Looking for a New York State Tax Forms And Templates? Download it for free!

Page 2 of 2 CT-247 (8/13)

Instructions

Any inquiry on the taxable status of an organization must

General information

be in writing, signed by an officer of the organization, and

Certain not‑for‑profit and religious corporations are

mailed to the address under Mail this application to:.

exempt from the New York State (NYS) corporation

franchise tax imposed by Tax Law Article 9‑A

Refund of franchise taxes

(Article 9‑A regulations, section 1‑3.4(b)(6)). You must file

If the organization paid franchise taxes in error, request

Form CT‑247 to apply for exemption.

a refund by filing an amended return. A housing

Generally, a corporation or an organization treated as a

development fund company must submit proof that it was

corporation must meet all of the following requirements to

organized under Private Housing Finance Law Article 11.

be tax exempt:

Mail this application to:

•

It must be organized and operated as a not‑for‑profit

organization.

NYS TAX DEPARTMENT

CORPORATION TAX

•

It must not have stock, shares, or certificates for stock

W A HARRIMAN CAMPUS

or for shares. Not‑for‑profit corporations that issue

ALBANY NY 12227

stock are taxable under Article 9‑A. However, title

Private delivery services

holding companies as described in Internal Revenue

See Publication 55, Designated Private Delivery Services.

Code (IRC) section 501(c)(2), and collective investment

entities as described in IRC section 501(c)(25), are

Signature

exempt from tax under Article 9‑A. For additional

The application must be certified by the president, vice

information, see TSB‑M‑87(9)C, Exemption for Title

president, treasurer, assistant treasurer, chief accounting

Holding Companies (THC) and Collective Investment

officer, or other officer authorized by the taxpayer

Entities (CIE).

corporation.

•

No part of its net earnings may benefit any officer,

The application of an association, publicly traded

director, or member.

partnership, or business conducted by a trustee or

•

It must be exempt from federal income taxation under

trustees must be signed by a person authorized to act for

IRC section 501, subsection (a).

the association, publicly traded partnership, or business.

If the organization meets all of the above requirements,

If an outside individual or firm prepared the application,

it will be presumed to be exempt from tax under Tax

all applicable entries in the paid preparer section must

Law Article 9‑A. An organization denied exemption from

be completed, including identification numbers (see Paid

taxation under the IRC will be presumed to be subject to

preparer identification numbers in Form CT‑1). Failure

tax under Article 9‑A.

to sign the application will delay the processing of any

refunds and may result in penalties.

An organization whose tax exempt status has been

revoked and later restored by the Internal Revenue

Need help? and Privacy notification

Service (IRS), must file a new application on Form CT‑247.

See Form CT‑1, Supplement to Corporation Tax

The new application must be approved before any

Instructions.

tax‑exempt status under Article 9‑A is restored.

Not‑for‑profit, nonstock organizations that are subject to

the federal tax on unrelated business income are taxable

under NYS Tax Law Article 13, if they pursue those

unrelated business activities in NYS. File Form CT‑13,

Unrelated Business Income Tax Return, to report those

activities.

Organizations required to file federal Form 1120 may be

taxable under Article 9‑A and may be required to file

Form CT‑3, General Business Corporation Franchise Tax

Return, or Form CT‑4, General Business Corporation

Franchise Tax Return Short Form.

When filing Form CT‑247, submit all documents

granting or denying exemption from tax by the IRS, the

corporation’s articles of incorporation, and its bylaws.

Promptly report any changes in the corporation’s federal

tax status to the NYS Tax Department.

Any exemption granted by the filing of Form CT‑247 is

strictly for NYS corporation franchise tax. For federal

exemption, contact the IRS.

Form Ct-247 - Application For Exemption From Corporation Franchise Taxes By A Not-For-Profit Organization Page 2

Related Articles

Related forms

Related Categories