Claim for QETC Employment Credit

New York Tax Form 621: Claim for QETC Employment Credit

Use the New York Tax Form Calculator New York Tax Form 621: Claim for QETC Employment Credit as a stand alone tax form calculator to quickly calculate specific amounts for your 2024 New York state tax return.

Claim for QETC Employment Credit
File this form with corporate franchise tax return Form CT-3, CT-3-A, or CT-3-S, or with income tax return Form IT-201, IT-203, IT-204, or IT-205.
Mark with an X the tax year for which you are claiming the qualified emerging technology company (QETC) employment credit on this return: 1st 2nd 3rd
A	Partner in a partnership, S corporation shareholder, or a beneficiary of an estate or trust: enter your share of the QETC employment credit (see instructions, Form DTF-621-I)						A
Business name of the partnership, S corporation, estate, or trust					Taxpayer identification number
Schedule A – Eligibility requirements (All the questions in Schedule A pertain to the tax year for which you are claiming the credit.)
Part 1 – Location and sales (mark X in the appropriate boxes)
1	Is the company located in New York State?							Yes No
2	Are the total annual product sales of the company $10000000 or less?							Yes No
If you answered Yes to questions 1 and 2, continue with Part 2. If you answered No to either question 1 or 2, you do not qualify for a QETC employment credit for the current tax year.
Part 2 – QETC business activities
Research and development (R&D) activities (see instructions)
3	Does the company have R&D activities in New York State? If No, skip lines 4 through 7 and continue with question 8. If Yes, continue with line 4							Yes No
4	Enter the amount of R&D funds						4
5	Enter the amount of net sales (if you have any amount of R&D funds but zero net sales, you are a QETC; skip line 6 and mark the Yes box on line 7)						5
6	R&D funds percentage (divide line 4 by line 5; enter the result as a percentage)						6	%
7	Does the percentage on line 6 equal or exceed 3.3%? If Yes, you are a QETC; continue with Part 3. If No, continue with question 8.							Yes No
Primary products and services
8	Does the company develop or create products or services that are classified as emerging technologies?							Yes No
	If Yes, enter in the box below a description of the company’s emerging technology products or services, and continue with line 9. If you answered No to lines 3 and 8 or lines 7 and 8, you cannot claim this credit
9	Enter the gross receipts or sales from the company’s emerging technology products or services described on line 8 that were included on your federal return						9
10	Enter from your federal return the gross receipts or sales from all the company’s products or services If line 10 is zero, skip lines 11 and 12 and continue with line 13. If line 10 is greater than zero, continue with line 11.						10
11	Divide line 9 by line 10 (enter the result as a percentage)						11
12								Is the percentage on line 11 greater than 50%? Yes No If Yes, continue with Part 3. If No, you cannot claim this credit.
B	If you are claiming this credit as a corporate partner, mark an X in the box
13	Enter the total expenditures attributable to the development or creation of emerging technology products or services included on your federal return						13
14	Enter the total expenditures included on your federal return						14
15	Divide line 13 by line 14 (enter the result as a percentage)						15
16	Is the percentage on line 15 greater than 50%? If Yes, continue with Part 3. If No, stop. You cannot claim this credit.							Yes No
Part 3 – Computation of average number of full-time employees in New York State for the current tax year and three-year base period
Current tax year		March 31	June 30	Sept. 30	Dec. 31	Total
Number of full-time employees in New York State
17	Average number of full-time employees in New York State for the current tax year (see instructions)						17
Number of full-time employees in New York State for three-year base period		March 31	June 30	Sept. 30	Dec. 31	Total
First year
Second year
Third year
Total number of full-time employees in New York State for the three-year base period
18	Average number of full-time employees in New York State for the three-year base period (see instructions)						18
19	Percentage of employment for full-time employees in New York State (divide line 17 by line 18; enter the result as a percentage; see instructions)						19
If your percentage of employment for full-time employees in New York State on line 19 is less than 101%, do not complete Schedule B; see instructions. If your percentage of employment is at least 101%, continue with Schedule B
Schedule B – Computation of credit for the current tax year
20	Enter amount from line 17 (include only those employees listed on page 3)						20
21	Enter amount from line 18						21
22	Subtract line 21 from line 20						22
23	Credit per employee						23
24	Credit computed for the current tax year (multiply line 22 by line 23; see instructions)						24
Additional information for Schedule B – Employee listing
List below each employee used to compute the average number of full-time employees on line 17.
Employee’s name		Social security number		Employee’s name		Social security number






















Schedule C – Computation of QETC employment credit
25	Enter the amount from page 1, line A (Fiduciaries: see instructions.)						25
26	QETC employment credit computed for the current tax year (from Schedule B, line 24; see instr.)						26
27	QETC employment credit (add lines 25 and 26; see instructions)						27
Schedule D – Computation of QETC employment credit limitation (Article 9-A only)
28	Current year’s tax (see instructions)						28
29	Enter other credits used (see instructions)						29
30	Net tax (subtract line 29 from line 28)						30
31	Enter your fixed dollar minimum tax (see instructions)						31
32	Credit limitation. Subtract line 31 from line 30 (if less than zero, enter 0)						32
33	QETC employment credit to be used for the current tax year (see instructions)						33
34	Unused QETC employment credit (subtract line 33 from line 27)						34
35	Amount of unused credit on line 34 to be refunded (see instructions)						35
36	Amount of unused, nonrefunded credit to be applied as an overpayment to the next year’s tax return (subtract line 35 from line 34; see instructions)						36

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