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Screen NYCrZ - New York Zone Credits (1040)
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Overview
Use this screen to complete Forms IT-601, IT-602, IT-603, IT-604, Sections 1 and 2, IT-605, IT-606, Sections 1 and 2. If information transferred from UltraTax/1040 doesn't require additional data or coding, UltraTax/1040-NY shows it on the form only, not in the screen.
Zone Information
UltraTax CS uses the information in this section to complete Forms IT-601, IT-602, IT-603, IT-604, IT-605, and IT-606.
Unit
UltraTax CS uses the number that appears in this field to gather and coordinate information for filing Forms IT-601, IT-602, IT-603, IT-604, IT-605, and IT-606. Multiple occurrences of each form may be calculated.
Form to calculate; 'Base' may be used if identical data is desired for multiple forms
Enter the credit form number or use F4 to display a fieldview of the available codes. The NYCrZ screen is a multiple unit screen. Add a new screen for each credit form. Select
Base
and all data entry fields are enabled in this screen; select IT-601
, and only IT-601 related fields are enabled.A 'Base' unit has been set up; transfer that data to this screen
This field is enabled if the
Form
field isn't blank and isn't equal to Base
.It's assumed that you completed a
Base
unit of the NYCrZ screen, added another unit of the NYCrZ-2 screen, and selected a credit form to calculate (Form IT-602 is used in this example). Enter X
to transfer related entries from the Base
NYCrZ screen to this screen. If you selected IT-602
in the Form
field, only Form IT-602 related data transfers from the Base screen to the IT-602 screen. If you change Base screen data at a later time and want the new data to transfer to the IT-602 screen, remove the X
, use Enter, and re-enter X
in this field. Statement data isn't available and doesn't transfer from a Base screen to other credit screens.You aren't required to complete a Base screen; it's available as a tool for taxpayers who qualify for more than 1 Zone credit based upon the same set of data. Data entered on a Base screen alone isn't used to calculate any form.
Zone certification or designation date / Zone name
Refer to the specific form and enter the appropriate information to complete the credit form. For example, Form IT-604, date field transfers to the
Date of first certification by Empire State Development
question. The Zone name
field transfers to the Name of empire zone
question.Qualified empire zone enterprise business employer identification number / business name
These fields are applicable to (and enabled for) Form IT-604 and IT-606 only.
Partnership, S corporation, estate, and trust information
Enter pass-through information in the statement window provided. This information is used to complete portions of Forms IT-603, IT-604, IT-605, and IT-606. For Form IT-604, enter partnership, S-corporation, or trust or estate name, enter an EIN to mark the box indicating you're claiming the credit as a partner, shareholder or beneficiary. Additional data entry for a partnership or S-corporation is also required in the Investment and Property section of this screen.
Tax year
Enter tax year or use F4 to display a fieldview of the available choices. This field is used on Forms IT-604, Section 1, Page 3 and Section 2, Page 7, benefit period factor; and IT-606 Section 1, Page 3, benefit period factor.
Carryover from
2023
Enter the available carryover from
2023
. This field is used to calculate Forms IT-601, IT-602, IT-603, and IT-605.Employee List
UltraTax CS uses the information entered in this section to complete portions of Form IT-606.
Form IT-606, Section 2 employees
Entries in the statement window are used to complete Form IT-606, Page 6. Enter employee name, Social Security number, zone location, and total wages. Eligible wages are capped at $40,000 per employee.
Investment and Property
UltraTax CS uses the information entered in this section to complete property and investment portions of Forms IT-603, IT-605, and Section 1 or 2 of Forms IT-604 and IT-606.
Forms IT-603 and IT-605 recapture information
Entries in the statement window are used to complete Form IT-603, Page 3 and IT-605, Page 3. The Additional Recapture column applies to Form IT-603 decertified EZ businesses only. UltraTax CS includes all recapture amounts as EZ-ITC by default. If recapture of EZ-EIC, enter
X
in the EZ-EIC column. If calculating EZ-EIC recapture, the recapture percentage used is 30%.Form IT-604 average property value
Entries in these fields are used to complete Form IT-604, Page 3 or 7, Average value of property, depending on the section of the form calculated.
Form IT-604 compensation
Entries in these fields are used to complete Form IT-604, Page 3 or 7, Wages and other compensation of employees, depending on the section of the form calculated.
Form IT-604 income
Entries in these fields are used to complete Form IT-604, Page 3 or 7, Income from the QEZE allocated within NYS and New York adjusted gross income, depending on the section of the form calculated. Note that the New York State
Entire State
field may be forced as losses included in AGI must not be included in this amount.Form IT-604, Schedule O subject to reduced benefit period factor
If you're processing the IT-604 Section 2, Schedule O, the benefit period factor will default to 1.0. If the QEZE was first certified between August 1, 2002 and March 31, 2005, whose operations are conducted on real property subject to a brownfield site cleanup agreement executed prior to January 1, 2006, indicate here to use the reduced benefit period factor.
Form IT-604, Schedules F or O for partners or shareholders
If you're processing Form IT-604, Section 1, entries in these fields are used to complete Page 3, lines 26 and 27. If you're processing Form IT-604 Section 2, entries in these fields are used to complete Page 7, lines 59 and 60. These fields don't relate to any other form.
Forms IT-604 and IT-606 valid business purpose and explanation / no valid business purpose
Entries in the statement window are used to complete Form IT-604 and Form IT-606, Section 1, Page 4 (if yes, also enter an explanation how the QEZE meets the valid business purpose test). The
Valid business purpose
question doesn't appear in Section 2 of Forms IT-604 or IT-606.Forms IT-604 and IT-606 clean energy enterprise or brownfield cleanup code
From the dropdown list, select the appropriate code to complete portions of Forms IT-604 and IT-606. Use code
CEE
to designate a Clean Energy Enterprise. Use code BRWN
to designate a QEZE that conducts operations on real property it owns or leases that is located in an enterprise zone that's subject to a brownfield site cleanup agreement executed prior to a certain date. Use code BOTH
to mark both options if applicable.Form IT-606, Section 1 qualified empire zone enterprise credit limit
The entry in this field is used to complete Form IT-606, Page 3 only. See Form IT-606 instructions for the QEZE credit for real property taxes limitation line, Worksheet B.
Form IT-606 eligible real property tax
The entry in this field is used to complete Form IT-606, Pages 3 and 7 depending on the section of the form calculating.
Form IT-606 recapture amount
The entry in this field is used to complete Form IT-606, Pages 3 and 7 depending on the section of the form calculating.
Forms IT-604 and IT-606 related entities
Entries in the statement window are used to complete Form IT-604, Pages 4 and 8 and IT-606, Pages 4 and 8 depending on the section of the form calculating.
Form IT-606, Section 2 capital investment / Capital investment code
Entries in the statement window are used to complete Form IT-606, Page 8. Enter property address, location, cost and other applicable information. If the property information belongs in Schedule Q, part 1, enter
DZ
in the Capital investment - DZ or IZ / Manufacturer
field, otherwise enter IZ
. In the Construction Rehab % column, if percentage is greater than 50, per form instructions, enter 100
. UltraTax CS doesn't default to 100 for entries greater than 50 but less than 100.