Form Ct-47- Claim For Farmers' School Tax Credit
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1
2CT-47
New York State Department of Taxation and Finance
Claim for Farmers’ School Tax Credit
Tax Law - Article 9-A, Section 210.22
All filers must enter tax period:
beginning
ending
Legal name of corporation
Employer identification number
File this form with Form CT-3 or CT-3-A
(See Form CT-47-I, Instructions for Form CT-47, for assistance)
Form CT-3-S filers: do not complete this form. Instead, include the shareholders’
amounts of the following on Form CT-34-SH: eligible taxes paid; total acres of qualified
Part 1 – Eligibility
agricultural property; total acres of qualified agricultural property converted to nonqualified use;
and total acres of qualified conservation property.
If you mark an X in a No box for question A, B, C, or D, stop; you do not qualify for this credit.
A Did you have qualified agricultural property for the tax year beginning in 2014?
...................
Yes
No
(see instructions)
B Were eligible school district property taxes paid on that property during the tax year beginning in 2014?
.............................................................................................................................................
Yes
No
(see instructions)
C Complete Worksheet A in the instructions. Is the amount shown on line 3 of Worksheet A less than
$300,000? ....................................................................................................................................................
Yes
No
D Complete Worksheet B in the instructions (and Worksheet C, if applicable). Is the amount shown on
line 12 of Worksheet B, or line 6 of Worksheet C, if applicable, at least 0.6667?
...............
Yes
No
(see instructions)
E If you and one or more related persons
each owned qualified agricultural property on
(see instructions)
March 1, 2014, mark an X here and see instructions for line 4 ....................................................................................................
F If all or part of your qualified agricultural property was converted to nonqualified use during the tax year
beginning in 2014, mark an X here and see instructions ..............................................................................................................
Part 2 – Computation of credit
1 Corporations: Enter the total acres of qualified
agricultural property owned by you during the tax
year beginning in 2014
.......................................
1
(see instructions)
2 Corporate partners: Enter your share of acres of
2
qualified agricultural property from a partnership .......................
3 Add lines 1 and 2.................................................................................................................................
3
4 Enter base acreage amount
....................................................................................
4
(see instructions)
5 Subtract line 4 from line 3
...
5
(if zero or less, skip lines 6 and 7, enter 1.0000 (100%) on line 8, and continue on line 9)
6 Multiply line 5 by 50% (.5) ...................................................................................................................
6
7 Add lines 4 and 6...............................................................................................................................
7
8 Divide line 7 by line 3 and round the result to four decimal places .....................................................
8
9 Corporations: Enter the eligible school taxes you
paid during the year
...........................................
9
(see instructions)
10 Corporate partners: Enter your share of eligible
taxes from a partnership
10
....................................
(see instructions)
11 Add lines 9 and 10............................................................................................................................... 11
12 Multiply line 11 by line 8 ....................................................................................................................
12
13 Enter the amount from Worksheet A, line 3 of the instructions
(if the line 13 amount is $200,000 or less, skip lines 14,
...........................
13
15, and 16, and enter the line 12 amount on line 17)
14 Enter the excess of line 13 over $200,000
.. 14
(cannot exceed $100,000)
15 Divide line 14 by $100,000 and round the result to four decimal places
... 15
(cannot exceed 1.0000 (100%))
16 Multiply line 12 by line 15 ..................................................................................................................
16
17 Subtract line 16 from line 12..............................................................................................................
17
18 Unused excess farmers’ school tax credit carried forward from prior years ......................................
18
19 Total credit
........................................................................................................... 19
(add lines 17 and 18)
G If you are claiming this credit as a corporate partner, mark an X in the box ......................................................................................
453001140094
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