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

NYS QETC Employment Credits
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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.
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