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New York Free Printable Form IT-223 Innovation Hot Spot Deduction Tax Year 2023 for 2024 New York Innovation Hot Spot Deduction

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Innovation Hot Spot Deduction
Form IT-223 Innovation Hot Spot Deduction Tax Year 2023

Department of Taxation and Finance Innovation Hot Spot Deduction IT-223 Tax Law – Sections 38 and 612(c)(39) Name(s) as shown on return Identifying number as shown on return Submit this form with Form IT-201, IT-203, IT-204, or IT-205. Complete the information below if you are a qualified entity located in a hot spot, are a member, partner, or shareholder of a qualified entity, or both. See the instructions on back before completing. A Innovation hot spot name B Code C Business participation number D EIN of qualified entity located in the hot spot E Tax year being claimed F Income or gain attributable to the hot spot (enter 1, 2, 3, 4, or 5) .00 .00 .00 .00 .00 .00 .00 .00 .00 .00 • Total the amounts in column F that you received as the qualified entity located in a hot spot. Transfer this total to Form IT-225, line 10, Total amount column and enter subtraction modification S-216 in the Number column. • Total the amounts in column F that you received as a partner or shareholder of a qualified entity. Transfer this total to Form IT-225, line 14, Total amount column and enter subtraction modification ES-216 in the Number column. 223001230094 IT-223 (2023) (back) Instructions General information Qualified entities in innovation hot spots are eligible for the tax benefits listed below for five tax years beginning with the year the entity became a tenant in or part of an innovation hot spot: • Qualified entities taxable under Article 9-A located completely within the hot spot are liable only for the fixed dollar minimum tax. • Qualified entities located inside and outside the hot spot, and corporate partners of qualified entities, are allowed a deduction for the amount of income or gain attributable to operations in the hot spot. • Individuals who are sole proprietors of a qualified entity, or are partners in a partnership, limited liability company (LLC) members, or shareholders of a New York S corporation, that is a qualified entity, are allowed a deduction for the amount of income or gain attributable to operations at the hot spot. • Qualified entities are also eligible for a credit or refund of sales and use tax imposed on the retail sale of tangible personal property or services. Who must file Submit one Form IT-223 with your return. Complete Form IT-223 if you are an individual, a fiduciary of an estate or trust, a partner in a partnership, or a shareholder of a New York S corporation, and you are a qualified entity or a member, partner, or shareholder of a qualified entity, or both. Include information for all of the entities from which you are receiving income or gain attributable to an innovation hot spot. A partnership must submit Form IT-223 with Form IT-204, Partnership Return, showing the total income or gain attributable to the hot spot and provide the partners with their share of the income or gain attributable to the hot spot. A New York S corporation does not file Form IT-223; it must file Form CT-223, Innovation Hot Spot Deduction. If you are a shareholder of a New York S corporation, obtain your share of the S corporation’s income attributable to the hot spot from the S corporation, and follow the instructions on this form for claiming your modification on Form IT-225, New York State Modifications. Taxpayers claiming the above tax benefits are not eligible for any other New York State exemptions, deductions, credits, or refunds to the extent the exemption, deduction, credit, or refund is attributable to the business operations in the innovation hot spot. Claiming any such benefit represents an irrevocable election. Column instructions Qualified entity means a business enterprise that is: • in the formative stages of development, and • located in New York State, and • certified by a New York State innovation hot spot as being approved to locate in, or be part of, a virtual incubation program operated by that innovation hot spot, and • either A or B below: A. any corporation, except a corporation which: • over 50% of the number of shares of stock entitling the holders thereof to vote for the election of directors or trustees is owned or controlled, either directly or indirectly, by a taxpayer subject to tax under Tax Law Article 9, sections 183, 184; Article 9-A; or Article 33; or • is substantially similar in operation and in ownership to a business entity (or entities) taxable or previously taxable under Tax Law Article 9, sections 183, 184, or former sections 185 or 186; Article 9-A; former Article 32; Article 33; former Article 23; or would have been subject to tax under Article 23 (as it was in effect on January 1, 1980); or the income (or losses) of which is (or was) includable under Article 22. B. a sole proprietorship, partnership, limited partnership, LLC, or New York S corporation that is not substantially similar in operation and in ownership to a business entity (or entities) taxable, or previously taxable, under Tax Law Article 9, sections 183, 184, or former sections 185 or 186; Article 9-A; former Article 32; Article 33; former Article 23; or would have been subject to tax under Article 23 (as it was in effect on January 1, 1980); or the income (or losses) of which is (or was) includable under Article 22. Column B – Enter the hot spot identification code from your certificate letter. For more information about the New York Innovation Hot Spot Program, visit www.esd.ny.gov. 223002230094 If you need help contacting the Tax Department or for the Privacy notification, see the instructions for your tax return. Column A – Enter the innovation hot spot name from your certificate letter. Column C – Enter the business participation number from your certificate letter. Column D – Enter the employer identification number (EIN) of the business certified in the hot spot. If you are receiving the income from another entity (partnership, New York S corporation, estate or trust) enter the EIN of the qualified entity certified in the hot spot. Column E – Make only one entry (1, 2, 3, 4, or 5) to indicate which tax year you are claiming this deduction. Column F – Enter the amount of income or gain attributable to the hot spot that was included in your federal adjusted gross income. In addition to any record keeping requirement imposed by Empire State Development, a qualified entity that is located inside and outside a New York innovation hot spot must keep books and records to disclose, to the satisfaction of the Tax Department, the amount of items of income, gain, loss, and deduction attributable to operations at (or as part of) the innovation hot spot.
Extracted from PDF file 2023-new-york-form-it-223.pdf, last modified September 2013

More about the New York Form IT-223 Individual Income Tax TY 2023

We last updated the Innovation Hot Spot Deduction in January 2024, so this is the latest version of Form IT-223, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-223 directly from TaxFormFinder. You can print other New York tax forms here.


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Other New York Individual Income Tax Forms:

TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IT-201 Individual Income Tax Return
Form IT-201-D Resident Itemized Deduction Schedule (DISCONTINUED)
IT-201-V Payment Voucher for Income Tax Returns
Form IT-201-I Individual Income Tax Return Instructions
Form IT-203 Nonresident Income Tax Return

Download all NY tax forms View all 272 New York Income Tax Forms


Form Sources:

New York usually releases forms for the current tax year between January and April. We last updated New York Form IT-223 from the Department of Taxation and Finance in January 2024.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of New York Form IT-223

We have a total of eleven past-year versions of Form IT-223 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form IT-223

Form IT-223 Innovation Hot Spot Deduction Tax Year 2023

2022 Form IT-223

Form IT-223 Innovation Hot Spot Deduction Tax Year 2022

2021 Form IT-223

Form IT-223 Innovation Hot Spot Deduction Tax Year 2021

2020 Form IT-223

Form IT-223 Innovation Hot Spot Deduction Tax Year 2020

2019 Form IT-223

Form IT-223:2019:Innovation Hot Spot Deduction:it223

2018 Form IT-223

Form IT-223:2018:Innovation Hot Spot Deduction:it223

2017 Form IT-223

Form IT-223:2017:Innovation Hot Spot Deduction:it223

2016 Form IT-223

Form IT-223:2015:Innovation Hot Spot Deduction:it223

2015 Form IT-223

Form IT-223:2015:Innovation Hot Spot Deduction:it223

Innovation Hot Spot Deduction 2014 Form IT-223

Form IT-223:2014:Innovation Hot Spot Deduction:it223

Innovation Hot Spot Deduction 2013 Form IT-223

Form IT-223:2013:Innovation Hot Spot Deduction:it223


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