Instructions For Form Ct-1 - Supplement To Corporation Tax Instructions

Page 2 of 5 CT-1 (2014)

Chapter 59, Laws of 2014

been lowered from $200,000 to $100,000. To compute this credit,

see Form CT-246, Claim for Empire State Commercial Production

Low-income housing credit – Effective March 31, 2014, the

Credit.

aggregate dollar amount of credit that the Commissioner of the

Real property tax credit for manufacturers – For tax years

Division of Housing and Community Renewal may allocate to

beginning on or after January 1, 2014, there is a new credit for

eligible low-income buildings was increased from $48 million to

qualified New York manufacturers equal to 20% of the real property

$56 million.

taxes paid during the tax year for real property owned by the

manufacturer in New York and principally used for manufacturing

to the extent the taxes were not deducted in determining ENI.

Articles 9-A and 32

Property taxes used as the basis for this credit may not be used

Chapter 59, Laws of 2014

for any other tax credit. For more information, see Form CT-641,

Manufacturer’s Real Property Tax Credit, and its instructions.

Corporate tax reform – For tax years beginning on or after

Credit for the excise tax on telecommunication services

January 1, 2015, Tax Law Article 32 was repealed. Corporations

paid by an approved SUNY Tax-Free Areas to Revitalize and

that were previously subject to and had filed under Article 32

Transform Upstate New York (START-UP NY) business – For tax

are now subject to and must file under Article 9-A. Also, the

years beginning on or after January 1, 2014, a refundable credit is

computation of tax under Article 9-A was significantly changed.

allowed equal to the Tax Law, Article 9, section 186-e excise tax

For additional information on corporate tax reform, visit our Web

passed through to the business by a telecommunication services

site (see Need help?).

provider when the excise tax was not deducted by the business

in computing ENI. For more information, see Form CT-640,

START-UP NY Telecommunication Services Excise Tax Credit, and

Article 9-A

its instructions.

Chapter 59, Laws of 2013

New York Youth Works Tax Credit Program – Enhancements

were made to this tax credit program. For more information,

Qualified New York manufacturer’s tax reduction – For tax years

see Form CT-635, New York Youth Works Tax Credit, and its

beginning on or after January 1, 2014, an amendment was made

instructions.

to phase in a reduction for qualified New York manufacturers.

The reduced tax rates are applicable to the capital and minimum

taxable income bases and each of the fixed dollar minimum

amounts is also reduced. For more information, see Form CT-3/4-I,

How to fill out your tax return

Instructions for Forms CT-4, CT-3, and CT-3-ATT.

Business information

Chapter 68, Laws of 2013

Enter the corporation’s business information at the top of the first

SUNY Tax-Free Areas to Revitalize and Transform Upstate

page. Be sure to enter the corporation’s mailing name if different

New York Program (START-UP NY Program) – For tax years

from its legal name.

beginning on or after January 1, 2014, sales tax quarters beginning

on or after March 1, 2014, or transactions occurring on or after

If you need to update your corporation tax address or phone

January 1, 2014, depending on the benefit, this program provides

information, you can do so online. Visit our Web site (see Need

tax benefits to approved businesses that have located within

help?) and look for the change my address option. Otherwise,

tax-free NY areas, and for certain employees of these businesses.

enter your new address and/or phone number in the appropriate

The program is administered by Empire State Development (ESD).

area of your return and mark an X in the box under the address.

Approved businesses will be issued a Certificate of Eligibility by the

Do not mark an X in this box if your address and/or phone number

sponsoring campus, university, or college.

is new since your last filing but was already updated online, or

for any change of business information other than your address

An approved business is not allowed to claim any other tax

and/or phone number. Once your corporation tax information is

credit allowed under the Tax Law with respect to its activities

updated online, you do not need to indicate a change of address

or employees in a tax-free NY area. For more information, see

on any corporation tax forms submitted to the Tax Department (or

TSB-M-13(7)C, SUNY Tax-Free Areas to Revitalize and Transform

for any forms for tax types you select to be updated in addition to

Upstate New York Program, and Form CT-638, START-UP NY Tax

corporation tax).

Elimination Credit, and its instructions.

If you prefer to change your address by form, use Form DTF-96,

Chapter 59, Laws of 2014

Report of Address Change for Business Tax Accounts. You must

report other changes (such as business name or ID number) on

Tax rates for qualified New York manufacturers, eligible

Form DTF-95, Business Tax Account Update. You can get these

qualified New York manufacturers, and qualified emerging

forms from our Web site or by phone (see Need help?).

technology companies (QETCs) – For tax years beginning on

or after January 1, 2014, the entire net income (ENI) tax rate for

Entry formats

qualified and eligible qualified New York manufacturers is 0%

and for a QETC it is 5.9%. The rate reduction for the capital,

Entering dates — Unless you are specifically directed to use a

minimum taxable income, and fixed dollar minimum tax bases

different format, enter dates in the mm-dd-yy format (using dashes

that was passed as Chapter 59 of the Laws of 2013, was

and not slashes).

changed to include a QETC. Such rate reduction for the capital

base was changed to also include an eligible qualified New York

Negative amounts — Show any negative amounts with a minus (-)

manufacturer.

sign.

Commercial production credit – This credit, previously

Percentages — When computing percentages, convert decimals

scheduled to expire December 31, 2014, was extended to tax

into percentages by moving the decimal point two spaces to the

years beginning before January 1, 2017. The threshold minimum

right. Round percentages to four decimal places.

activity required for the pool of credit allocated to production

Example: 5,000/7,500 = 0.6666666 = 66.6667%.

outside of the Metropolitan Commuter Transportation District has

Instructions For Form Ct-1 - Supplement To Corporation Tax Instructions - 2014 Page 2

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