New York Claim for Conservation Easement Tax Credit

Claim for Conservation Easement Tax Credit
Form CT-242 Claim for Conservation Easement Tax Credit Tax Year 2024
CT-242

Department of Taxation and Finance

Claim for Conservation Easement
Tax Credit
Tax Law – Section 210-B.22

All filers must enter tax period:
beginning

Legal name of corporation	

ending

Employer identification number (EIN)

File this form with Form CT-3 or CT-3-A
Part 1: Calculation of credit (see instructions)
For each conservation easement, complete the columns in the table below.
	Conservation	
	 easement	
	

	

	

1

A	B	C	D	E
(Allocated) allowable 	
Multiply column A 	
Other real property 	
Subtract column C	
Enter the lesser of
real property taxes	
by 25% (.25)	
tax credits	
from column A	
column B or column D

	2
	3
	4
	Total of column E amounts from additional Forms CT-242, if any..................................................................... 	
	1	 Total of column E amounts................................................................................................................. 	 1
	2	 Credit allocated from partnerships (partners in a partnership enter amount from line 14; see instructions)... 	 2
	3	 Total credit before limitation (add lines 1 and 2).................................................................................... 	 3
	4	 Credit after limitation (enter the lesser of line 3 or $5,000). ..................................................................... 	 4

Part 2: Calculation of credit used, refunded, or credited as an overpayment to the next tax year
	5	
	6	
	7	
	8	
	9	
	10	
	11	
	12	
	13	

Tax due before credits (see instructions)................................................................................................	
Tax credits claimed before this credit (see instructions). ...................................................................... 	
Tax after the application of credits (subtract line 6 from line 5). ...............................................................	
Fixed dollar minimum tax (see instructions)............................................................................................	
Tax credit after limitation (subtract line 8 from line 7; if zero or less, enter 0)............................................. 	
Credit used this tax year (enter the lesser of line 4 or line 9; enter here and on your franchise tax return) . .. 	
Unused tax credit available for refund (subtract line 10 from line 4) ...................................................... 	
Amount of line 11 you want refunded (enter here and on your franchise tax return) ................................ 	
Amount of line 11 you want applied as an overpayment to next year’s tax (subtract line 12 from
		  line 11; enter here and on your franchise tax return) .............................................................................. 	

5
6
7
8
9
10
11
12
13

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

526001240094

Page 2 of 2 CT-242 (2024)

Part 3: Partnership information (see instructions)

A
Name of partnership

B
Partnership’s EIN

C
Credit amount allocated

Total of column C amounts from additional Forms CT-242, if any ....................................................................
14	 Total credit amount allocated from partnerships (enter here and on line 2).......................................... 	 14

Part 4: Conservation easement identifying information (see instructions)
	Conservation	
	

Conservation easement information
easement		
Address			

1

Recording information	
	

Date of conveyance (mm-dd-yyyy)	 DEC identification number

			

Address			

2

Recording information	
	

Address			

Recording information	
	

Address			

Recording information	
	

CE

Name of conservation agency

Date of conveyance (mm-dd-yyyy)	 DEC identification number

			

526002240094

CE

Name of conservation agency

Date of conveyance (mm-dd-yyyy)	 DEC identification number

			

4

CE

Name of conservation agency

Date of conveyance (mm-dd-yyyy)	 DEC identification number

			

3

Name of conservation agency

CE