Form Ct-501 - Temporary Deferral Nonrefundable Payout Credit - 2014

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New York State Department of Taxation and Finance
CT-501
Temporary Deferral Nonrefundable
Payout Credit
Tax Law – Article 1, Section 34; Article 9, Section 187-o; Article 9-A, Section 210.41;
Article 32, Section 1456(v); and Article 33, Section 1511(y)
File this form with your franchise tax return.
Legal name of corporation
Employer identification number
Schedule A – Computation of credit used and carried over
1 Temporary deferral nonrefundable payout credit carry forward
................
1
(from 2013 Form CT-501, line 10)
2 Tax due before credits
(see instructions) ................................................................................................................
2
3 Tax credits claimed before this credit
(see instructions) . ....................................................................................
3
4 Subtract line 3 from line 2
.......................................................................................................................................
4
5 Minimum tax limitation
(see instructions) ................................................................................................................
5
6 Credit limitation
(subtract line 5 from line 4; if zero or less, enter 0) ......................................................................
6
7 Amount of credit used for the current tax year
(see instructions) . ....................................................................
7
8 Amount of credit available for carryover to next year
(subtract line 7 from line 1; see instructions) ...............
8
Instructions
General information
Line instructions
Temporary deferral of certain tax credits
Schedule A – Computation of credit used and carried
over
For tax years beginning on or after January 1, 2010, and before
January 1, 2013, if the total amount of certain credits that you
Lines 2 and 5 entries table
could use to reduce your tax or have refunded to you was
Section 1
greater than $2 million, the excess over $2 million was deferred
Franchise tax
Enter on line 2 any net
Enter on line 5 the
to tax years beginning on or after January 1, 2013.
recaptured tax credits plus
return filed
amount below
the amount from
Purpose of Form CT-501
Form CT-183, line 4 plus
Forms CT-183 and
75
For tax years beginning on or after January 1, 2013, use
Form CT-184, line 3 or 4
CT-184
Form CT-501 to claim the temporary deferral nonrefundable
Form CT-185
Line 6
10
payout credit.
Form CT-186
Line 5
125
New York S corporations: Only file this form if you filed
Form CT-3
Line 78
Line 74b
Form CT-500 and deferred a special additional mortgage
Form CT-3-A
Line 77
Line 74b
recording tax credit. Shareholders of New York S corporations
Form CT-3-S
Line 23
will file Form IT-501 with their New York personal income tax
Line 23
return to claim any credits flowed through from the S corporation
Form CT-32
Line 5
250
that were required to be deferred.
Form CT-32-A
Line 5
250
Form CT-32-S
Line 10
250
Using your accumulated deferred credits
Form CT-33
Line 11
250
The accumulated amounts of nonrefundable tax credits
Form CT-33-A
Line 15
Line 4 plus line 12
that were deferred for tax years beginning on or after
Form CT-33-NL
Line 5
January 1, 2010, and before January 1, 2013, are combined
250
to become your temporary deferral nonrefundable payout
Section 2
credit. Any amount of this credit that is not deductible for the
Tax return filed
Enter on line 2 any net
Enter on line 5 the
tax year beginning on or after January 1, 2013, and before
recaptured tax credits
amount below
January 1, 2014, may be carried over to the following year(s) to
plus the amount from
be deducted from your tax until the accumulated credit amount
Form CT-186-E
Line 88
0
is exhausted.
Form CT-186-P
Line 4
0
Line 2 – Enter your tax before credits using the Lines 2 and 5
entries table above. The temporary deferral nonrefundable
payout credit can be applied to taxes as computed on the forms
listed in the table above. However, the credit cannot be applied
against both a franchise tax return listed in Section 1 and a tax
return listed in Section 2.
535001140094

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