New York offers a number of specialized refundable credits that may be available to taxpayers with qualifying business activities, investments, property interests, employment incentives, or economic development projects.
Pathway to this entry is:
New York State Return > Credits > Other Refundable Credits
What Are Other Refundable Credits?
The Other Refundable Credits section is used to report refundable credits that require an additional New York credit form.
When a credit is selected, enter the credit amount from the applicable New York credit form.
Important Information
The credits listed in this section require forms that are not supported by the software for electronic filing.
If you claim one of these credits:
- Select the applicable credit.
- Enter the credit amount.
- Complete the required New York credit form.
- Attach the required form to your return.
- Mail the return and supporting documentation to New York State.
The required form is identified by the credit description.
Available Other Refundable Credits
Conservation Easement Credit (Form IT-242)
Available to taxpayers who qualify for a credit related to a conservation easement on eligible real property.
Empire State Film Production Credit (Form IT-248)
Available to taxpayers who receive a credit allocation from qualifying film production activities in New York.
FSI Investment Credit (Form IT-252)
Available for qualifying investments associated with the Financial Services Industry (FSI) program.
Special Additional Mortgage Recording Tax Credit (Form IT-256)
May be available for qualifying mortgage recording taxes paid on certain properties.
Empire Zone (EZ) or Zone Equivalent Area (ZEA) Wage Tax Credit (Form IT-601)
Available to eligible businesses that create qualifying jobs in designated Empire Zone or Zone Equivalent Area programs.
Empire Zone Employment or Investment Tax Credit (Form IT-603)
Available to taxpayers who qualify for Empire Zone employment or investment incentives.
Qualified Empire Zone Enterprise (QEZE) Credit for Real Property Taxes (Form IT-604)
Available to qualifying Empire Zone businesses that pay eligible real property taxes.
Financial Services Industry Empire Zone Employment or Investment Credit (Form IT-605)
Available to qualifying financial services businesses participating in Empire Zone programs.
Brownfield Redevelopment Tax Credits
The following credits relate to approved Brownfield Cleanup Program projects:
Brownfield Redevelopment Credit (Form IT-611)
Used for qualifying environmental remediation and redevelopment projects.
Brownfield Redevelopment Credit (Form IT-612)
Used for qualifying site preparation and environmental remediation expenses.
Brownfield Redevelopment Credit (Form IT-613)
Used for qualified tangible property associated with Brownfield redevelopment projects.
Security Officer Training Tax Credit (Form IT-631)
Available to certain employers who provide qualified security officer training programs.
QETC Employment Credit (Form DTF-621)
Available to certified Qualified Emerging Technology Companies (QETCs) that meet employment growth requirements.
Manufacturer's Real Property Tax Credit (Form IT-641)
Available to qualifying manufacturers that pay eligible real property taxes.
New York Youth Works Credit (Form IT-635)
Available to employers who hire qualified employees through the New York Youth Works Program.
Empire State Musical and Theatrical Production Credit (Form IT-642)
Available to qualifying musical and theatrical productions operating within New York State.
What Information Will I Need?
Depending on the credit selected, you may need:
- Credit certificates.
- State-issued approval documents.
- Schedule K-1 information.
- Partnership or S corporation statements.
- Employment records.
- Property tax records.
- Documentation supporting the credit calculation.
Many of these credits are passed through from a:
- Partnership
- S Corporation
- Estate
- Trust
- Business entity
How Do These Credits Affect My Return?
Refundable credits may:
- Reduce New York tax liability.
- Increase your refund.
- Generate a refund even if no tax is otherwise due.
The impact depends on the specific credit and amount claimed.
Important Information
- These credits generally require additional New York forms.
- Returns claiming these credits may not qualify for electronic filing.
- Enter the credit exactly as shown on the supporting form or documentation.
- Keep copies of all certificates, schedules, and supporting documents with your tax records.
- Some credits require approval or certification from New York State before they may be claimed.
Additional Information
Before claiming an Other Refundable Credit, review the supporting documentation and applicable New York credit form carefully. If a credit requires a form that is not supported for electronic filing, the completed form must be attached and submitted with a mailed New York return.