Manufacturer’s real property tax credit
Who is eligible?
You or your business are entitled to this credit if you meet all of the following requirements:
- you are subject to tax under Tax Law Article 9-A or 22;
- you are a qualified New York manufacturer (you must meet the definition of a qualified New York manufacturer each year); and
- you paid real property taxes on property in New York State that is owned or leased by you, the manufacturer, and is principally used during the tax year for manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture, or commercial fishing.
How much is the credit?
The amount of the credit is the product of the following two factors:
- 20%, and
- the eligible real property taxes paid during the tax year.
What are the recordkeeping requirements?
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 Manufacturer’s real property tax credit recordkeeping requirements for more information on the recordkeeping requirements for this credit.
- Form CT-641, Manufacturer's Real Property Tax Credit, and its instructions (for corporations).
- Form IT-641, Manufacturer's Real Property Tax Credit, and its instructions (for all others).
- TSB-M-15(3)C, (3)I, Real Property Tax Credit and Reduction of Tax Rates for Qualified New York Manufacturers.
- TSB-M-19(5)C, (6)I, New York State Adjusted Basis for Qualified New York Manufacturers.