See the line 30 instructions in Part 6 and also the specific instructions below. Individual combined group members seeking to dissolve, see Form CT-3-A/BC-I, Instructions for Form CT-3-A/BC. Form CT-300, Mandatory First Installment (MFI) of Estimated Tax for Corporations, must be filed to pay the mandatory first installment if your second preceding year’s franchise tax after credits exceeds a certain threshold. For more information, visit the Business Corporation Tax page. The forms have not changed. The instructions to Forms NYC-3L and NYC-4S explain which ones.
Tax on combined business income
For other credits not specified, enter the total amount of credit being claimed in the Other credits box and include this amount in the total. Enter the total amount of any tax credits that you are claiming against your current year’s franchise tax here and on Part 2, line 3. Properly complete all corresponding credit forms and file them with the return. Enter in the appropriate box the amount of each tax credit that is being used to reduce the Part 2, line 2 tax due amount. Never include any amounts sourced under the 8% fixed percentage method election when determining the amounts to include in the sums described in these step 3 instructions.
Enter the result here, and enter the payment amount on page 1, line A. Determine the amount to enter by completing the Worksheet for Part 2, line 11 below. Enter the sum of all the amounts entered on all filed Forms CT 3-A/BC, Part 2, line 2. If you are claiming more than one tax credit, see Form CT-600-I, Instructions for Form CT-600, for the order of application under Article 9-A.
Maximizing the benefits of general business tax credits
This is especially true in transactions involving asset-intensive businesses, with bonus depreciation providing buyers with an immediate tax write-off of some or all of the purchase price. Consider a privately held corporation that desires to sell 100% of its stock in a taxable transaction. On its face, the language in Sec. 196(b) suggests that to calculate the amount of the deduction, taxpayers first compute the amount of business tax credits that can be used to offset the tax liability for the year of death or business cessation, applying the tax liability limitation discussed earlier. Taxpayers simply compute their credit usage for the year, and to the extent there are unused credits remaining after the 20-year carryover period that would otherwise expire, these credits are deducted in full on the subsequent year’s tax return. In other words, the Sec. 196 deduction for unused business credits is available both where the credit carryforward period expires (Sec. 196(a)) and when a taxpayer dies or ceases to exist (Sec. 196(b)).
Do not include any amount of credits actually requested as a refund on Part 2, line 25, or requested as an overpayment credited to next year’s tax on Part 2, line 26. Do not transfer these amounts to any other form or worksheet. Follow the steps below to calculate the subcolumn J(iii) amounts. The J(ii) totals are needed to calculate the New York State aggregate marked to market factor in Part 2 of this worksheet, when applicable.
If applicable, attach a copy of the amended federal Form 1120S. Tax Law, Article 36, § 1700 authorizes the Tax Department to waive civil and criminal penalties for taxpayers who disclose and pay overdue taxes. Compute additional charges for late filing and late payment on the amount of tax minus any payment made on or before the due date (with regard to any extension of time for filing).
Qualified subchapter S subsidiary
Never include any amounts sourced under the 8% fixed percentage method election when you determine the amounts to include in the sums described in these step 8 instructions. You will need this factor to complete Part 1, row b, subcolumn J(iii), when applicable. Part 2 of the worksheet, column A, calculates each entity’s New York State aggregate marked to market factor, on a separate company basis. Do not, however, include in the sum any column A, row a amounts that are less than zero for a particular line. If the amount is equal to zero for an entity, for any line, enter 0 in row a for that line. In this instance follow the instructions for Condition general business corporation tax forms current year 2 under the 8% fixed percentage method elected instructions, above.
Where are the amounts calculated on Worksheet B entered?
Get the current filing year’s forms, instructions, and publications for free from the Internal Revenue Service (IRS). If you want to claim a refund based on a previously filed return, and there’s a change in the tax liability, you must file an amended return. If no return was filed, you must file within two years from the time the tax was paid. You must file for a refund within three years of when the return was filed or two years of when the tax was filed and paid, whichever is later. If you don’t file your return or pay the tax by the deadline, or if you overpay, you will be charged interest.
Generally, the amount of global intangible low-taxed income included in New York State business income will be 5% of the amount of global intangible low-taxed income included in federal income per IRC § 951A(a). If the merchant has locations both within and outside of New York State, only receipts from merchant discounts attributable to sales made from locations within New York State are entered in the New York State row. When the QFI box above line 11 is not marked, use the customer-based sourcing rule below for all financial instruments to be reported on this line.
It consists of carryforward credits from previous years plus the current year’s total business credits. It’s an easier-to-read version of the 1040 form. Click on column heading to sort the list. Click on the product number in each row to view/download.
- For information about the threshold amount, see Form CT-400-I, Instructions for Form CT-400.
- If you are required to recapture a tax credit that was allowed in a previous reporting period and the result is a negative credit amount on your credit claim form, enter this negative amount using a minus sign (-) in the applicable box.
- A unitary group is considered to be deriving receipts in this state if the total New York receipts of the group are $1.283 million or more.
- If the due date falls on a Saturday, Sunday, or legal holiday, file the return on or before the next business day.
- Enter the amount of all liabilities attributable to assets you entered on line 1, both long and short term.
Fixed dollar minimum tax
Enter the EIN of the applicable entity at the top of each column A you complete. See the corresponding Form CT-3-A-I, Part 6 line instructions and also the specific instructions below. A corporation must use line 54 to report discretionary adjustments. The term selling concession means the amount paid to the taxpayer for participating in the underwriting of a security where the taxpayer is not the lead underwriter. The term public offering price means the price agreed upon by the taxpayer and the issuer at which the securities are to be offered to the public.
Lines 2, 3, and 4: Qualified New York manufacturers 20 NYCRR 9-1
If the result is less than zero, enter the negative amount with a minus (-) sign. The amount of all such sales of loans secured by real property for Entity X is $10 million. For rows a and b, determine the gross proceeds amounts after you deduct any cost incurred to acquire the securities.
- Form 1040-ES is used by persons with income not subject to tax withholding to figure and pay estimated tax.
- Row b, subcolumn J(iii) – Subcolumn J(iii), lines 10, 12, 16, 18, 20, 21, 23, 24, 27, and all lines 30, is used to compute New York State marked to market net gains, for those financial instruments described on each such line, under the sourcing rules of J(iii).
- In each entity’s row e, for each line, multiply the factor in column E of that line’s row c (the combined New York State gross proceeds factor) by the amount in that line’s row d for each respective entity, and enter the result.
- In this case, each corporation must file as a distinct entity under its applicable Article, subject to the Article 9-A combined reporting rules, as applicable.
- See File a corporation tax extension for a list of forms you may Web File through your account.
How to claim the credit
If you need more than three lines 30, use an additional line 30 for each separate type of other financial instrument for which you have marked to market gains or losses. Complete column A (for all lines in all parts of the worksheet) for the designated agent and for each combined member, as explained in these instructions. These factors are used to determine New York State marked to market net gains under J(iii) in Part 1, as per the specific line instructions for columns A and B under Customer-based sourcing below. Part 2 of the worksheet is generally only applicable if the 8% fixed percentage method for qualified financial instruments is not in effect.
For lines 30.3 and 30.4, row b, multiply row a, for each respective line, by 8% (0.08) and enter the result; however, if the result is an amount equal to zero, enter 0 in row b. Complete lines 30.1 and 30.2, row b (New York State), using the instructions for Condition 1 or Condition 2, or both, as applicable. In the instructions below, all lines refers to all lines 30.1 and 30.2, and lines 30.3, 30.4, 30.5, and 30, and specific rows (a or b) are indicated to clarify which rows of these lines the specific instruction applies to. In row e, for such specific lines, multiply row d by 8% (0.08) and enter the result; however, if the result is an amount equal to zero, enter 0 in row e. For all lines, row e, multiply the factor in that line’s row c (the New York State gross proceeds factor) by the amount in that line’s row d, and enter the result.
A revocation prohibits a new election in any of the immediately following three tax years (not including short tax years) by any member of the commonly owned group. The election is irrevocable, and binding for and applicable to the tax year for which it is made, and for the next six tax years (not including short tax years). You must continue to mark the box at line 5a in each subsequent year the election is in effect. When the commonly owned group election is made, the more than 50% ownership test is applied to all corporations that meet the criteria specified in § 210-C.2(a). Corporations included in a combined group are not eligible to make the election under NYCRR 9-2.6 (the separate accounting election). Receipts within this state means the receipts included in the numerator of the apportionment factor reported in Part 6.