New information concerning qualified emerging technology company (QETC) tax credits
The Tax Department has issued guidance on the qualifications for claiming the QETC tax credits. The guidance clarifies that a business:
- must be engaged in creating or developing emerging technologies referenced in section 3102-e of the Public Authorities Law to qualify under the primary products or services test;
- must qualify under the primary products or services test to claim the QETC facilities, operations and training credit; and
- may use an alternative method to compute the primary products or services test if the business does not make sales of products or services.
In addition, the QETC tax credit forms and instructions, which reflect this clarification, have been issued.
For more information, see: