TaxConnections

Login | TAXPAYERS JOIN HERE | TAX PROFESSIONALS JOIN HERE

Who are eligible for the NYS Qualified Emerging Technology Company ("QETC") Employment Credits?

NYS QETC Employment Credits
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Peter J. Scalise
The Qualified Emerging Technology Company (QETC) employment credit under NYS Tax Law, Article 9-A, section 210.12-E and Article 22 section 606(q) is designed to encourage the creation of jobs in a QETC. The credit is available to Article 9‑A taxpayers or Article 22 taxpayers (e.g., individuals including sole proprietors, partners of partnerships, shareholders of New York S corporations, members of LLCs, estates and trusts, and beneficiaries of estates and trusts). The credit can be claimed for three consecutive years.

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
proprietors)
– 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.
Leave a Comment 182 weeks ago

Meet Leading Tax Advisors

User Photo Peter J. Scalise

Federal Tax Credits & Incentives Practice Leader

New York, NY

User Photo John L Stancil

Tax Advisor/CEO

Lakeland, FL

User Photo John R Dundon, II EA

Tax Director

Denver, CO

User Photo Kevin Johnson MS, JD, LL.M, CPA

Partner

Philadelphia, PA

User Photo Brian Weaver, CPA, MBA

Managing Tax Consultant

Des Plaines, IL

User Photo William Rogers, CFP, MBA, EA

Rancho Santa Fe, CA

Title

User Photo Clinton J Donnelly, LLM

International Tax Advisor

Panama City, Panama

User Photo Jim Marshall, EA

President/ Tax And Financial Advisor

Scottsdale, AZ

User Photo Brett A Thompson, JD, CPA

Managing Tax Lawyer

Katy, TX

User Photo Charles Woodson, EA

Tax Advisor/Fiduciary Coach

San Diego, CA

User Photo John Richardson

Tax Lawyer

Toronto, Canada

User Photo Clifford Benjamin

Senior Tax Principal

Daytona Beach, FL

User Photo Kazim Qasim, EA, CTC

Managing Tax Advisor/CEO

Orlando, FL

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today