Form Ct-38 - Minimum Tax Credit - 2013 Page 2
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CT-38 (2013)
Instructions
General information
any amount used as a minimum tax credit in prior years. Use
lines 19 and 20 to compute the available minimum tax credit.
The minimum tax credit is generated in those years when the
largest tax is based on the minimum taxable income (MTI)
Line 19 — The amount of minimum tax carryforward is the total
base, and may be claimed in a subsequent year when your
amount of the adjusted minimum tax calculated in prior years
tax is based on the entire net income (ENI) base. The credit is
minus any amount used as a minimum tax credit in prior years.
designed to prevent the double taxation that might otherwise
arise because of the inclusion of timing items of tax preference
Line 20 — If your tax due is based on the MTI, add lines 18 and 19.
and adjustment in both the MTI and ENI bases but in different
Do not complete lines 21 through 28. Enter this amount on line 29.
tax years. The minimum tax credit for any tax year is the
If your tax due is based on ENI, enter the line 19 amount and
amount, if any, that the adjusted minimum tax imposed for
continue with lines 21 through 29.
all prior tax periods beginning after 1989 exceeds the amount
allowed as a minimum tax credit, that was deducted from the
Schedule C – Computation of minimum tax credit
taxpayer’s tax for such prior years.
used
If your tax due this year is based on the MTI base, complete
Line 21 — Enter the amount from Form CT-3, line 78, or
Schedule A, Parts 1 and 2, Schedule B, and Schedule D to
Form CT-3-A, line 77, plus any net recaptured tax credits.
compute the minimum tax credit generated this year and carried
Line 22 — If you are claiming more than one tax credit for
forward to future years.
this tax year, enter the amount of tax credit(s) claimed before
If your tax due this year is based on the ENI base, and your
the minimum tax credit. Refer to Form CT-600, Ordering of
tax in a prior year was based on the MTI base, complete
Corporation Tax Credits; otherwise enter 0 on line 22.
Schedules B, C, and D to compute the minimum tax credit used
Line 27 — If line 26 is less than line 23, subtract line 26 from
this year and carried forward to future years.
line 23 and enter the result here. Otherwise, enter 0; you cannot
If your tax due this year is based on the fixed dollar minimum
use any minimum tax credit this year.
tax or the capital base tax, complete line 29 to compute the
Line 28 — Enter the lesser of line 20 or line 27. Transfer this
minimum tax credit carried forward to future years.
amount to your franchise tax return.
Combined filers: Lines 1 through 29 should be read as if the
terms were on a combined return, Form CT-3-A. For example:
Schedule D – Minimum tax credit carried forward
the reference to entire net income on line 1 should be read by
Line 29 — If your tax due is based on MTI, enter the line 20
the combined filer as combined entire net income.
amount. If your tax due is based on ENI, subtract line 28 from
line 20. If your tax due is based on fixed dollar minimum tax or
Line instructions
the capital base tax, enter the amount of minimum tax credit
Schedule A, Part 1 – Computation of modified
carryforward from the prior year’s Form CT-38.
minimum tax
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The modified minimum tax is the minimum tax recomputed
excluding those adjustments and tax preference items related
See Form CT-1, Supplement to Corporation Tax Instructions.
to timing differences. The only adjustment or tax preference
item you may take into account is depletion.
Line 1 — Enter the amount from Form CT-3, line 17, or
Form CT-3-A, line 17, column E.
Line 2 — Enter the amount from Form CT-3, line 52, or
Form CT-3-A, line 52, column E.
Line 4 — Enter the amount from Form CT-3, line 18, or
Form CT-3-A, line 18, column E.
Line 6 — Multiply the amount on line 5 by the business
allocation percentage from Form CT-3 or CT-3-A.
Line 7 — Multiply line 4 by the investment allocation percentage
from Form CT-3-ATT, Schedules B, C, and D — Attachment to
Form CT-3, or CT-3-A.
Line 9 — Enter the amount from Form CT-3, line 23, or
Form CT-3-A, line 23, column E.
Line 11 — Multiply line 10 by 1.5% (.015). If you are an eligible
qualified New York manufacturer, multiply line 10 by .75% (.0075).
Schedule B – Computation of available minimum
tax credit
You may use the minimum tax credit to reduce your franchise
tax only if the tax is based on ENI. The amount of credit is
the adjusted minimum tax computed for all prior years, minus
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