New York Claim for Farmers' School Tax Credit

Claim for Farmers' School Tax Credit
Form CT-47 Claim for Farmers' School Tax Credit Tax Year 2023
Department of Taxation and Finance

Claim for Farmers’ School Tax Credit
Tax Law - Section 210-B.11

All filers must enter tax period:
	 Legal name of corporation	

beginning

CT-47

ending
Employer identification number

File this form with Form CT-3 or CT-3-A (See Form CT-47-I, Instructions for Form CT-47, for assistance)
	

Part 1 – Eligibility	
	
	

Form CT-3-S filers: do not complete this form. Instead, include the shareholders’
amounts of the following on Form CT-34-SH: eligible taxes paid; total acres of qualified 	 	
agricultural property; total acres of qualified agricultural property converted to nonqualified use;	
and total acres of qualified conservation property.

If you mark an X in a No box for question A, B, C, or D, stop; you do not qualify for this credit.
	A	Did you have qualified agricultural property during the tax year? (see instructions) ...........................................	Yes	

	
	

	

No

	B	Were eligible school district property taxes paid on that property during the tax year?
No
	 	  (see instructions) ..............................................................................................................................................	Yes	
	C	Complete Worksheet A in the instructions. Is the amount shown on line 3 of Worksheet A less than
	  	   $300,000? .....................................................................................................................................................	Yes	
No
	D	Complete Worksheet B in the instructions (and Worksheet C, if applicable). Is the amount shown on
	 	 line 12 of Worksheet B, or line 6 of Worksheet C, if applicable, at least 0.6667? (see instructions)................	Yes	
No
	E	If you and one or more related persons (see instructions) each owned qualified agricultural property on
	  	   March 1 of the tax year, mark an X here and see instructions for line 4.....................................................................................
	F	If all or part of your qualified agricultural property was converted to nonqualified use during the tax year,
	  	   mark an X here and see instructions..........................................................................................................................................
	

Part 2 – Computation of credit
	 1	Corporations: Enter the total acres of qualified  
	 	   agricultural property owned by you during the tax
		  year (see instructions) .....................................................................	1
	 2	 Corporate partners: Enter your share of acres of
	 	   qualified agricultural property from a partnership........................	
2
	 3	 Add lines 1 and 2............................................................................................................................... 	 3
	 4	 Enter base acreage amount (see instructions) ..................................................................................... 	 4
	5	Subtract line 4 from line 3 (if zero or less, skip lines 6 and 7, enter 1.0000 (100%) on line 8, and continue on line 9).... 	 5
	6	Multiply line 5 by 50% (.5).................................................................................................................. 	 6
	7	Add lines 4 and 6............................................................................................................................... 	 7
	8	Divide line 7 by line 3 and round the result to four decimal places.................................................... 	 8
	 9	Corporations: Enter the eligible school taxes you
	 	   paid during the year (see instructions) ............................................	 9
	10	 Corporate partners: Enter your share of eligible
		  taxes from a partnership (see instructions) .....................................	10
	11	 Add lines 9 and 10............................................................................................................................. 	 11
	12	 Multiply line 11 by line 8..................................................................................................................... 	 12
	13	 Enter the amount from Worksheet A, line 3 of the instructions
		  (if the line 13 amount is $200,000 or less, skip lines 14,
		  15, and 16, and enter the line 12 amount on line 17) ............................	 13
	14	 Enter the excess of line 13 over $200,000 (cannot exceed $100,000) .... 	14
	15	 Divide line 14 by $100,000 and round the result to four decimal places (cannot exceed 1.0000 (100%)) .... 	

	16	
	17	
	18	
	19	

Multiply line 12 by line 15................................................................................................................... 	
Subtract line 16 from line 12.............................................................................................................. 	
Unused excess farmers’ school tax credit carried forward from prior years....................................... 	
Total credit (add lines 17 and 18) .......................................................................................................... 	

15
16
17
18
19

G	 If you are claiming this credit as a corporate partner, mark an X in the box......................................................................................
453001230094

Page 2 of 2 CT-47 (2023)

Part 2 – Computation of credit (continued)
	20	 Recapture of farmers’ school tax credit (from line 33, column E)........................................................... 	
	21	 Credit available after recapture (see instructions)................................................................................. 	
	22	 Tax due before credits (see instructions)..............................................	 22
	23	 Enter any other credits applied before this credit for this tax
		  period (see instructions)..................................................................	 23
	24	 Net tax (subtract line 23 from line 22)...................................................	 24
	25	 Fixed dollar minimum tax (enter the amount from Form CT-3,
		 Part 2, line 1c, or Form CT-3-A, Part 2, line 1c).......................................	 25
	26	 Farmers’ school tax credit limitation (subtract line 25 from
		  line 24; if the result is negative, enter 0).............................................. 	 26
	27	 Credit used (see instructions)................................................................................................................ 	
	28	 Unused credit (subtract line 27 from line 21)........................................................................................... 	
	29	 Unused credit available to be refunded, credited as an overpayment, or carried forward (enter the lesser of line 17 or line 28).... 	
	30	 Unused credit to be refunded (see instructions).................................................................................... 	
	31	 Unused credit to be credited as an overpayment to next year’s return (see instructions).................... 	
	32	 Unused credit to be carried forward (subtract lines 30 and 31 from line 28)............................................ 	

20
21

27
28
29
30
31
32

Part 3 – Credit recapture on qualified agricultural property converted to nonqualified use (see instructions)
A
B
C
D
					

Total acres of qualified
agricultural property
converted to nonqualified use
in the tax year

	33

453002230094

Total acres of qualified
agricultural property
owned before conversion

Column A ÷ column B

Total credit claimed
in the two previous
tax years

E
Total amount of credit
to be recaptured
(column C × column D;
transfer this amount to line 20)