Employment incentive credit (EIC) for the financial services industry
You're entitled to this credit if you or your business:
- qualified for the investment tax credit for the financial services industry*, and
- have increased your average number of employees in New York State to at least 101% of your number of employees in New York State during your base year.
*The investment tax credit (ITC) for the financial services industry expired for property placed in service on or after October 1, 2015. An EIC is allowed for the two years immediately succeeding the tax year for which an ITC is allowed.
How much is the credit?
- A percentage of the original investment credit base on which the ITC was allowed.
- The credit is refundable to individuals under Article 22, which includes shareholders of New York S corporations, who qualify as owners of a new business.
For additional information on claiming this credit, see:
- Form CT-44, Claim for Investment Tax Credit for the Financial Services Industry, and its instructions, Form CT-44-I (for corporations); or
- Form IT-252, Investment Tax Credit for the Financial Service Industry, and its instructions, Form IT-252-I (for all others); and
- Form IT-252-ATT, Employment Incentive Credit for the Financial Services Industry (for all others).