Corporation tax up-to-date information for 2017 (Articles 9, 9-A, 13, and 33)
The following changes were not reflected on the forms for 2017 when they went to print
If any of the following updates impact a tax form for which 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.
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On page 5, under S-201 Small business modification (CT-3-S filers only), the first sentence is corrected to change the reference from 3.75% to 5%, so that the sentence now reads:
If the New York S corporation is a farm business that employs one or more persons during the tax year, and has net farm income of greater than zero but less than $250,000, then you may deduct an amount equal to 5% of the net items of income, gain, loss and deduction attributable to the farm business included in your federal adjusted gross income (but not less than zero).
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Line 3 should read as follows:
3 Fifty percent limitation (multiply line 2 by 50% (.5); see instructions if claiming a credit carryforward from more than one entity )On page 2 add instructions for Line 3 as follows:
Line 3 - For taxpayers claiming a wage tax credit carryforward from more than one entity on a return, such as on a combined franchise tax return, the aggregate amount of all the wage tax credits used in the current year cannot exceed 50% of the current year’s tax. Multiply line 2 by 50% (.5). From this result, subtract any wage tax credits claimed for this year that you wish to apply prior to the credit claimed on this form and enter that result on line 3. -
On page 5, 2nd paragraph under Line 10b, is corrected to read column A of the Form CT-300 instead of column B.
On page 5, 2nd paragraph under Line 15b, is corrected to read column A of the Form CT-300 instead of column B.
