Employment incentive credit (EIC)
Who is eligible?
You are entitled to credit if you or your business:
- qualified for the investment tax credit, and
- have increased your average number of employees in New York State to at least 101% of your number of employees in New York State during your base year.
How much is the credit?
- A percentage of the original investment credit base on which the ITC was allowed.
- The credit is refundable to individuals under Article 22, which includes shareholders of New York S corporations, who qualify as owners of a new business.
Taxpayers must prove entitlement to tax credits. During the course of an audit, you may be required to provide documentation to substantiate entitlement based on the specific facts of your tax credit claim. See Employment incentive credit recordkeeping requirements for more information on the recordkeeping requirements for this credit.
- Form-CT-46, Claim for Investment Tax Credit, and its instructions (for corporations); or
- Form IT-212, Investment Credit, and its instructions; and
- Form IT-212-ATT, Claim for Historic Barn Rehabilitation Credit and Employment Incentive Credit, and its instructions (for all others).