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New York Free Printable TSB-M-10(5)C, (11)I:(9/10):Temporary Deferral of Certain Tax Credits:tsbm105c11i for 2024 New York Temporary Deferral Refundable Payout Credit

Form CT-502 is obsolete, and is no longer supported by the New York Department of Revenue.

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Temporary Deferral Refundable Payout Credit
TSB-M-10(5)C, (11)I:(9/10):Temporary Deferral of Certain Tax Credits:tsbm105c11i

New York State Department of Taxation and Finance Office of Tax Policy Analysis Taxpayer Guidance Division TSB-M-10(5)C Corporation Tax TSB-M-10(11)I Income Tax September 13, 2010 Temporary Deferral of Certain Tax Credits Chapter 57 of the Laws of 2010 amended the Tax Law to add new sections 33 and 34 establishing the temporary deferral of certain tax credits. In addition, new sections were added under Article 9 (Corporation Tax), 9-A (Business Corporations), 22 (Personal Income Tax), 32 (Franchise Tax on Banking Corporations), and 33 (Insurance Franchise Tax) relating to the application of deferred tax credit amounts. Effective for tax years beginning on or after January 1, 2010, and before January 1, 2013, certain tax credits will be subject to a temporary deferral in any tax year that the total amount of these credits that would otherwise be used to reduce a taxpayer’s tax liability or be refunded or credited as an overpayment to estimated tax is in excess of $2 million. Taxpayers will be allowed to claim the deferred tax credit amounts starting with tax years beginning on or after January 1, 2013. No interest will be paid on the deferred tax credit amounts. The following credits allowable under Articles 9, 9-A, 22, 32, or 33 of the Tax Law1 are subject to the temporary deferral: • Investment tax credit • Investment tax credit for the financial services industry • Retail enterprise tax credit • Historic barn rehabilitation credit • Empire Zone (EZ) investment tax credit • EZ investment tax credit for the financial services industry • EZ employment incentive credit • EZ employment incentive credit for the financial services industry • EZ wage tax credit • EZ capital tax credit • Zone Equivalent Area wage tax credit • Employment incentive credit • Employment incentive credit for the financial services industry • Qualified emerging technology company (QETC) employment credit • QETC capital tax credit • QETC facilities, operations, and training credit • Special additional mortgage recording tax credit • Credit for servicing certain mortgages • Credit for employment of persons with disabilities • Alternative fuels credit • Credit for purchase of an automated external defibrillator 1 Note: Not all of the credits are allowed under each article. W A Harriman Campus, Albany NY 12227 www.nystax.gov -2TSB-M-10(5)C Corporation Tax TSB-M-10(11)I Income Tax September 13, 2010 • Qualified empire zone enterprise (QEZE) credit for real property taxes • QEZE tax reduction credit • Low-income housing credit • Green building credit • Brownfield redevelopment tax credit • Remediated brownfield credit for real property taxes for qualified sites • Environmental remediation insurance credit • Security training tax credit • Credit for fuel cell electric generating equipment expenditures • Conservation easement tax credit • Empire State commercial production credit • Biofuel production credit • Clean heating fuel credit • Credit for rehabilitation of historic properties • Credit for companies who provide transportation to individuals with disabilities • Power for jobs credit • Solar energy system equipment credit • Historic homeownership rehabilitation credit • Credit for certain investments in certain capital companies Determining if a taxpayer is subject to the temporary deferral and computing the amounts deferred To determine if a taxpayer is subject to the temporary deferral of any of the above listed tax credits for the tax year and to compute the amounts deferred, the taxpayer must complete the following steps: 1. Compute the taxpayer’s tax liability for the tax year without regard to any tax credits or payments of tax. 2. Determine the amount of each tax credit (include any carryover of the tax credit from the preceding tax years) that the taxpayer would have used to reduce the tax liability or have refunded or credited as an overpayment to estimated tax as if the temporary deferral of tax credits was not in effect. (If the amount of any nonrefundable credit exceeds the tax liability, do not include the excess credit.) 3. Add the amounts of each nonrefundable tax credit subject to the temporary deferral (from step 2) that would have been used to reduce the tax liability. 4. Add the amounts of each refundable tax credit subject to the temporary deferral (from step 2) that would have been used to reduce the tax liability or would have been refunded or credited as an overpayment to estimated tax. -3TSB-M-10(5)C Corporation Tax TSB-M-10(11)I Income Tax September 13, 2010 5. Add the amounts determined in step 3 and step 4. • If the result is $2 million or less, the taxpayer is not subject to the temporary deferral of tax credits and does not need to continue to steps 6 or 7. • If the result is more than $2 million, the taxpayer is subject to the temporary deferral of tax credits. Continue with steps 6 and 7 to compute the amount of each tax credit subject to the temporary deferral that may be used, refunded, or credited as an overpayment to estimated tax for the tax year and the amount of each tax credit that must be deferred. 6. For each nonrefundable tax credit subject to the temporary deferral: a. Multiply the amount of the tax credit that would have been used to reduce the tax liability (as determined in step 2) by a fraction. The numerator of the fraction is $2 million and the denominator of the fraction is the amount determined in step 5. The result is the amount of the tax credit that is not deferred and that can be used to reduce the tax liability. b. Subtract the amount of tax credit as determined in step 6a from the amount of that tax credit as determined in step 2. The result is the amount of the nonrefundable tax credit that must be deferred. Deferred nonrefundable tax credit amounts will accumulate as a taxpayer’s temporary deferral nonrefundable payout credit and can be claimed in tax years beginning on or after January 1, 2013 (see Application of deferred credits on page 4). 7. For each refundable tax credit subject to the temporary deferral: a. Multiply the amount of the tax credit that would have been used to reduce the tax liability or would have been refunded or credited as an overpayment to estimated tax (as determined in step 2) by a fraction. The numerator of the fraction is $2 million and the denominator of the fraction is the amount determined in step 5. The result is the amount of the tax credit that is not deferred and that can be used to reduce the taxpayer’s tax liability or that can be refunded or credited as an overpayment to estimated tax. b. Subtract the amount of credit as determined in step 7a from the amount of that credit as determined in step 2. -4TSB-M-10(5)C Corporation Tax TSB-M-10(11)I Income Tax September 13, 2010 The result is the amount of the refundable tax credit that must be deferred. Deferred refundable tax credit amounts will accumulate as a taxpayer’s temporary deferral refundable payout credit and can be claimed in tax years beginning on or after January 1, 2013, (see Application of deferred credits on page 4). Combined filers under Article 9-A, 32, or 33 Corporations that are required or permitted to file combined returns under Article 9-A, 32, or 33 must use the total tax credits and the tax liability of the combined group to determine whether the combined group is subject to the temporary deferral of tax credits. Application of deferred tax credits Nonrefundable tax credits. The accumulated amounts of nonrefundable tax credits that are deferred in tax years beginning on or after January 1, 2010, and before January 1, 2013, are combined and will constitute a taxpayer’s temporary deferral nonrefundable payout credit. Taxpayers are allowed to first claim the temporary deferral nonrefundable payout credit for the tax year beginning on or after January 1, 2013, and before January 1, 2014. • Taxpayers subject to tax under Article 22. Any amount of the temporary deferral nonrefundable payout credit that is not deductible in the tax year beginning on or after January 1, 2013, and before January 1, 2014, may be carried over to the following year or years to be deducted from the taxpayer’s tax until the accumulated credit amount is exhausted. • Taxpayers subject to tax under Article 9, 9-A, 32, or 33. The amount of the temporary deferral nonrefundable payout credit deducted for the tax year cannot reduce the tax to an amount less than the applicable minimum tax. Any excess may be carried over to the following year or years to be deducted from the taxpayer’s tax until the accumulated credit amount is exhausted. Refundable tax credits. The accumulated amounts of refundable tax credits that are temporarily deferred in tax years beginning on or after January 1, 2010, and before January 1, 2013, are combined and will constitute a taxpayer’s temporary deferral refundable payout credit. -5TSB-M-10(5)C Corporation Tax TSB-M-10(11)I Income Tax September 13, 2010 Taxpayers are allowed to claim the temporary deferral refundable payout credit over a period of three tax years as follows: Tax year Beginning on or after January 1, 2013, and before January 1, 2014 Beginning on or after January 1, 2014, and before January 1, 2015 Beginning on or after January 1, 2015, and before January 1, 2016 Claim amount allowed 50% of the total accumulated credit 75% of the balance of the accumulated credit The remaining balance of the accumulated credit • Taxpayers subject to tax under Article 22. If the amount of the temporary deferral refundable payout credit allowed for each year exceeds the taxpayer’s tax for the year, the excess will be refunded. • Taxpayers subject to tax under Article 9, 9-A, 32, or 33. The amount of the temporary deferral refundable payout credit allowed for each tax year cannot reduce the tax to an amount less than the applicable minimum tax. Any amount of credit not deductible in the current tax year may be credited or refunded. Estimated tax for individuals, estates, and trusts Taxpayers must consider the temporary deferral of credits when calculating and making estimated tax payments for tax years 2010, 2011, and 2012. Special rule for tax year 2010. As a result of the temporary deferral of certain tax credits, a taxpayer’s 2010 estimated income tax may be underpaid. To avoid the penalty for underpayment of estimated tax for individuals, estates, and trusts for the 2010 tax year, the total amount of estimated tax paid and withholding tax (if applicable) must be: • at least 90% (66 2/3% for farmers and fishermen) of the amount of income tax due as shown on the taxpayer’s return for tax year 2010; or • 100% of the tax shown on the taxpayer’s return for tax year 2009 (110% of that amount if he or she is not a farmer or a fisherman and his or her New York adjusted gross income shown on that return is more than $150,000 or, if married filing separately for 2010, more than $75,000). To qualify for this provision, the taxpayer must have filed a return for tax year 2009, and it must have been for a full 12-month year. -6TSB-M-10(5)C Corporation Tax TSB-M-10(11)I Income Tax September 13, 2010 Note: In determining whether a taxpayer paid 100% (or 110%, if applicable) of the tax shown on the taxpayer’s 2009 tax return, the taxpayer must recompute his or her 2009 tax as if the temporary deferral of credits had been in effect for tax year 2009. No penalty will apply to any shortfall in a taxpayer’s April 15, 2010, or June 15, 2010, estimated tax payment that is attributable to this amendment, provided: • the taxpayer has timely made the April 15, 2010, and June 15, 2010, estimated payments, if applicable, and • the shortfall was attributable to the deferral of credits. However, to avoid a penalty for the estimated tax due on September 15, 2010, the taxpayer must include in the September 15, 2010 estimated tax payment any shortfall of estimated tax due. Estimated tax for corporations Taxpayers must take into account the temporary deferral of tax credits when calculating and making estimated tax payments for tax years 2010, 2011, and 2012. Taxpayers must calculate any mandatory first installment payments made on or after August 11, 2010, as if the deferral of tax credits was in effect for the tax year upon which the first installment is based. No penalty for underpayment of estimated taxes will apply to any shortfall in an installment payment(s) for a tax year beginning in 2010 if: • the payment(s) was timely made, • the shortfall was attributable to the temporary deferral of tax credits, and • the payment due date was prior to August 11, 2010. However, to avoid a penalty for any installment payment due on or after August 11, 2010, any shortfall in a payment due prior to August 11, 2010, must be included with the next installment payment due on or after August 11, 2010. When calculating the underpayment of estimated tax penalty for a tax year beginning in 2010, the exceptions described in Tax Law sections 1085(d)(1) and 1085(d)(2), based on the preceding year’s return, shall be calculated as if the deferral of tax credits had been in effect for that preceding year. Note: These exceptions do not apply to large corporations. -7TSB-M-10(5)C Corporation Tax TSB-M-10(11)I Income Tax September 13, 2010 A large corporation is one that had, or whose predecessor had, allocated entire net income (ENI) of at least $1 million for any of the three tax years preceding the tax year involved. A large corporation, in the case of a non-life insurance corporation subject to tax under Tax Law Article 33, section 1502-a, is one that had direct premiums subject to the premiums tax under Tax Law Article 33, section 1502-a, exceeding $3,750,000 for any of the three immediately preceding tax years beginning on or after January 1, 2003. However, health maintenance organizations (HMOs) subject to Article 33 meet the definition of a large corporation satisfying the $1 million ENI requirement. For payment due dates for corporate filers, see the instructions for Form CT-400, Estimated Tax for Corporations. Additional information for corporate fiscal-year filers whose tax years began on or after June 1, 2009, but before January 1, 2010 2009 corporate extension request forms. When computing the mandatory first installment (MFI) of estimated tax for the next tax year, the franchise tax and the Metropolitan Transit Authority (MTA) surcharge, as computed using the worksheet in the instructions, must be recomputed as if the temporary deferral of tax credits had been in place for whichever tax year on which the MFI is being based. 2009 corporate tax returns. When computing the MFI for both franchise and MTA taxes for the next tax year beginning in 2010, taxpayers must recompute their tax for the tax year beginning in 2009, which is the year upon which the 2010 MFI is based, as if the deferral of credits had been in place for that 2009 year. Forms and instructions Beginning with tax year 2010, new Form IT-500, Income Tax Deferral Credit, and new Form CT-500, Corporation Tax Deferral Credit, will provide taxpayers with detailed instructions and schedules regarding the temporary deferral of tax credits. These new forms and instructions will be available on the department Web site in late December 2010. NOTE: A TSB-M is an informational statement of existing department policies or of changes to the law, regulations, or department policies. It is accurate on the date issued. Subsequent changes in the law or regulations, judicial decisions, Tax Appeals Tribunal decisions, or changes in department policies could affect the validity of the information presented in a TSB-M.
Extracted from PDF file 2021-new-york-form-ct-502.pdf, last modified September 2010

More about the New York Form CT-502 Corporate Income Tax Tax Credit

We last updated the Temporary Deferral Refundable Payout Credit in March 2022, and the latest form we have available is for tax year 2021. 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.

Other New York Corporate Income Tax Forms:

TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IT-204-LL Partnership, Limited Liability Company, and Limited Liability Partnership Filing Fee Payment Form
Form CT-3M/4M General Business Corporation MTA Surcharge Return (Obsolete)
Form IT-205 Fiduciary Income Tax Return
Form IT-204 Partnership Tax Return
Form CT-6 Election by a Federal S Corporation to be Treated As a New York S Corporation

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-502 from the Department of Taxation and Finance in March 2022.

Show Sources >

Form CT-502 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-502

We have a total of eleven past-year versions of Form CT-502 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2021 Form CT-502

TSB-M-10(5)C, (11)I:(9/10):Temporary Deferral of Certain Tax Credits:tsbm105c11i

2020 Form CT-502

TSB-M-10(5)C, (11)I:(9/10):Temporary Deferral of Certain Tax Credits:tsbm105c11i

2019 Form CT-502

Form CT-502:2015:Temporary Deferral Refundable Payout Credit:ct502

2018 Form CT-502

Form CT-502:2015:Temporary Deferral Refundable Payout Credit:ct502

2017 Form CT-502

Form CT-502:2015:Temporary Deferral Refundable Payout Credit:ct502

2016 Form CT-502

Form CT-502:2015:Temporary Deferral Refundable Payout Credit:ct502

2015 Form CT-502

Form CT-502:2015:Temporary Deferral Refundable Payout Credit:ct502

Temporary Deferral Refundable Payout Credit 2014 Form CT-502

Form CT-502:2014:Temporary Deferral Refundable Payout Credit:ct502

Temporary Deferral Refundable Payout Credit 2013 Form CT-502

Form CT-502:2013:Temporary Deferral Refundable Payout Credit:ct502

2012 Form CT-502

Form CT-502:2012:Temporary Deferral Refundable Payout Credit:ct502

2011 Form CT-502

CT-502:2011:Temporary Deferral Refundable Payout Credit:ct502


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