Investment Tax Credit

Businesses in New York State can get a tax credit when they invest in buildings, machines or equipment. This credit is called the Investment Tax Credit (ITC).

Who can get the credit?

• Industrial firms
• Some commercial firms
• Financial service firms

How much is the credit?

• 5 percent on the first $350 million
• 4 percent for anything over $350 million

Businesses claim the credit on their tax returns.

If your investment creates jobs, you can get the Employment Incentive Credit.

To claim the credit, the property must:

• Have a useful life of at least four years
• Be in New York State
• Be used for economic reasons set by the credit's conditions