Form Ct-242 - Claim For Conservation Easement Tax Credit
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1
2New York State Department of Taxation and Finance
CT-242
Claim for Conservation Easement
Tax Credit
Tax Law – Article 9-A, Section 210.38
All filers must enter tax period:
beginning
ending
Legal name of corporation
Employer identification number (EIN)
File this form with Form CT-3 or CT-3-A
Part 1 – Computation of credit
(see instructions)
For each conservation easement, complete the columns in the table below. If additional sheets are necessary, use the format below for
reporting the information.
Conservation
A
B
C
D
E
(Allocated) allowable
Multiply column A
Other real property
Subtract column C
Enter the lesser of
easement
by 25% (0.25)
from column A
column B or column D
real property taxes
tax credits
1
2
3
4
Total from additional sheet(s), if any.................................................................................................................
1 Total of column E amounts ................................................................................................................
1
.........................
2 Credit allocated from partnerships
2
(partners in a partnership enter amount from line 14)
.......................................
3 Total conservation easement tax credit before limitation
3
(add lines 1 and 2)
..........................
4 Conservation easement tax credit after limitation
4
(enter the lesser of line 3 or $5,000)
Part 2 – Application of credit
5 Tax due before credits
................................................................................................
5
(see instructions)
...........................
6 Tax credits claimed before the conservation easement tax credit
6
(see instructions)
7 Subtract line 6 from line 5....................................................................................................................
7
........................................................................
8 Tax limitation
8
(from Form CT-3, line 81, or CT-3-A, line 80)
............................................
9 Tax credit after limitation
9
(subtract line 8 from line 7; if zero or less, enter 0)
10 Conservation easement tax credit to be used this period
........................................
10
(see instructions)
11 Unused conservation easement tax credit available for refund
................
11
(subtract line 10 from line 4)
12 Amount of line 11 you want refunded
.......................................................................
12
(see instructions)
13 Amount of line 11 you want applied as an overpayment to next year’s tax
(subtract line 12 from
.....................................................................................................................
line 11; see instructions)
13
A If you are claiming this credit as a corporate partner, mark an X in the box ...................................................................................
526001130094
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