Credit for rehabilitation expenses for retail enterprises
The rehabilitation expenses for retail enterprises credit expired on December 31, 2014, for Article 9-A taxpayers (corporations). For tax years beginning on or after January 1, 2015, an Article 9-A taxpayer may only claim a rehabilitation expenses for retail enterprises credit carryover or recapture from previous years.
Who is eligible?
Article 22 taxpayers are entitled to this credit if:
- the business has qualified rehabilitation expenses as defined in Internal Revenue Code section 47(c)(2),
- the business is a retail enterprise registered as a sales tax vendor and is at least 50% engaged in retail sales as defined in Tax Law section 1101(b)(4)(i), and
- the rehabilitated property is located in New York State
How much is the credit?
- 4% of qualified rehabilitation expenses.
- It's refundable to new businesses.
Additional information
- Form CT-46, Investment Tax Credit, and its instructions (for corporations), or
- Form IT-212, Investment Tax Credit, and its instructions (for all others).
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