Corporation tax forms corrections and changes for 2022 (Articles 9, 9-A, 13, and 33)
The following changes were not reflected on the forms for 2022 when they were published.
If any of the following updates impact a tax form that you are responsible for filing, and you have not yet filed such form, you must incorporate these updates when filing such form.
If you have already filed such form, and one of the following updates affects a calculation previously reported, you must file an amended form reflecting such update.
Select a tax form from the following list to identify the changes affecting that form. If a form is not listed, there have been no changes affecting that form.
Additional information added to Form CT-657-I, Instructions for Form CT-657, resulted in the following changes:
- Under Eligibility, the second bullet should read (updated text in bold):
had no more than 100 employees and had gross receipts of $2.5 million or less in the tax year that included December 31, 2021.
- Under How to claim the credit, add a new first sentence that reads:
Claim the tax credit in the taxable year that includes the date that the certificate of tax credit was issued by ESD to your business.
The first sentence of the site preparation paragraph after the bulleted list on page 3 should read as follows (updated text in bold). Also, the exception paragraph and chart that follows the site preparation paragraph should be disregarded.
Site preparation includes all costs paid or incurred within 60 months (84 months if DEC issued the COC on or after July 1, 2015, and prior to June 25, 2021) after the last day of the tax year in which the COC is issued that are necessary for compliance with the COC or subsequent modifications thereof, or the remedial program defined in such COC including but not limited to institutional controls, engineering controls, an approved site management plan, and an environmental easement with respect to the qualified site.
On page 2, the line 18a, 18b, and 18c instructions should read (updated text in bold):
If you are not a new business or fiscal-year eligible farmer with property placed in service on or after January 1, 2023, skip lines 18a, 18b, and 18c. Enter your line 17 amount on line 19.
On page 2, column 2, the first sentence should read (updated text in bold):
A corporation that is eligible to claim an ITC and is also a new business as defined in Article 9-A, § 210-B.1(f) or is a fiscal-year eligible farmer with property placed in service on or after January 1, 2023, may elect to receive a refund of its unused ITC instead of carrying the credit forward.
On page 2, column 2, add the following new language above line 18a instructions:
Eligible farmers can claim a refund of any unused credit earned on property placed in service on or after January 1, 2023.
You cannot claim a refund of any unused credit earned on property that was placed in service prior to January 1, 2023. You must continue to carry over any unexpired amounts.
On page 2, the first paragraph of the instructions for line 18b and 18c should read (updated text in bold):
Transfer these amounts to your franchise tax return. If you are an eligible farmer claiming a refund on line 18b, you must attach a separate document to your return stating that you qualify as an eligible farmer and have placed property in service on or after January 1, 2023.
On page 2, the first paragraph of the instructions for line 19 should read (updated text in bold):
Qualified new businesses and fiscal-year eligible farmers: Subtract line 18a from line 17.