New York Utility COVID-19 Debt Relief Credit (Instructions)

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.