New York Claim for EZ Capital Tax Credit

Claim for EZ Capital Tax Credit
Form CT-602 Claim for EZ Capital Tax Credit Tax Year 2025
CT-602

Department of Taxation and Finance

Claim for EZ Capital Tax Credit
Tax Law – Article 9-A

All filers must enter tax period:
	 beginning	
	Legal name of corporation	
		

ending	
Employer identification number (EIN)
(as shown on page 1 of your tax return)

File this form with Form CT-3 or CT-3-A.
A	

Mark an X in the box if you are claiming this credit as a corporate partner ........................................................	

Schedule A: Limitations of EZ capital tax credit
Part 1: Fifty percent limitation
	 1	 Tax from Form CT-3, Part 2, line 2; Form CT-3-A, Part 2, line 2 ....................................................... 	
	2	Enter 50% (0.5) of line 1 ................................................................................................................... 	

1
2

Part 2: Tax limitation
	3	Tax due before credits (see instructions).................................................................................................	
	4	Credits claimed before the EZ capital tax credit (see instructions)....................................................... 	
	5	Balance of tax (subtract line 4 from line 3)................................................................................................	
	6	Minimum tax (see instructions)................................................................................................................	
	7	Credit limitation (subtract line 6 from line 5)............................................................................................ 	

3	
4
5
6
7

Schedule B: Calculation of EZ capital tax credit used and carried forward
	8	Unused EZ capital tax credit from previous periods........................................................................... 	 8
	 9	 EZ capital tax credit used this year (enter the lesser of line 2, line 7, or line 8; transfer this amount to your
		  franchise tax return) ........................................................................................................................... 	
9
	10	 EZ capital tax credit available for carryforward (subtract line 9 from line 8)........................................... 	 10

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A

Page 2 of 2  CT-602 (2025)

Instructions
General information

The empire zone (EZ) capital tax credit has expired; you may
only claim an EZ capital tax credit carryover from previous years.
You may continue to use any credit carryovers from previous
years against your tax liability. However, if your business was
required to obtain an EZ retention certificate from Empire
State Development, but was denied one, you are not eligible
to claim the carryover of the credit attributable to investments
in a certified EZ business. You do not need an EZ retention
certificate to claim the carryover of credit from contributions to
community development projects.
You cannot:
•	 use this credit to reduce the tax due to less than the fixed
dollar minimum tax, or,
•	 apply the credit against the metropolitan transportation
business tax (MTA surcharge).
Note: The credit may not exceed 50% of the tax imposed by
New York State Tax Law § 209, without regard to any credit.
You cannot request a refund for any unused portion of this
credit; however, you may carry it forward to future tax years
indefinitely.

Line instructions

C corporations: Complete Schedules A and B.
New York S corporations: Do not complete Form CT-602.
Shareholders will file Form IT-602, Claim for EZ Capital Tax
Credit, to claim a carryover of this credit on their New York State
personal income tax returns.

Schedule A: Limitations of EZ capital tax credit
Part 2: Tax limitation
Lines 3 and 6 entries table
If you filed

Enter on line 3 any
net recapture of
other tax credits,
plus the amount
from

Enter on line 6 the
minimum tax from

Form CT-3

Part 2, line 2

Part 2, line 1c

Form CT-3-A

Part 2, line 2

Part 2, line 1c

Line 3: Enter your tax due before credits using the Lines 3 and 6
entries table.
Line 4: If you are claiming more than one tax credit for this year,
enter the total amount of credits you claimed before applying this
credit; otherwise enter 0. You must apply tax credits in a specific
order.
For the correct order of credits, see Form CT-600-I, Instructions
for Form CT-600, Ordering of Corporation Tax Credits.

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Combined filers: Include the total amount of all tax credits
you and other members of the combined group are claiming—
including the claim for EZ capital tax credit—that you want to
apply before you apply this credit.
Line 6: Enter your minimum tax using the Lines 3 and 6 entries
table.