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 2023
CT-242

Department of Taxation and Finance

Claim for Conservation Easement
Tax Credit
Tax Law – Article 9-A, 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 – Computation of credit (see instructions)
For each conservation easement, complete the columns in the table below. If additional sheets are necessary, use the format below for
reporting the information.
	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% (0.25)	
tax credits	
from column A	
column B or column D

	2
	3
	4
	Total from additional sheet(s), if any................................................................................................................. 	
	1	 Total of column E amounts................................................................................................................. 	 1
	2	 Credit allocated from partnerships (partners in a partnership enter amount from line 14).......................... 	 2
	3	 Total conservation easement tax credit before limitation (add lines 1 and 2)........................................ 	 3
	4	 Conservation easement tax credit after limitation (enter the lesser of line 3 or $5,000).......................... 	 4

Part 2 – Application of credit
	5	
	6	
	7	
	8	
	9	
	10	
	11	
	12	
	13	

Tax due before credits (see instructions)................................................................................................	
Tax credits claimed before the conservation easement tax credit (see instructions)............................ 	
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)............................................. 	
Conservation easement tax credit to be used this period (see instructions)......................................... 	
Unused conservation easement tax credit available for refund (subtract line 10 from line 4). ............... 	
Amount of line 11 you want refunded (see instructions)....................................................................... 	
Amount of line 11 you want applied as an overpayment to next year’s tax (subtract line 12 from
		  line 11; see instructions). .................................................................................................................... 	

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 . .................................................................................. 	

526001230094

Page 2 of 2 CT-242 (2023)

Part 3 – Partnership information
If you were a partner in a partnership and received a share of the conservation easement tax credit from that entity, complete the
following information for each partnership. If you need more space, attach additional sheets using the format below. Enter the total from
additional sheets (if applicable) on the appropriate line.
	

Name of partnership	

Partnership’s EIN	

Credit amount allocated

Total from additional sheet(s), if any .................................................................................................................
14	 Total credit amount allocated from partnerships (enter here and on line 2).......................................... 	 14

Part 4 – Conservation easement identifying information (attach additional sheets if necessary; 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

			

526002230094

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