Form Ct-43 - Claim For Special Additional Mortgage Recording Tax Credit

Instructions

Page 2 of 2 CT-43 (2011)

Temporary deferral of certain tax credits

Line 1b — Enter any amount of special additional mortgage recording

tax credit received from a flow-through entity. Attach a statement

For tax years beginning on or after January 1, 2010, and before

showing the name, employer identification number (EIN), and amount of

January 1, 2013, if the total amount of certain credits that you may use

credit received from each entity.

to reduce your tax or have refunded to you is greater than $2 million, the

excess over $2 million must be deferred to, and used or refunded in, tax

Line 5 — If you are claiming more than one tax credit for this year, enter

years beginning on or after January 1, 2013. For more information about

the amount of credit(s) you wish to apply against your franchise tax due

the credit deferral, see Form CT-500, Corporation Tax Credit Deferral.

before the application of the special additional mortgage recording tax

credit. Otherwise, enter 0.

If you are subject to the credit deferral, you must complete all credit

forms without regard to the deferral. However, the credit amount that

You must apply certain credits before the special additional mortgage

is transferred to your tax return to be applied against your tax due

recording tax credit. Refer to the instructions of your franchise tax return

or to be refunded to you may be reduced. Follow the instructions for

to determine the order of credits that applies.

Form CT-500 to determine the amounts to enter on your tax return.

Article 9-A taxpayers: Refer to Form CT-600-I, Instructions for

Article 9-A S corporations that have computed a refundable special

Form CT-600, Ordering of Corporation Tax Credits.

additional mortgage recording tax credit of greater than $2 million are

also subject to the deferral. Use Form CT-500 to calculate the amount

If you are included in a combined return, include any amount of tax

of special additional mortgage recording tax refund allowed and credit

credit(s), including special additional mortgage recording tax credit(s),

amount to be deferred.

being claimed by other members of the combined group that you wish

to apply before your special additional mortgage recording tax credit.

General information

Life insurance corporations: Do not enter on this line any amount of

You may claim as a credit against your franchise tax certain special

empire zone (EZ) wage tax credit(s), zone equivalent area (ZEA) wage

additional mortgage recording tax you paid.

tax credit(s), or EZ capital tax credit(s) you may be claiming. If you are

included in a combined return, do not include any amount of these

A tax credit is not allowed for the special additional mortgage recording

credits being claimed by other members of the combined group.

tax paid on residential mortgages (defined below) recorded on or after

May 1, 1987, if the real property is located in Erie County or any of

Line 7 — Article 33 combined filers (using Form CT-33-A): Multiply the

the counties within the Metropolitan Commuter Transportation District

number of taxpayers in the combined group by $250 and enter the

(MCTD). The MCTD includes the counties of New York, Bronx, Queens,

result here.

Kings, Richmond, Dutchess, Nassau, Orange, Putnam, Rockland,

Line 9 — Enter the lesser of line 3 or line 8.

Suffolk, and Westchester.

If your total credits from all sources are $2 million or less, enter the

A residential mortgage is defined as a mortgage of real property that

has been or will be principally improved by one or more structures

amount from line 9 on your franchise tax return.

containing a total of not more than six residential dwelling units, each

If your total credits from all sources are more than $2 million, you

with its own separate cooking facilities.

may be subject to the temporary credit deferral. Complete line 9 but

Article 9-A taxpayers who paid the special additional mortgage

do not enter the amount from line 9 on your franchise tax return.

recording tax on residential mortgages in any tax year beginning before

See Form CT-500 to determine the proper amounts to enter on your

1986 may not carry forward unused special additional mortgage

franchise tax return.

recording tax credit relating to these residential mortgages. For tax

Article 9-A taxpayers only: To claim a credit or refund of the special

years beginning on or after January 1, 1986, and before January 1,

additional mortgage recording tax credit, complete lines 11 through 15.

1990, and tax years beginning in or after 1994, in lieu of a carryforward,

these taxpayers may elect to treat the unused portion of special

Line 11 — Enter only that amount from lines 1a and 1b that represents

additional mortgage recording tax credit as an overpayment of tax to be

special additional mortgage recording tax due and paid during the

credited or refunded. See TSB-M-94(4)C, Refundable Special Additional

current tax year for recording of residential mortgages.

Mortgage Recording Tax Article 9-A Corporations, for more information.

Line 12 — Enter the lesser of line 10 or line 11.

For tax periods beginning in and after 1994, New York S corporations

taxable under Article 9-A may apply this credit against the franchise

Lines 13 and 14 — If your total credits from all sources are $2 million or

less, enter the amounts from lines 13 and 14 on your franchise tax return.

tax, carry it forward, or treat it as an overpayment of tax as discussed

above. Credit earned by the S corporation does not flow through

Include the line 13 amount on Form CT-3, line 99a; Form CT-3-A,

to the shareholders to be claimed against their personal income tax

line 100a; or Form CT-3-S, line 50.

liability.

Include the line 14 amount on Form CT-3, line 99b; Form CT-3-A,

When claiming this credit, you must add back to your entire net income

line 100b; or Form CT-3-S, line 51.

the amount of the special additional mortgage recording tax used

as a deduction in the computation of federal taxable income. (See

If your total credits from all sources are more than $2 million, you may

TSB-M-87(7)C, Special Additional Mortgage Recording Tax Credit

be subject to the temporary credit deferral. Complete lines 13 and 14

Disallowed on Certain Real Property, and TSB-M-87(10)C, Special

but do not enter the amounts from lines 13 and 14 on your franchise tax

Additional Mortgage Recording Tax Credit Disallowed on Certain Real

return. See Form CT-500 to determine the proper amounts to enter on

Property Located in Erie County, for more information.)

your franchise tax return.

For corporations filing franchise tax return Form CT-3, CT-3-A, CT-3-S,

S corporations: If the total credits claimed on lines 13 and 14 exceed

CT-32, CT-32-A, CT-32-S, CT-33, or CT-33-A, the gain or loss on the

$2 million, you must complete Form CT-500 to determine the proper

sale of real property on which the special additional mortgage recording

amounts to enter on Form CT-3-S.

tax credit was claimed must be increased, in the case of a gain, or

decreased, in the case of a loss, when all or any portion of the credit

To avoid an unnecessary exchange of funds, we will apply the

refundable portion of the tax credit to any unpaid balance of the

was used in the basis for computing federal gains.

franchise tax and metropolitan transportation business tax (MTA

Line instructions

surcharge) and refund the remaining balance.

Complete the beginning and ending tax period boxes in the upper right

Need help? and Privacy notification

corner on page 1.

See Form CT-1, Supplement to Corporation Tax Instructions.

45002110094

Form Ct-43 - Claim For Special Additional Mortgage Recording Tax Credit - 2011 Page 2

Related Articles

Related forms

Related Categories