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Form IT-641 Manufacturer's Real Property Tax Credit Tax Year 2024

Form IT-641 Manufacturer's Real Property Tax Credit Tax Year 2024-2025

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The document outlines the Manufacturer's Real Property Tax Credit application process as per New York Tax Law Section 606(xx). It provides instructions for individuals, partnerships, and fiduciaries on how to claim the credit, including required schedules and calculations for eligible real property taxes paid. The form details the necessary information to be submitted alongside various tax forms (IT-201, IT-203, IT-204, or IT-205) and includes sections for credit computation and recapture.

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What is a qualified New York manufacturer?

A Qualified New York Manufacturer is defined as a manufacturer which has property in New York which is described in clause (A) of subparagraph (i) of paragraph (b) of subdivision twelve of this section and either (I) the adjusted basis of such property for federal income tax purposes at the close of the taxable

What are the main types of manufacturing in New York?

Manufacturing is a less glamorous, but vital part of New York Citys economy. Some of the main products manufactured in the city are chemicals, clothing, processed foods, metal products, and furniture, among others.

What is the manufacturers real property tax credit in NY?

How much is the credit? The amount of the credit is equal to 20% of the eligible real property taxes paid during the tax year.

Is New York market based or cost of performance?

In light of New Yorks move to a market-based sourcing rule under its prior corporate tax reform, the final regulations address a number of areas affecting the states business apportionment factor (BAF), and provide much needed guidance regarding sourcing rules, receipts from digital products and intangibles, items

What is the QFI election in NY?

Qualified Financial Instruments Election If such an election is made, then all income within a specific investment class, whether or not the individual investment is marked to market, is allocated by 8%, if any investment in that class is marked to market.