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The Qualified Emerging Technology Company Employment Credit is designed to encourage job creation in qualified emerging technology companies (QETCs).
A QETC is a company located in New York State with total annual product sales of $10 million or less, and meets either of the following criteria:
1. Primary products or services include: • Advanced materials and processing technologies • Engineering, production, and defense • Electronic and photonic devices and components • Information and communications technologies • Bio- and nano-technologies • Remanufacturing technologies
Or
2. The company has research and development (R&D) activities in New York State, and its ratio of R&D funds to net sales equals or exceeds the average ratio for all surveyed companies, as determined by the National Science Foundation. As of 2007, this average was 3.2% (see Claim for QETC Employment Tax Credit, Form DTF-621, for details).
Employment Credit During the tax year, the average number of QETC full-time employees in New York State must be at least 101% of the QETC’s base year employment (base year employment is the average number full-time employees in New York State during the three years immediately preceding the first year credit was claimed).
The credit is equal to the average number of full-time employees in New York State for the current tax year, minus the base year employment, multiplied by $1,000.
The credit is available for three consecutive tax years, if the annual eligibility requirements are met.
Additional information and eligibility requirements are available in the Instructions for QETC Employment Credit, linked below.
File the Claim for QETC Employment Credit (Form DTF-621) with either the General Business Corporation Franchise Tax Return (Form CT-3), the General Business Corporation Combined Franchise Tax Return (Form CT-3-A), or the New York S Corporation Franchise Tax Return (Form CT-3-S). For copies of these forms and filing instructions, visit the NYS Department of Taxation and Finance website (under Links to Additional Materials above).
New York State Department of Taxation and Finance Metropolitan District Office
55 Hanson Place
Brooklyn,
NY
11217
Phone:
(888) 462-8100
Fax: (800) 748-3676
Website: http://www.nystax.gov
This page provides general information only. The information does not address all relevant regulatory requirements of City, State or Federal Agencies, nor does it address requirements with which the business must comply on an ongoing basis. It is the business owner's responsibility to meet all City, State and Federal requirements. Failure to comply with all applicable laws and regulations may result in fines or in the suspension and/or revocation of licenses or permits, or other penalties as allowed by law.
Please note that this information is not legal advice; you can only obtain legal advice from a lawyer. For more information or assistance, please contact the issuing Agency, using the contact information above, or call 311 (or 212-NEW-YORK if outside of New York City).
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