Form It-252-Att - Employment Incentive Credit For The Financial Services Industry - 2012 Page 2
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1
2Instructions
IT-252-ATT (2012) (back)
you are claiming the employment incentive credit. If you qualify,
Temporary deferral of certain tax credits
the credit is allowed for each of the two tax years immediately
For tax years beginning on or after January 1, 2010, and before
succeeding the tax year in which the original investment tax credit
January 1, 2013, if the total amount of certain credits that you may
was allowed. The base year is the year preceding the year for which
use to reduce your tax or have refunded to you is greater than
you claimed the original investment tax credit. However, if your
$2 million, the excess over $2 million must be deferred to, and used
business was not in operation in New York State during that year,
or refunded in, tax years beginning on or after January 1, 2013. For
the base year is the year for which you claimed the investment tax
more information about the credit deferral, see Form IT-500, Income
credit.
Tax Credit Deferral.
Columns B, C, D, and E – Enter the total number of employees
If you are subject to the credit deferral, you must complete all credit
employed within New York State on each of the dates listed that
forms without regard to the deferral. However, the credit amount that
occur during your credit and base tax years.
is transferred to your tax return to be applied against your tax due
Example: A taxpayer filing for a fiscal year beginning September 1,
or to be refunded to you may be reduced. Follow the instructions for
2012, and ending August 31, 2013, would enter on line 2 for the
Form IT-500 to determine the amounts to enter on your tax return.
first succeeding year or line 4 for the second succeeding year the
number of employees employed in New York State on the following
General information
dates: September 30, 2012; December 31, 2012; March 31, 2013;
If you place property in service on or after October 1, 1998,
and June 30, 2013.
and before October 1, 2015, and that property qualifies for the
Caution: If you are also claiming the empire zone (EZ) wage credit
investment tax credit, you may be entitled to the employment
for the credit year, do not include on line 2 or line 4 any employees
incentive credit. If you qualify, the credit is allowed for each of the
for whom you are claiming that wage credit.
two years immediately following the tax year in which the investment
credit was allowed.
Column G – Unless you have a short tax year, divide the amount in
Example: A partnership files its partnership return using a
column F by four. If you have a short tax year (a tax year of less than
fiscal year of February 1, 2011, through January 31, 2012. The
12 months), divide the amount in column F by the number of dates
partnership placed property in service on October 15, 2011, that
shown in columns B through E that occur during the short tax year.
qualified for the investment tax credit. The partnership should
Column H – If you are claiming the credit for the first succeeding
complete Form IT‑252‑ATT for tax years February 1, 2012, through
tax year, divide the amount on line 2, column G, by the amount
January 31, 2013, and February 1, 2013, through January 31, 2014,
on line 1, column G, and round the result to the second decimal
to determine if the partners of the partnership are eligible to claim
place. If the percentage in column H, line 2, is at least 101% (1.01),
the employment incentive credit.
complete Part 2, line 5. If the percentage in column H, line 2, is less
than 101%, stop; you do not qualify for the employment incentive
The amount of the credit is a percentage of the original investment
credit for this year.
credit base on which the investment tax credit was allowed. The
percentage used to compute the credit is based upon the level of
If you are claiming the credit for the second succeeding year, divide
employment in each of the two years during which the credit may
the amount on line 4, column G, by the amount on line 3, column G,
be claimed compared to the level of employment in the base year.
and round the result to the second decimal place. If the percentage
However, the credit will not be allowed for a year if the taxpayer’s
in column H, line 4, is at least 101% (1.01), complete Part 2, line 6. If
average number of employees in New York State during that year is
the percentage in column H, line 4, is less than 101%, stop; you do
not at least 101% of the taxpayer’s average number of employees
not qualify for the employment incentive credit for this year.
in New York State during the base year. A taxpayer that has claimed
an investment tax credit for property it purchased that is principally
Part 2 – Computation of employment incentive credit
used by an affiliate of the taxpayer may also be eligible for an
Column A – Enter in column A the tax year in which the original
employment incentive credit. In this case, the credit is allowed
investment tax credit was allowed.
based on the taxpayer’s average number of employees in New
York State. The number of the affiliate’s employees is not taken into
Column B – Enter in column B the amount of the investment credit
consideration.
base (not the amount of the investment tax credit) that was used
to compute the original investment tax credit. Do not include in
Generally, the base year is the tax year immediately preceding the
column B the investment credit base for any property for which you
tax year for which the original investment tax credit was claimed.
are claiming the EZ employment incentive credit.
However, if the business was not in operation in New York State
during that year, the base year is the tax year for which the original
Column C – Multiply the column B amount by the appropriate rate
investment tax credit was claimed.
from the Tax rate schedule. However, if the property that qualified for
the investment tax credit was disposed of or was not in qualified use
If you cannot claim all of your employment incentive credit because
at the end of the credit year, figure the amount of credit to claim as
it is more than your New York State tax less other credits, you can
follows:
carry over the unused amount to the following ten tax years; or, if
you are the owner of a new business, you may qualify for a refund
– For depreciable property under IRC section 167, multiply the
(see Refundable unused investment tax credit on Form IT-252-I).
credit by a fraction; the numerator is the number of months of
qualified use, and the denominator is the number of months of
Specific instructions
useful life of the property.
– For property subject to the provisions of IRC section 168, multiply
See the instructions for your tax return for the Privacy notification or
the credit by a fraction; the numerator is the number of months of
if you need help contacting the Tax Department.
qualified use, and the denominator is:
• 36 for three-year property,
Part 1 – Eligibility for employment incentive credit
• the number of months you chose for buildings or structural
Complete Part 1 to determine if you are eligible for the credit.
components of buildings, or
If you are eligible, complete Part 2.
• 60 for all other classes of property.
Column A – Enter in column A the credit year (line 2 or line 4)
and the base year (line 1 or line 3). The credit year is the tax year
245002120094
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