Start-Up Ny Tax Benefits - New York

This document contains official instructions for Form IT-645 , Recapture of Start-Up Ny Tax Benefits - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-645 is available for download through this link.

FAQ

Q: What is Form IT-645?
A: Form IT-645 is the Recapture of Start-Up NY Tax Benefits form in New York.

Q: What are Start-Up NY tax benefits?
A: Start-Up NY tax benefits are incentives given to eligible businesses that locate or expand in designated tax-free areas in New York.

Q: Who needs to file Form IT-645?
A: Businesses that have received Start-Up NY tax benefits and are required to recapture or repay a portion of those benefits must file Form IT-645.

Q: What is the purpose of Form IT-645?
A: The purpose of Form IT-645 is to calculate and report the amount of Start-Up NY tax benefits that need to be recaptured or repaid.

Q: When is Form IT-645 due?
A: Form IT-645 is due on or before the last day of the 12th month following the close of your taxable year.

Q: Are there any penalties for late filing of Form IT-645?
A: Yes, there may be penalties for late filing of Form IT-645. It is important to file the form by the due date to avoid penalties.

Q: How do I calculate the amount to be recaptured on Form IT-645?
A: The amount to be recaptured is generally determined by multiplying the original tax benefits by the recapture percentage specified in the Start-Up NY agreement.

Q: Can I file Form IT-645 electronically?
A: No, Form IT-645 cannot be filed electronically. It must be filed by mail.

Q: Is there any additional documentation required with Form IT-645?
A: Yes, you may be required to include supporting documentation such as a copy of the Start-Up NY agreement and any recapture calculations with Form IT-645.