Instructions For Form It-220 - Minimum Income Tax - New York State Department Of Taxation And Finance - 2004 Page 3
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4IT-220-I Page 3 of 4 (2004)
— NY State child and dependent care credit (from Form IT-201,
The net operating loss of a part-year resident individual or
line 59);
part-year trust for the resident period is based solely on items
attributable to the New York resident period determined in the
— NY State earned income credit (from Form IT-201, line 60);
same way as a corresponding federal net operating loss. The net
— Real property tax credit (from Form IT-201, line 61);
operating loss of a part-year resident individual or part-year trust
— College tuition credit (from Form IT-201, line 62);
for the nonresident period is based solely on items from New York
State sources in accordance with Tax Law section 631(b)
— NY State refundable credits (from Form IT-201-ATT, Part IV,
determined in the same way as a corresponding federal net
line 78);
operating loss.
— NY State claim of right credit (from Form IT-201-ATT, Part IV,
line 79).
Enter on line 20 any amount of net operating loss which remains as
a carryover to a succeeding tax year. If there is no unused net
Nonresidents and part-year residents — Enter the amount of tax
operating loss available as a carryover for a following year, no
reported on Form IT-203, line 46, plus the amount from
deduction is permitted on line 20.
Form IT-230-I, Instructions for Form IT-230 , Worksheet C, line 7,
reduced (but not below zero) by the amount of the following credits:
See the instructions for line 7 for the restoration in the next
succeeding year or years of the net operating loss deduction.
— Farmers’ school tax credit (from Form IT-203-B, Part III, line 53);
— Investment credit for new businesses (from Form IT-203-B,
Line 21 Minimum taxable income — Subtract line 20 from
Part III, line 54);
line 19 and enter the result.
— Financial services industry investment credit for new businesses
New York City taxpayers — The city minimum taxable income of
(from Form IT-203-B, Part III, line 55);
New York City resident individuals, estates or trusts is the same as
— Empire zone (EZ) investment tax credit and EZ employment
the state minimum taxable income of New York State resident
incentive credit for new businesses (from Form IT-203-B,
individuals, estates or trusts.
Part III, line 56);
Filling in lines 22 and 23
— Financial services industry EZ investment tax credit and EZ
employment incentive tax credit for new businesses (from
Rectangular boxes have been printed on lines 22 and 23 to guide
Form IT-203-B, Part III, line 57);
you in making handwritten entries so we can use the latest
scanning and image processing equipment.
— EZ wage tax credit for new businesses (from Form IT-203-B,
Part III, line 58);
— Print (use black ink only; no red or other color ink or pencils,
— Zone equivalent area (ZEA) wage tax credit for new businesses
please) or type money amounts in the boxes provided.
(from Form IT-203-B, Part III, line 59);
— Carefully enter your money amounts in the boxes, allowing one
— Qualified emerging technology company (QETC) employment
numeral for each box. Whole dollar amounts end immediately to
credit for new businesses (from Form IT-203-B, Part III, line 60);
the left of the decimal point and cents begin to the right. If you
show a loss, place a negative sign (-) in the box immediately to
— IMB credit for energy taxes (from Form IT-203-B, Part III,
the left of the loss amount. Do not use brackets or parentheses.
line 61);
Example: If your total New York State resident minimum income tax
— QEZE credit for real property taxes (from Form IT-203-B,
for line 22 is $2,406.18, your money field entry on line 22 should
Part III, line 62);
look like this:
— NY State claim of right credit (from Form IT-203-B, Part III,
line 64).
2 4 06 1 8
22.
Resident and nonresident estates or trusts and part-year
resident trusts — Resident estates and trusts enter the amount of
Line 22 New York State minimum income tax due — Enter 6%
tax reported on Form IT-205, line 8, reduced by the amount of
of the minimum taxable income reported on line 21.
credits reported on lines 10 and 33 of Form IT-205. Nonresident
estates and trusts and part-year resident trusts enter the amount of
Residents — Transfer the amount from line 22 to Form IT-201-ATT,
tax reported on Form IT-205, line 9, reduced by the amount of
Part II, line 35.
credits reported on lines 10 and 33 of Form IT-205.
Nonresidents and part-year residents — Transfer the amount
from line 22 to Form IT-203-B, Part I, line 19.
Line 20 Available net operating loss carryover — Subtract the
amount of net operating loss remaining as a net operating loss
Resident and nonresident estates or trusts and part-year
carryover to a succeeding tax year from the excess of the total
resident trusts — Transfer the amount from line 22 to Form IT-205,
New York tax preference items over the total of the allowable
line 13.
specific deduction and the New York personal income tax after
Line 23 City of New York resident minimum income tax —
credits for the year.
Enter 2.85% of the minimum taxable income reported on line 21
The net operating loss of a resident individual, estate or trust is
and transfer this amount to Form IT-201-ATT, Part III, line 38 or, if
the loss as determined for federal income tax purposes.
an estate or trust, to Form IT-205, line 24.
Part-year city of New York residents — Whenever you have a
The net operating loss of a nonresident individual, estate or trust
New York City change of resident status (but no change in
is based solely on items from New York State sources in
New York State resident status) transfer the amount from line 23 to
accordance with section 631(b) of the Tax Law but otherwise
Form IT-201-ATT, Part III, line 38.
determined in the same way as the corresponding federal net
operating loss.
If you have both a New York State and New York City change of
resident status during the same tax year, transfer the amount from
line 23 to Form IT-203-B, Part II, line 26.
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