Who are eligible for the NYS Qualified Emerging Technology Company ("QETC") Employment Credits?
Tax Professional Answers
You may claim this credit if you are:
• A corporation that is subject to tax under Article 9‑A.
• An individual who is subject to tax under Article 22 including:
– a sole proprietor (including estates and trusts that are sole
– a partner of a partnership (including a member of a limited
liability company (LLC) that is treated as a partnership for
federal income tax purposes)
– a shareholder of a New York S corporation
– a beneficiary of an estate or trust where the estate or trust is a
sole proprietor, partner in a partnership, or a shareholder of a
New York S corporation
To claim this credit the corporation, individual, sole proprietorship,
partnership, or S corporation:
• must be a QETC as defined in section 3102‑e of the Public
Authorities Law (PAL); and
• the average number of individuals employed full‑time by the
taxpayer in New York State during the tax year must be at least
101% of the taxpayer’s base‑year employment.
In general, the amount of the credit is equal to the average number of full-time employees in New York State for the current tax year, minus the taxpayer’s base‑year employment, multiplied by $1,000.
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