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
- 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)
- has created and maintained at least five net new jobs in the economic transformation area, and
- received a certificate of eligibility from Empire State Development (ESD). For additional information and eligibility criteria, visit Empire State Development: 2014 Economic Transformation Program.
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)
- Form IT-633, Economic Transformation and Facility Redevelopment Program Tax Credit, and its instructions (for all others)