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

Instructions

Page 2 of 2 CT-43 (2014)

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

General information

Form CT-600, Ordering of Corporation Tax Credits.

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

additional mortgage recording tax you paid.

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

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

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

being claimed by other members of the combined group that you want to

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

apply before your special additional mortgage recording tax credit.

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

the counties within the Metropolitan Commuter Transportation District

CT-33 and CT-33-A filers, including unauthorized insurance

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

corporations: Do not enter on this line any amount of empire zone

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

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

Suffolk, and Westchester.

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 credits being

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

claimed by other members of the combined group.

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

a total of not more than six residential dwelling units, each with its own

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

separate cooking facilities.

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

result here.

Article 9-A taxpayers who paid the special additional mortgage recording

tax on residential mortgages in any tax year beginning before 1986 may

Line 9 – Enter the lesser of line 3 or line 8. Transfer this amount to your

not carry forward unused special additional mortgage recording tax

franchise tax return.

credit relating to these residential mortgages. For tax years beginning

on or after January 1, 1986, and before January 1, 1990, and tax years

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

beginning in or after 1994, in lieu of a carryforward, these taxpayers may

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

elect to treat the unused portion of special additional mortgage recording

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

tax credit as an overpayment of tax to be credited or refunded. See

special additional mortgage recording tax due and paid during the

TSB-M-94(4)C, Refundable Special Additional Mortgage Recording Tax

current tax year for recording of residential mortgages.

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 – Transfer these amounts to 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 to the

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

shareholders to be claimed against their personal income tax liability.

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

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

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

the amount of the special additional mortgage recording tax used

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

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

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

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

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

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

franchise tax and metropolitan transportation business tax (MTA

Additional Mortgage Recording Tax Credit Disallowed on Certain Real

surcharge) and refund the remaining balance.

Property Located in Erie County, for more information.)

Need help? and Privacy notification

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

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

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

sale of real property on which the special additional mortgage recording

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 was

used in the basis for computing federal gains.

Line instructions

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

corner on page 1.

Line 1b – Enter any amount of special additional mortgage recording tax

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

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

received from each entity.

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

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

before the application of the special additional mortgage recording tax

credit. Otherwise, enter 0.

You must apply certain credits before the special additional mortgage

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

to determine the order of credits that applies.

CT-3-S filers: Include any credits from Form CT-501, Temporary

Deferral Nonrefundable Payout Credit, line 7, that you want to apply

against the tax due before the special additional mortgage recording tax

credit.

450002140094

Form Ct-43 - Claim For Special Additional Mortgage Recording Tax Credit - 2014 Page 2

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