There is no such syntax in SQL Server, though CREATE TABLE AS ... SELECT does exist in data warehouse technologies (like APS / dedicated pools ). In SQL Server you can use this query to create an empty table:

SELECT * INTO schema.newtable 
  FROM schema.oldtable 
  WHERE 1 = 0;

(If you want to make a copy of the table including all of the data, then leave out the WHERE clause.)

Note that this creates the same column structure (including an IDENTITY column if one exists) but it does not copy any indexes, constraints, triggers, etc.

If you don't want to keep the IDENTITY property, you can just convert it first to its original data type:

SELECT IdentityColumn = CONVERT(int/bigint, IdentityColumn),
  ...other columns...

select * into newtable from oldtable