New York Minimum Tax Credit (OBSOLETE)

Form CT-38 is obsolete, and is no longer supported by the New York Department of Revenue.

Minimum Tax Credit (OBSOLETE)
Form CT-38:2014:Minimum Tax Credit:CT38CT-38

New York State Department of Taxation and Finance

Minimum Tax Credit
Tax Law - Article 9-A

All filers must enter tax period:

beginning

Legal name of corporation

ending
Employer identification number

File this form with Form CT-3, General Business Corporation Franchise Tax Return, or Form CT-3-A, General Business
Corporation Combined Franchise Tax Return.
The minimum tax credit is generated in a tax period beginning before January 1, 2015, when the largest tax for such
period is based on the minimum taxable income (MTI) base, and may be claimed in a subsequent tax period that begins
before January 1, 2015, if the tax in such subsequent tax period is based on the entire net income (ENI) base.
• If your tax due this tax period is based on the MTI base, complete Schedule A, Parts 1 and 2, Schedule B, and Schedule D to
compute the minimum tax credit generated this tax period and available for use in your next tax period (if such period begins before
January 1, 2015).
• If your tax due this tax period is based on the ENI base, and your tax in a prior period was based on the MTI base, complete
Schedules B, C, and D to compute the minimum tax credit used this tax period and any amount available for use in your next tax
period (if such period begins before January 1, 2015).
• If your tax due this tax period is based on the fixed dollar minimum tax or the capital base tax, complete line 29 to compute the
minimum tax credit available for use in your next tax period (if such period begins before January 1, 2015).

Schedule A, Part 1 — Computation of modified minimum tax (see instructions)
1
2
3
4
5
6
7
8
9
10
11

Entire net income (ENI) (see instructions) ........................................... 1
Depletion (see instructions) ................................................................. 2
Total (add lines 1 and 2) .......................................................................................................................... 3
Investment income before allocation (see instructions) ......................................................................... 4
Modified business income before allocation (subtract line 4 from line 3) ................................................ 5
% ; see instructions) ................... 6
Allocated modified business income (multiply line 5 by
% see instructions) ............................. 7
Allocated investment income (multiply line 4 by ;
Total allocated modified minimum income (add lines 6 and 7) ............................................................... 8
Optional depreciation adjustments (see instructions) ............................................................................. 9
Modified minimum taxable income base (add lines 8 and 9 or subtract line 9 from line 8) ....................... 10
Modified minimum tax (see instructions) ................................................................................................ 11

Schedule A, Part 2 — Computation of adjusted minimum tax

12
13
14
15
16
17
18

Tax on minimum taxable income base from Form CT-3 or Form CT-3-A............................................
Largest amount from Form CT-3 or Form CT-3-A, line 72, 73, or 74b (enter here and on line 16) ..........
Excess minimum tax (subtract line 13 from line 12; if less than zero, enter 0) ............................................
Modified minimum tax from line 11................................................... 15
Amount from line 13.......................................................................... 16
Excess modified minimum tax (subtract line 16 from line 15; if less than zero, enter 0) .............................
Adjusted minimum tax (subtract line 17 from line 14; if less than zero, use a minus (-) sign to show negative amount) ....

12
13
14

17
18

Schedule B — Computation of available minimum tax credit (see instructions)
19 Minimum tax credit carryforward from prior periods (see instructions) ................................................ 19
20 Available minimum tax credit (see instructions) .................................................................................... 20

Schedule C — Computation of minimum tax credit used
21
22
23
24
25
26
27
28

Tax due before credits (see instructions) ................................................................................................
Tax credits claimed before minimum tax credit (see instructions) ........................................................
Subtract line 22 from line 21 ................................................................................................................
Next largest tax (enter largest amount from Form CT-3 or CT-3-A, line 71, 73, or 74b) 24
Tax on subsidiary capital from Form CT-3 or CT-3-A........................ 25
Add lines 24 and 25.............................................................................................................................
Limitation on credit used this period (see instructions) .........................................................................
Minimum tax credit used this period (see instructions) ........................................................................

21
22
23

26
27
28

Schedule D — Minimum tax credit carried forward
29 Minimum tax credit carried forward (see instructions) .......................................................................... 29
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CT-38 (2014)

Instructions

General information
The minimum tax credit is generated in a tax period beginning
before January 1, 2015, when the largest tax for such period is
based on the MTI base, and may be claimed in a subsequent
tax period that begins before January 1, 2015, if the tax in such
subsequent tax period is based on the ENI base. The credit is
designed to prevent the double taxation that might otherwise
arise because of the inclusion of timing items of tax preference
and adjustment in both the MTI and ENI bases but in different
tax periods. The minimum tax credit for any tax period is the
amount, if any, that the adjusted minimum tax imposed for
all prior tax periods beginning after 1989 exceeds the amount
allowed as a minimum tax credit, that was deducted from the
taxpayer’s tax for such prior periods.
The minimum tax credit is not available for use in tax periods
beginning on or after January 1, 2015. Therefore, if your tax due
this tax period is based on the MTI base, complete Schedule
A, Parts 1 and 2, Schedule B, and Schedule D to compute the
minimum tax credit generated this tax period and available
for use in your next tax period, if such tax period begins before
January 1, 2015.
If your tax due this tax period is based on the ENI base, and
your tax in a prior period was based on the MTI base, complete
Schedules B, C, and D to compute the minimum tax credit used
this tax period and any amount available for use in your next tax
period, if such period begins before January 1, 2015.
If your tax due this tax period is based on the fixed dollar
minimum tax or the capital base tax, complete line 29 to
compute the minimum tax credit available for use in your next
tax period, if such tax period begins before January 1, 2015.
Combined filers: Lines 1 through 29 should be read as if the
terms were on a combined return, Form CT-3-A. For example:
the reference to entire net income on line 1 should be read by
the combined filer as combined entire net income.

Line 11 — Multiply line 10 by 1.5% (.015). If you are a qualified
New York manufacturer or a qualified emerging technology
company, multiply line 10 by 1.362% (.01362). 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 periods, minus
any amount used as a minimum tax credit in prior periods. Use
lines 19 and 20 to compute the available minimum tax credit.
Line 19 — The amount of minimum tax carryforward is the
total amount of the adjusted minimum tax calculated in prior
periods minus any amount used as a minimum tax credit in prior
periods.
Line 20 — If your tax due is based on the MTI, add lines 18 and 19.
Do not complete lines 21 through 28. Enter this amount on line 29.
If your tax due is based on ENI, enter the line 19 amount and
continue with lines 21 through 29.

Schedule C – Computation of minimum tax credit
used
Line 21 — Enter the amount from Form CT-3, line 78, or
Form CT-3-A, line 77, plus any net recaptured tax credits.
Line 22 — If you are claiming more than one tax credit for this
tax period, enter the amount of tax credit(s) claimed before
the minimum tax credit. Refer to Form CT-600, Ordering of
Corporation Tax Credits; otherwise enter 0 on line 22.
Line 27 — If line 26 is less than line 23, subtract line 26 from
line 23 and enter the result here. Otherwise, enter 0; you cannot
use any minimum tax credit this tax period.

Line instructions

Line 28 — Enter the lesser of line 20 or line 27. Transfer this
amount to your franchise tax return.

Schedule A, Part 1 – Computation of modified
minimum tax

Schedule D – Minimum tax credit carried forward

The modified minimum tax is the minimum tax recomputed
excluding those adjustments and tax preference items related
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.

515002140094

Line 29 — If your tax due is based on MTI, enter the line 20
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
the capital base tax, enter the amount of minimum tax credit
carryforward from the prior tax period’s Form CT-38.

Need help? and Privacy notification
See Form CT-1, Supplement to Corporation Tax Instructions.

Extracted from PDF file 2019-new-york-form-ct-38.pdf, last modified November 2014

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More about the New York Form CT-38 Corporate Income Tax Tax Credit

This form has been discontinued.

We last updated the Minimum Tax Credit (OBSOLETE) in March 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the New York Department of Taxation and Finance. You can print other New York tax forms here.

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Other New York Corporate Income Tax Forms:

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Download all NY tax forms View all 272 New York Income Tax Forms

Form Sources:

New York usually releases forms for the current tax year between January and April. We last updated New York Form CT-38 from the Department of Taxation and Finance in March 2021.

Show Sources >

Form CT-38 is a New York Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of New York Form CT-38

We have a total of nine past-year versions of Form CT-38 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2019 Form CT-38