Form CT 602 CT602 2008

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CT-602

New York State Department of Taxation and Finance

Claim for EZ Capital Tax Credit
Tax Law — Articles 9-A, 32, and 33

Attach a copy of Empire State Development Corporation
Form Z10, Eligibility to Apply for a Zone Capital Tax Credit.

All filers must enter tax period:
beginning

Name
		

ending
Employer identification number (EIN)
(as shown on the front page of your tax return)

File with corporation franchise tax return Form CT-3, CT-3-A, CT-3-S, CT-32, CT-32-A, CT-32-S, CT-33, CT-33-A, or
CT-33-NL. See Form CT-602-I, Instructions for Form CT-602.
Schedule A — Investments in certified EZ businesses (see instructions)
A
Name of certified EZ business

B
Location of zone

C
Amount of investment

Total from additional sheet(s) attached..............................................................................................................
1 Total qualified investments in EZ businesses (add column c amounts) .................................................
1.
2 Credit rate 25%.................................................................................................................................... 2.
3a EZ capital tax credit (multiply line 1 by line 2) ........................................................................................ 3a.
3b Credit from partnership(s) from investments in EZ businesses (see instructions)................................ 3b.
4 Total credit from investments (add lines 3a and 3b; S corporations: see instructions).................................. 4.

.25

Schedule B — Monetary contributions to EZ community development projects (see instructions)
A
Name of community development project

B
Location of zone

C
Amount of monetary contributions

Total from additional sheet(s) attached..............................................................................................................
5 Total amount of contributions to EZ community development projects (add column c amounts) . .........
5.
6 Credit rate 25%.................................................................................................................................... 6.
7a EZ capital tax credit (multiply line 5 by line 6) ........................................................................................ 7a.
7b Credit from partnership(s) from contributions to EZ community development projects (see instructions).. 7b.
8 Total credit from monetary contributions (add lines 7a and 7b; S corporations: see instructions)................. 8.

.25

Schedule C — Limitations of EZ capital tax credit (New York S corporations do not complete Schedule C)
Part 1 – Fifty percent limitation
9 Tax from Form CT-3, line 78; Form CT-3-A, line 77; Form CT-32, line 5; Form CT-32-A, line 5; Form CT-33,
		  lesser of line 9a or line 10; Form CT-33-A, lesser of line 10 or line 14; or Form CT-33-NL, line 5 ...........
9.
10 Enter 50% (.5) of line 9 ..................................................................................................................... 10.
Part 2 – Lifetime limitation
B
A
C
Investment in
Total
Monetary contributions
EZ
to community development
(column A + column B)
business
projects
11 Limitations per sections 210.20(a),
		  1456(d)(1), and 1511(h)(1)............................................
12 EZ capital tax credit previously allowed, less
		  any previous recapture (see instructions) ........................
13 EZ capital tax credit still allowable (subtract
		  line 12 from line 11; see instructions) . .................................
14 EZ capital tax credit allowable this year (see instructions)

46201080094

100,000

100,000

200,000

Page 2 of 2

CT-602 (2008)

Part 3 – Tax on minimum taxable income/fixed dollar minimum limitation
15 Tax from Form CT-3, line 78; Form CT-3-A, line 77; Form CT-32, line 5; Form CT-32-A, line 5;
		  Form CT-33, line 9a; Form CT-33-A, line 10; or Form CT-33-NL, line 5 . ..........................................
16 Credits claimed before the EZ capital tax credit (see instructions) .......................................................
17 Balance of tax (subtract line 16 from line 15) . ..........................................................................................
18 Tax on minimum taxable income or fixed dollar minimum (Form CT-3, line 81; Form CT-3-A, line 80;
		  Form CT-32, line 4; Form CT-32-A, line 4; Form CT-33, line 4; Form CT-33-A, line 4; or
		  Form CT-33-NL, line 4)......................................................................................................................
19 Credit limitation (subtract line 18 from line 17) . ......................................................................................

15.
16.
17.

18.
19.

Schedule D – Computation of EZ capital tax credit and carryover (New York S corporations do not
complete Schedule D)
20
21
22
23
24
25
26

EZ capital tax credit allowable this year (from line 14, column C) . ........................................................
Unused EZ capital tax credit from previous periods beginning on or after January 1, 1994..............
Total (add lines 20 and 21) ....................................................................................................................
EZ capital tax credit recapture from line 27 . .....................................................................................
Net EZ capital tax credit available this year (see instructions) . ............................................................
EZ capital tax credit used this year (see instructions) ..........................................................................
EZ capital tax credit available for carryforward (see instructions) .........................................................

20.
21.
22.
23.
24.
25.
26.

Schedule E – Recapture of EZ capital tax credit
A
Tax period EZ capital tax
credit originally allowed

B
Amount of EZ capital tax
credit originally allowed

C
Recapture percent

D
Recaptured credit

(see instructions)

(column B × column C)

Column D total from additional sheets(s) attached............................................................................................
27 Total recaptured EZ capital tax credit (add column D amounts; enter here and on line 23;
		  New York S corporations and corporate partners, see instructions) .......................................................... 27.

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