Corporation tax forms corrections and changes for 2021 (Articles 9, 9-A, 13, and 33)
The following changes were not reflected on the forms for 2021 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.
CT-2658-I
On page 1, column 2, paragraph 3 should read as follows:
Estimated tax for corporate partners means a corporate partner’s distributive share of the partnership’s income derived from New York sources for the year, multiplied by the highest rate of tax under Tax Law section 210(1)(a) for the year (7.25% for 2021), and reduced by the corporate partner’s distributive share of any allowable credits from the partnership.
On page 2, Estimated tax worksheet, line 2 should read as follows:
2. Multiply line 1 by 7.25% (.0725)
CT-34-SH
On page 1, Schedule A, Part 1, line 1 should read:
1 New York State taxes imposed under Article 9-A or Article 24-A and income taxes imposed by other taxing jurisdictions………………………………………… 1
CT-34-SH-I
1. On page 1, column 1, under Filing requirements, add the following at the end of the Note:
- the shareholder’s distributive share of income taxes paid to other states. This statement must itemize the amounts paid to each state.
- the shareholder’s share of any PTET deducted by the entity for the current year in excess of the PTET liability.
2. On page 1, column 2, under Additions, line 1 should read as follows:
Line 1 – New York taxes and income taxes imposed by other taxing jurisdictions
Enter the following taxes to the extent the tax was excluded from federal income [(Article 22 section 612(b)(3)]:
- Article 9-A corporate franchise tax;
- any amounts paid on behalf of members or shareholders to states that are not substantially similar to New York’s PTET;
- any amounts paid on behalf of NY nonresidents for pass-through entity taxes that are substantially similar to New York’s PTET;
- any amounts paid on behalf of NY residents for pass-through entity taxes that are substantially similar to New York’s PTET on income not sourced to the other state under the laws of New York; and
- any amount of estimated PTET deducted by the S corporation that exceeds the actual PTET liability for the year.
Do not include the amount of the PTET liability computed on the annual PTET return. This amount will be an addback modification by the shareholders claiming the PTET credit.
CT-46 and CT-46-I
Part B of Chapter 59 of the Laws of 2022 allows fiscal year filers who are eligible farmers to claim 20% of your investment credit base on qualifying property placed in service on or after 4/1/2022. To determine if you qualify to claim 20% as an eligible farmer, see Investment tax credit: eligible farmers income test.
If you qualify to claim 20% on qualifying property for the 2021 fiscal year, use the 20% rate to compute the amount of investment credit and enter the amount in schedule A, column F on CT-46, Claim for Investment Tax Credit.