Department Of Taxation And Finance IT-204-I Instructions .
Department of Taxation and FinanceInstructions for Form IT-204IT-204-IPartnership return and related formsFor 2020: Empire State film production and Empire State filmpost-production tax creditsSeveral amendments were made to these credits. SeeForm IT-248, Empire State Film Production Credit,Form IT-261, Empire State Film Post-Production Credit, andtheir instructions. Excelsior jobs program tax creditThis credit has been extended through tax year 2039. Inaddition, enhancements have been made to the programto add tax credits for green projects aimed at reducinggreenhouse gas emissions and supporting the use of cleanenergy. For more information on this credit, visit the EmpireState Development website at www.esd.ny.gov.General changes Decoupling from certain federal provisionsFor tax years beginning before January 1, 2021, the2020-2021 New York State budget (Part WWW of Chapter 58of the Laws of 2020) decoupled personal income tax from anyamendments made to the Internal Revenue Code (IRC) afterMarch 1, 2020. This includes changes made by the federalCoronavirus Aid, Relief, and Economic Security (CARES)Act and any other federal changes to the IRC. Therefore, anyamendments made to the IRC after March 1, 2020 will notapply to New York State or New York City personal incometax. See Form IT-558, New York State Adjustments Due toDecoupling from the IRC, and its instructions.START-UP NY program applicationsThe application deadline for businesses that want toparticipate in the START-UP NY program has beenextended to December 31, 2025. For more information onthis program, visit the Empire State Development websiteat www.esd.ny.gov and see TSB-M-13(7)C, (6)I, (11)M,(1)MCTMT, (7)S, SUNY Tax-Free Areas to Revitalize andTransform Upstate New York Program.New York call center jobs actAs of June 30, 2020, an employer intending to relocate acall center or 30% or more of their call center employeesfrom New York to a foreign country must notify the New YorkState Department of Labor (DOL) at least 90 days prior to themove. The Commissioner of DOL will annually compile a listof call center employers that have relocated and post the liston DOL’s public website and provide a copy of the list to theCommissioner of Taxation and Finance.A call center employer that appears on the annual list will haveseveral tax credits denied by the Commissioner of Taxationand Finance for the five tax years, excluding short tax years,immediately succeeding the tax year the call center employerappears on the annual list, provided the agreement for the taxcredit was entered into after June 30, 2020.Changes to existing credits Rehabilitation of historic properties creditFor tax years beginning on or after January 1, 2020, the credithas been expanded to include a qualified rehabilitation projectundertaken within a state park, state historic site, or otherland owned by the state, that is under the jurisdiction of theOffice of Parks, Recreation and Historic Preservation. SeeForm IT-238, Claim for Rehabilitation of Historic PropertiesCredit, and its instructions. Hire a veteran creditThis credit has been extended through December 31, 2021.See Form IT-643, Hire a Veteran Credit, and its instructions. Long-term care insurance creditFor tax years beginning on or after January 1, 2020, the credithas been amended to allow a taxpayer (including nonresidentand part-year resident taxpayers) to claim the credit only ifthe taxpayer’s New York adjusted gross income is less than 250,000. The amendment also provides that the creditcannot exceed 1,500. See Form IT-249, Claim for Long-TermCare Insurance Credit, and its instructions.New credits Employer-provided childcare creditBeginning with tax year 2020, there is a credit available totaxpayers who are allowed the federal employer-providedchildcare credit under Internal Revenue Code section 45F.See Form IT-652, Employer-Provided Childcare Credit, and itsinstructions. Recovery tax creditBeginning with tax year 2020, there is a credit availableto businesses hiring eligible individuals in recovery from asubstance use disorder for part-time and full-time positions inNew York State. See Form IT-651, Recovery Tax Credit, andits instructions.
Page 2 of 30 IT-204-I (2020)Instructions for Form IT-204General informationForm IT-204-CP for each corporate partner that is taxable underArticle 9-A.Purpose of Form IT-204Submit a statement with your return indicating the following: The partnership has no income derived from New Yorksources. All other Article 22 partners in the partnership arenonresidents of New York State. There are a total ofnonresident partners. If at any time in the course of an audit it is deemed necessaryto have copies of Forms IT-204-IP for nonresident partners,we will supply this information.Use Form IT-204 to report income, deductions, gains, losses,and credits from the operation of a partnership for calendaryear 2020, or other tax year beginning in 2020. All itemsreported on Form IT-204 or on documents included with it aresubject to verification, audit, and revision by the New York StateTax Department.Who must filePartnerships are not subject to personal income tax. But everypartnership having either (1) at least one partner who is anindividual, estate, or trust that is a resident of New York State,or (2) any income, gain, loss, or deduction from New York Statesources, must file a return on Form IT-204, regardless of theamount of its income (see Specific instructions on page 4).Otherwise, New York State law does not currently require apartnership to file a return solely because it has a partner thatis either a partnership or corporation formed under the laws ofNew York State, even though the partner may be responsible forfiling its own return with New York State.In addition to the information reported on Forms IT-204-IP andIT-204-CP, the partnership must report to each partner anyadditional information the partner needs for filing.Tiered partnerships (Regulation section 137.6)If your partnership is a partner in another partnership(hereinafter referred to as the lower tier partnership), the sourceand character of the distributive share of each item of yourpartnership to any partner of your partnership that is attributableto the lower tier partnership retains the source and characterdetermined at the level of the lower tier partnership. Such sourceand character are not changed by reason of the fact that anysuch item flows through your partnership to such partner.Example: Partnership A was a partner in another partnership, B.A is referred to as the upper tier partnership while B is referredto as the lower tier partnership. P was a nonresident individualpartner of A.Partnership A was not engaged in a trade or business inNew York but partnership B was. Even though partnership Awas not carrying on business in New York, it had New Yorksource income from the distributive shares it received frompartnership B. The source and character of each item thatpartnership A received from partnership B retains the source andcharacter determined at the level of partnership B. For instance,if P was a partner of A, and A was a partner of B, nonresidentindividual partner P would allocate its share of the NY incomefrom B at B’s business allocation percentage. Further, if A wasengaged in a trade or business in NY, then P would allocate itsshare of A’s income using A’s business allocation percentageand P would allocate its share of B’s income (which flows to A)at B’s business allocation percentage. This allocation methodshould be reflected on Forms IT-204 and IT-204-IP.Partnerships with no New York source incomethat have resident partnersIf you have no New York source income and are filing a returnspecifically because you have an Article 22 New York residentpartner, complete the entire Form IT-204 with the exception ofSection 10. If you have any corporate partners taxable underArticle 9-A, or you have any partners that are partnershipsor LLCs, you must also complete Form IT-204.1. Submit aForm IT-204-IP for each Article 22 resident partner (you donot have to submit Form IT-204-IP for nonresident partners)and for each partner that is a partnership or LLC. Submit aIncome from New York State sources includes:1. income attributable to the ownership of any interest in realproperty located in New York State (including all or a portionof the gain or loss from the sale or exchange of an interest inan entity if the entity owns real property in New York State,or owns shares of stock in a cooperative housing corporationwhere the cooperative units relating to the shares are locatedin New York, provided that the sum of the fair market valuesof such real property, cooperative shares, and relatedcooperative units equals or exceeds 50% of the fair marketvalue of the assets the entity has owned for at least twoyears as of the date of the sale or exchange; for additionalinformation, see TSB-M-18(1)I, Definition of New York SourceIncome of a Nonresident Individual Expanded), or tangiblepersonal property located in New York State;2. income attributable to the ownership of any interest inintangible personal property to the extent that it is used in abusiness, trade, profession, or occupation carried on in NewYork State;3. income attributable to a business, trade, profession, oroccupation carried on in New York State;4. any gain from the sale, transfer, or other disposition of sharesof stock in a cooperative housing corporation in connectionwith the grant or transfer of a proprietary leasehold, whenthe real property comprising the units of such cooperativehousing corporation is located in New York State, whether ornot connected with a business; and5. any gain recognized by you for federal income tax purposesfrom the sale or transfer of a partnership interest, where thesale or transfer: is subject to the provisions of Internal Revenue Code (IRC)section 1060, and occurred on or after April 10, 2017.The amount of the gain to be included in New York sourceincome is determined in a manner consistent with theapplicable methods and rules for allocation under Article 22in the year that the assets were sold or transferred (foradditional information, see TSB-M-18(2)I, NonresidentPartner’s Treatment of Gain or Loss on Certain Sales orTransfers of a Partnership or Membership Interest).A partnership carries on a business, trade, profession, oroccupation within New York State if (1) it maintains or operatesan office, shop, store, warehouse, factory, agency, or otherplace in New York State where its affairs are systematicallyand regularly carried on, or (2) it performs a series of acts ortransactions in New York State with regularity and continuity forlivelihood or profit, as distinguished from isolated or incidentaltransactions.Other forms you may have to fileForm IT-204-LL, Partnership, Limited Liability Company, andLimited Liability Partnership Filing Fee Payment Form –
IT-204-I (2020)Instructions for Form IT-204You must file Form IT-204-LL and pay a New York State filing feeif you are: a limited liability company (LLC) that is a disregarded entity forfederal income tax purposes that has income, gain, loss, ordeduction from New York State sources; or, a domestic or foreign LLC (including limited liability investmentcompany (LLIC), limited liability trust company (LLTC)), orlimited liability partnership (LLP) that is required to file a NewYork State partnership return and that has income, gain, loss,or deduction from New York State sources; or, a regular partnership that is required to file a New Yorkpartnership return that has income, gain, loss, or deductionfrom New York State sources, and had New York source grossincome in the preceding tax year of at least 1 million.For more information, see the instructions for Form IT-204-LL.Forms IT-2658, Report of Estimated Tax for NonresidentIndividual Partners and Shareholders, and CT-2658,Report of Estimated Tax for Corporate Partners – Tax Lawsection 658 requires the following entities that have incomederived from New York State sources to make estimated taxpayments on behalf of partners who are nonresident individualsor C corporations (any corporation other than a federalS corporation): partnerships (other than publicly traded partnerships asdefined in IRC section 7704) LLCs or LLPs that are treated as partnerships for federalincome tax purposesFor more information, see the instructions for Form IT‑2658 andForm CT-2658.In the case of an underpayment of estimated tax by thepartnership, a penalty as determined under Tax Lawsection 685(c) will be added to the estimated tax requiredto be paid. For more information, see the instructions forForm IT-2659, Estimated Tax Penalties for Partnerships andNew York S Corporations.Form Y-204, Yonkers Nonresident Partner Allocation –Every partnership doing business in Yonkers and havinga partner who is a nonresident of Yonkers must completeForm Y-204, and show the net earnings from self-employment.New York City unincorporated business taxThese instructions apply to the New York State partnershipreturn only. They do not apply to the New York Cityunincorporated business tax, which is administered by theNew York City Department of Finance. Visit the New YorkCity Department of Finance website at www.nyc.gov/dof. Formore information, see the instructions for Form NYC-204,Unincorporated Business Tax Return for Partnerships (includingLimited Liability Companies).Form CT-33-D, Tax on Premiums Paid or Payable to anUnauthorized Insurer – If you purchase or renew a taxableinsurance contract directly from an insurer not authorized totransact business in New York State under a certificate ofauthority from the Superintendent of Financial Services, you maybe liable for a tax of 3.6% of the premium. For more information,see Form CT-33-D, Tax on Premiums Paid or Payable to anUnauthorized Insurer for Taxable Insurance Contracts with anEffective Date on or after July 21, 2011.Form IT-225, New York State Modifications – To report thepartnership’s addition and subtraction modifications that are tobe added to or subtracted from the partners’ federal adjustedgross incomes (AGIs) on the partners’ New York State incometax returns in arriving at the partners’ New York AGIs. For moreinformation, see Form IT-225-I, Instructions for Form IT-225.Page 3 of 30Form IT-558, New York State Adjustments Due toDecoupling from the IRC – To report the partnership’s additionand subtraction adjustments made as a result of decouplingfrom changes made to the IRC after March 1, 2020. For moreinformation, see Form IT-558-I, Instructions for Form IT-558. Thepartnership should only adjust for items that are included in thepartnership’s ordinary business income (loss) and should notadjust items that will flow to the partners as separately stateditems. Separately stated items will be adjusted as required at thepartner level.When to fileReturns for calendar year 2020 are due March 15, 2021.Fiscal-year returns are due the 15th day of the third month afterthe end of the tax year.If a partnership is terminated and completely liquidated duringits normal tax year, resulting in an accounting period of less than12 months for federal income tax purposes, the return is duethe 15th day of the third month after the end of the accountingperiod.Use the same accounting period and method for Form IT-204 asyou use for federal Form 1065. If you change your partnership’stax year or accounting method for your federal return, do thesame on your Form IT-204.Note: The 2020 Form IT-204 may also be used for a tax yearbeginning in 2021 if: the partnership has a tax year of less than 12 months thatbegins and ends in 2021; and the 2021 Form IT-204 is not available by the time thepartnership is required to file its return. However, thepartnership must show its 2021 tax year on the 2020Form IT‑204, and incorporate any tax law changes that areeffective for tax years beginning after December 31, 2020.The current year tax forms are generally available byDecember 15th of that calendar year. Check the Tax Departmentwebsite (see Need help?) for the current year’s tax forms.Extension of time to fileIf you need an extension of time to file, you may request anautomatic extension by the due date of Form IT-204. Foran online application for an automatic extension of time tofile Form IT-204 visit our website (at www.tax.ny.gov). If youprefer, you may file Form IT-370-PF, Application for AutomaticExtension of Time to File for Partnerships and Fiduciaries.Amended return, superseding return, orfederal changeForm IT-204 must include the same information reportedon federal Form 1065, U.S. Return of Partnership Income,including any amended and superseding returns and anyamended and superseding federal Schedules K-1.You must file an amended New York State partnership returnif you file an amended or superseding federal partnershipreturn, or if a federal audit of the partnership return changesany item of income or deduction previously reported to theInternal Revenue Service (IRS). You must file the amendedNew York State partnership return within 90 days of the datethe federal amended or superseding partnership return is filedor, in the case of a federal audit, within 90 days after the finaldetermination of the change. Submit a copy of the federal reportof examination changes and a signed statement indicating youconcede the federal audit changes. If you do not concede thefederal audit changes, include a signed statement explainingwhy.
Page 4 of 30 IT-204-I (2020)You must also file an amended Form IT-204, IT-204-IP orIT-204-CP as applicable, and IT-204.1 to correct any error onthe original New York State partnership return, whether or notan amended or superseding federal partnership return wasfiled for that year. Be sure to provide any amended copies ofForm(s) IT-204-IP and IT-204-CP to all applicable partners.To amend your original Form IT-204, get a blank Form IT-204 forthe tax year to be amended and mark the Amended return boxat item C. Complete the entire Form IT-204, and Form IT-204.1if applicable, entering the corrected information, and include anexplanation of the changes. If you are amending any credit claimform or other form, or are using any credit claim form or otherform for the first time, write Amended across the top of that formand submit it with your amended return. Any other credit claimform or other form that you submitted with your original returnmust also be submitted with your amended return.If a Form IT-204-IP or IT-204-CP contained an error, butthere are no changes to your original filed Form IT-204,submit a completed Form IT-204 with the Amended returnbox marked at item C and submit with the return anyForm IT-204-IP or IT-204-CP that you are amending. Onlysubmit the Form(s) IT-204-IP or IT-204-CP that are beingamended, and mark the Amended K-1 box at the top of eachform.PenaltiesA penalty is imposed against the partnership if the partnershipis required to file a partnership return and (1) fails to file thereturn on time, including extensions; (2) files a return that fails toshow all the information required; or (3) fails to file an amendedpartnership return within 90 days of the date the final federaldetermination or disallowance is issued or when the federalamended partnership return is filed, unless the failure is due toreasonable cause and not due to willful neglect.The penalty for each month or fraction of a month (for amaximum of five months) that the failure continues is 50multiplied by the total number of persons who were partners inthe partnership during any part of the partnership’s tax year forwhich the return is due. In counting the number of partners forpurposes of this penalty, include only individuals, estates, andtrusts subject to tax under Article 22. Do not include corporationsor partnerships.Where to fileMail your return to:STATE PROCESSING CENTERPO BOX 15198ALBANY NY 12212-5198Private delivery services – See Publication 55, Desi
Page 2 of 30 IT-204-I (2020) Instructions for Form IT-204 General information Purpose of Form IT-204 Use Form IT-204 to report income, deductions, gains, losses, and credits from the operation of a partnership for calendar year 2020, or other tax year beginning in 2020. All items reported on Form IT-204 or on documents included with it are
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