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New York Free Printable Instructions for Form CT-48 Utility COVID-19 Debt Relief Credit Tax Year 2023 for 2024 New York Utility COVID-19 Debt Relief Credit (Instructions)

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Utility COVID-19 Debt Relief Credit (Instructions)
Instructions for Form CT-48 Utility COVID-19 Debt Relief Credit Tax Year 2023

Department of Taxation and Finance Instructions for Form CT-48 CT-48-I Utility COVID-19 Debt Relief Credit General information For tax years beginning on or after January 1, 2021, Tax Law § 187-q provides for the utility COVID-19 debt relief credit. This credit is available to taxpayers that are both subject to tax under Article 9 § 186-a and to the supervision of the Public Service Commission (PSC). The credit is equal to the amount of debt that the taxpayer has waived per established PSC procedures that was owed to the taxpayer by customers who received utility arrears assistance. Any amount of credit not used in the current tax year may be refunded or credited as an overpayment to next year’s tax. No interest will be paid on the refund. The credit is not allowed against the metropolitan transportation business tax (MTA surcharge) under Article 9. The credit allowed is claimed for the tax year in which the PSC certifies the amount of customer debt waived by the taxpayer that qualifies for the credit. If the certification is revoked by the PSC, the amount of credit allowed and claimed by the taxpayer prior to the revocation must be added back to the tax for the tax year in which the revocation becomes final. For rules and regulations regarding this credit, contact the New York State PSC at www.dps.ny.gov or [email protected]. Line instructions Line B – Enter the authorization code that was listed on the letter that you received from the New York State PSC. Part 1 Computation of credit Line 1 – Obtain the net amount from the letter you received from the New York State PSC. Line 2 – Obtain this amount(s) from the partnership(s) allocating this credit to you and complete the Partnership information section of the form. Enter each partnership’s name and employer identification number, and your pro rata share of credit from each partnership. Enter the net amount of credit that you received from partnership(s) on line 2. Additional forms – If you have more entries than will fit on the lines provided in the Partnership information section, submit additional Forms CT-48. Include the corporation name and employer identification number on each form, and be sure to include on the indicated lines the totals from all additional Forms CT-48. Note: On lines 1 and 2, enter the amount using a minus sign (-) if the: • PSC revokes the certification for a credit that was previously claimed, or • net credit after recapture is a negative. Transfer the line 1 or line 2 amount (with the minus sign) to Form CT-186-E, line 91 or Form CT-186-P, line 7b. Part 2 – Computation of credit used, refunded, or credited as an overpayment to the next tax year Line 5 – Enter the amount of credits claimed before the application of this credit; claimed on Form CT-186-E, line 91 or Form CT-186-P, line 7b. If you are claiming more than one credit for this year, enter the total amount of credits claimed before applying this credit; otherwise enter 0. Tax credits must be applied in a certain order. For the order of credits, see the instructions for your excise or gross receipts return. Line 7 – Enter the amount of credit used to reduce the § 186-a tax due to zero on Form CT-186-E, line 91 or Form CT-186-P, line 7b. Line 9 – Enter the amount of credit that you want refunded, here and on Form CT-186-E, line 22a or Form CT-186-P, line 23. Line 10 – Enter the amount of credit that you want credited to next year’s tax, here and on Form CT-186-E, line 22b or Form CT-186-P, line 24. Need help? and Privacy notification See Form CT-1, Supplement to Corporation Tax Instructions.
Extracted from PDF file 2023-new-york-ct-48-instructions.pdf, last modified October 2023

More about the New York CT-48 (Instructions) Individual Income Tax TY 2023

Instructions for CT-48

We last updated the Utility COVID-19 Debt Relief Credit (Instructions) in January 2024, so this is the latest version of CT-48 (Instructions), fully updated for tax year 2023. You can download or print current or past-year PDFs of CT-48 (Instructions) directly from TaxFormFinder. You can print other New York tax forms here.

Related New York Individual Income Tax Forms:

TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the New York CT-48 (Instructions).

Form Code Form Name
CT-48 Utility COVID-19 Debt Relief Credit

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Form Sources:

New York usually releases forms for the current tax year between January and April. We last updated New York CT-48 (Instructions) from the Department of Taxation and Finance in January 2024.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of New York CT-48 (Instructions)

We have a total of two past-year versions of CT-48 (Instructions) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 CT-48 (Instructions)

Instructions for Form CT-48 Utility COVID-19 Debt Relief Credit Tax Year 2023

2022 CT-48 (Instructions)

Instructions for Form CT-48 Utility COVID-19 Debt Relief Credit Tax Year 2021


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