New York Claim for CAPCO Credit

Claim for CAPCO Credit
Form CT-33.1 Claim for CAPCO Credit Tax Year 2023
CT-33.1

Department of Taxation and Finance

Claim for CAPCO Credit
Tax Law – Article 1 and Article 33

All filers must enter tax period:
beginning
Legal name of corporation	

ending
Employer identification number (EIN)	

File this form with Form CT-33, Life Insurance Corporation Franchise Tax Return, Form CT-33-NL, Non-Life Insurance Corporation
Franchise Tax Return, or Form CT-33-A, Life Insurance Corporation Combined Franchise Tax Return.

Part 1 – Computation of certified capital company (CAPCO) credit (see instructions)
	 1	 Allocated CAPCO credit available for the current tax year (enter amount from line 21 if applicable;
   otherwise enter 0)...............................................................................................................................	
	2	Allocated CAPCO credit transferred to affiliates for the current tax year (enter amount from

    line 27 if applicable; otherwise enter 0)..............................................................................................................	

	 3	 Subtract line 2 from line 1..................................................................................................................	
	 4	 Allocated CAPCO credit transferred from affiliates for the current tax year (enter amount from
    line 28 if applicable; otherwise enter 0)..................................................................................................	
	5	Total CAPCO credit from the current tax year (add lines 3 and 4)........................................................	
	 6	 Unused CAPCO credit carryforward from the previous tax years......................................................	
	7	Amount of unused CAPCO credit carryforward transferred from affiliates (enter amount from
		  line 29 if applicable; otherwise enter 0) .................................................................................................	
	8	Total CAPCO credit carryforward available from the previous tax years (add lines 6 and 7)................	
	9	Total CAPCO credit available before recapture (add lines 5 and 8)......................................................	
	10	 Recapture of CAPCO credit (enter amount from line 26 if applicable; otherwise enter 0)...........................	
	11	 Net CAPCO credit available for the current tax year (subtract line 10 from line 9).................................	

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10
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Part 2 – Computation of CAPCO credit used and carried forward
	12	
	13	
	14	
	15	
	16	

Tax (see instructions) ............................................................................	 12
Tax credits claimed before the CAPCO credit (see instructions) ....... 	 13
Tax after application of all other credits (subtract line 13 from line 12)		 14
Minimum tax (see instructions) .......................................................... 	 15
Limitation on CAPCO credit to be used this period (subtract line 15
		  from line 14) ................................................................................... 	 16
	17	 CAPCO credit to be used in the current tax year (see instructions) ..................................................... 	
	18	 Total unused CAPCO credit carryforward available (subtract line 17 from line 11) ................................	
	19	 Amount of unused CAPCO credit carryforward transferred to affiliates (enter amount from line 30
    if applicable; otherwise enter 0).............................................................................................................	
	20	 Unused CAPCO credit to be carried forward to the next tax year (subtract line 19 from line 18)............	

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Part 3 – Allocated CAPCO credit available for the current tax year (see instructions)
	A	
B	C	D	
E
	
Description of CAPCO	
Total credit allocated by the 	
% of credit	
Accumulated credit	
Allocated credit available	
	
(Attach additional sheets if necessary)	
Superintendent 	
available for the	
available in 	
for the current tax year
		
of Financial Services 	
current tax year	
prior tax years 	
(column B x column C)
		
		
0.1
0.1
0.1
0.1	
	21	 Total allocated CAPCO credit available for the current tax year (add column E amounts; enter here and
		  on line 1)............................................................................................................................................... 	 21
			
			
			
			

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Page 2 of 2 CT-33.1 (2023)

Part 4 – Computation of CAPCO credit recapture
	22	
	23	
	24	
	25	
	26	

100% recapture of CAPCO credit for failure to meet requirement of Tax Law, Article 1, section 11(c)(1)(A).... 	
85% recapture of CAPCO credit for failure to meet requirements of Tax Law section 11(c)(1)(B)..... 	
70% recapture of CAPCO credit for failure to meet requirements of Tax Law section 11(c)(1)(C).... 	
100% recapture of CAPCO credit if CAPCO certificate is revoked (see instructions) .......................... 	
Total recapture of CAPCO credit taken in previous tax years (add lines 22 through 25; enter here and on line 10) .... 	

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Part 5 – Allocated CAPCO credit transferred to affiliates for the current tax year (see instructions)
	 A	
B	 C	
D	E	 F
	
Description of CAPCO	
Transferee 	
EIN	
Unused credit allocated	 % of credit	
Allocated credit
	 (Attach additional sheets if necessary)	
corporation name 	
of transferee 	
by the Superintendent	 available	
transferred to		
				
of Financial Services	
for the	
affiliates for the
				
transferred to 	
current	
current tax year
				
affiliates	
tax year	
(column D x column E)		
						
				

	27	 Total allocated CAPCO credit transferred to affiliates for the current tax year (add column F amounts;
enter here and on line 2).................................................................................................................... 	

		 

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Part 6 – Allocated CAPCO credit transferred from affiliates for the current tax year (see instructions)
	 A	
B	 C	
D	E	 F
	
Description of CAPCO	
Transferor 	
EIN	
Unused credit allocated	 % of credit	
Allocated credit
	 (Attach additional sheets if necessary)	
corporation name 	
of transferor 	
by the Superintendent	 available	
transferred from		
				
of Financial Services	
for the	
affiliates for the
				
transferred from 	
current	
current tax year
				
affiliates 	
tax year	
(column D x column E)		
						 			
	

	28	 Total allocated CAPCO credit transferred from affiliates for the current tax year (add column F
		   amounts; enter here and on line 4)...................................................................................................... 	

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Part 7 – CAPCO credit carryforward transferred from affiliates for the current tax year (see instructions)
	
A	
B	
C	D	
E
	
Description of CAPCO	
Transferor 	
EIN	
Date of	
Credit carryforward
	
(Attach additional sheets if necessary)	
corporation name 	
of transferor	
transfer or sale	
transferred from affiliates
							
		

	29	 Total CAPCO credit carryforward transferred from affiliates for the current tax year (add column E
		  amounts; enter here and on line 7)....................................................................................................... 	

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Part 8 – CAPCO credit carryforward transferred to affiliates for the current tax year (see instructions)
	 A	
B	
C	D	
E
	
Description of CAPCO	
Transferee	
EIN	
Date of	
Credit carryforward
	
(Attach additional sheets if necessary)	
corporation name 	
of transferee	
transfer or sale	
transferred to affiliates
							
			

	30	 Total CAPCO credit carryforward transferred to affiliates for the current tax year (add column E
		  amounts; enter here and on line 19)..................................................................................................... 	

498002230094

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