Instructions For Claims Based On Credit(S) Form Nyc-8 - 2001

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Form NYC-8 - 2001
Page 2
in the three-year period, but is filed within the two-
G
I
E N E R A L
N F O R M A T I O N
year period, the amount of credit or refund cannot
exceed the portion of the tax paid during the two
Note: The provisions of section 11-602 relating to the definition
years immediately preceding the filing of the claim.
of subsidiary capital and investment capital and limiting certain
deductions relating to certain mergers and acquisitions have
3. If the period for assessing the tax has been extended
been repealed for taxable years beginning after 1999.
by agreement between the taxpayer and the
For information regarding depreciation deductions for property
Department of Finance, the claim for refund or credit
placed in service outside New York after 1984 and before 1994,
must be made within six months after the expiration
see the separate “Addendum to Instructions for Forms Relating
of the period.
toFinance Memorandum 99-4 “Depreciation for Property Placed
4. If a timely petition for the redetermination of a defi-
in Service Outside New York After 1984 and Before 1994”
ciency has been filed, no separate claim for credit or
included with these materials.
refund need be filed for that year.
CORRECT NYC FORMS TO USE
5. A corporation filing a claim and disclaiming liability
To do the following:
Use form:
for tax must attach a completed Form NYC-245,
Activities Report of Corporations, or a copy of the let-
Amend Form NYC-4S, NYC-3L or NYC-3A, as originally
NYC-4S
filed or as later adjusted by an amended return. PLEASE
NYC-3L
ter of exemption issued by the Department of
NOTE THAT FORM NYC-8 CAN NO LONGER BE
NYC-3A
Finance.
USED TO FILE AN AMENDED RETURN
(An amended return must be filed within 90 days after
CLAIMS BASED ON CREDIT(S)
filing an amended federal or New York State return.)
Claim a refund or credit of General Corporation Tax
NYC-8 or indicate
If this claim is based upon a sales and compensating use
the amount on the
tax credit, real estate tax escalation credit, employment
original or
opportunity relocation costs credit, energy cost savings
amended return
(ECS) credit or relocation and employment assistance pro-
Report a change or correction of federal or New York State
NYC-3360
taxable income or other tax base made by the Internal
(Report of
gram (REAP) credit, it must be accompanied by Form
Revenue Service or the New York State Department of
Federal/State
NYC-9.5, Form NYC-9.6, or Form NYC-ECS together with
Taxation and Finance
change)
appropriate documentation. In addition, if the sales and
Claim a refund or credit based on a net operating
compensating use tax credit claim is due to a New York
loss carryback
State Department of Taxation and Finance audit, substanti-
- If total amount of credit or refund exceeds $5,000
NYC-8
- If total amount of credit or refund does not exceed
NYC-8CB
ation of the payment must be submitted. Note: The credit
$5,000
(Claim for Refund
for sales tax paid on purchases of electricity or electric ser-
of General
vice used in the production of certain tangible property
Corporation Tax
from Carryback
formerly allowed by Admin. Code §11-604.15 has been
of Net Operating
repealed for purchases on or after November 1, 2000. The
Loss ) or NYC-8
ECS credit formerly allowed by Admin. Code §11-604.16
Claim for refund based on capital loss
NYC-8
_____________________________________________________________
also has been repealed as of November 1. 2000.
Claim for refund based on disclaimer of liability
NYC-8 attach
completed NYC-245
_____________________________________________________________
Purchases of machinery or equipment for which a credit
is allowed by Admin. Code §11-604.12 were exempted
FILING REQUIREMENTS FOR CREDIT OR
from sales tax effective December 1, 1989. Purchases of
REFUND
certain services performed on machinery or equipment
1. A separate Form NYC-8 must be filed for each period
used in production for which a credit is allowed by
for which a credit or refund is claimed.
Admin. Code §11-604.17-a were exempted from sales tax
2. This claim must be filed within three years from the
effective September 1, 1996. Credits may be taken under
time the return was filed or two years from the time
these two provisions only if the sales tax payment was
the tax was paid, whichever expires the later, or, if no
made in the current year with respect to a purchase in a
return was filed, within two years from the time the
period when the applicable sales tax was effective. In
tax was paid. If the claim is filed within the three-year
such case, the sales tax excluded or deducted for federal
period after filing the return, the amount of the credit
tax purposes should be added back. If you are claiming a
or refund cannot exceed the portion of the tax paid
credit pursuant to §11-604.12, a form NYC 9.5 for the year
within the three years immediately preceding the fil-
1990 or a prior year should be used. If you are claiming a
ing of the claim plus the period of any extension of
credit pursuant to §11-604.17-a, a form NYC 9.5 for the
time for filing the return. If the claim is not filed with-
year 2000 or a prior year should be used.

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