Economic transformation and facility redevelopment program tax credit
Who is eligible?
You are entitled to this refundable credit if you or your business:
- is a participant in the Economic Transformation and Facility Redevelopment Program
- received a certificate of eligibility from Empire State Development (ESD)
- is a qualified new business or a participant at a closed facility previously owned by New York State, operated as a psychiatric facility, and located within the Metropolitan Commuter Transportation District (MCTD) , and
- has created and maintained at least five net new jobs in the economic transformation area.
Visit the Economic Transformation Program at Empire State Development's website for additional information and eligibility criteria.
How much is the credit?
The credit is equal to the sum of four components:
- jobs tax credit
- investment tax credit
- training tax credit
- real property tax credit
- Form CT-633, Economic Transformation and Facility Redevelopment Program Tax Credit, and its instructions (for corporations); or
- Form IT-633, Economic Transformation and Facility Redevelopment Program Tax Credit, and its instructions (for all others).