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New York Free Printable Form CT-47 Claim for Farmers' School Tax Credit Tax Year 2023 for 2024 New York Claim for Farmers' School Tax Credit

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Claim for Farmers' School Tax Credit
Form CT-47 Claim for Farmers' School Tax Credit Tax Year 2023

Department of Taxation and Finance Claim for Farmers’ School Tax Credit Tax Law - Section 210-B.11 All filers must enter tax period: Legal name of corporation beginning CT-47 ending Employer identification number File this form with Form CT-3 or CT-3-A (See Form CT-47-I, Instructions for Form CT-47, for assistance) Part 1 – Eligibility Form CT-3-S filers: do not complete this form. Instead, include the shareholders’ amounts of the following on Form CT-34-SH: eligible taxes paid; total acres of qualified agricultural property; total acres of qualified agricultural property converted to nonqualified use; and total acres of qualified conservation property. If you mark an X in a No box for question A, B, C, or D, stop; you do not qualify for this credit. A Did you have qualified agricultural property during the tax year? (see instructions) ........................................... Yes No B Were eligible school district property taxes paid on that property during the tax year? No     (see instructions) .............................................................................................................................................. Yes C Complete Worksheet A in the instructions. Is the amount shown on line 3 of Worksheet A less than     $300,000? ..................................................................................................................................................... Yes No D Complete Worksheet B in the instructions (and Worksheet C, if applicable). Is the amount shown on line 12 of Worksheet B, or line 6 of Worksheet C, if applicable, at least 0.6667? (see instructions)................ Yes No E If you and one or more related persons (see instructions) each owned qualified agricultural property on     March 1 of the tax year, mark an X here and see instructions for line 4..................................................................................... F If all or part of your qualified agricultural property was converted to nonqualified use during the tax year,     mark an X here and see instructions.......................................................................................................................................... Part 2 – Computation of credit 1 Corporations: Enter the total acres of qualified   agricultural property owned by you during the tax   year (see instructions) ..................................................................... 1 2 Corporate partners: Enter your share of acres of   qualified agricultural property from a partnership........................ 2 3 Add lines 1 and 2............................................................................................................................... 3 4 Enter base acreage amount (see instructions) ..................................................................................... 4 5 Subtract line 4 from line 3 (if zero or less, skip lines 6 and 7, enter 1.0000 (100%) on line 8, and continue on line 9).... 5 6 Multiply line 5 by 50% (.5).................................................................................................................. 6 7 Add lines 4 and 6............................................................................................................................... 7 8 Divide line 7 by line 3 and round the result to four decimal places.................................................... 8 9 Corporations: Enter the eligible school taxes you   paid during the year (see instructions) ............................................ 9 10 Corporate partners: Enter your share of eligible   taxes from a partnership (see instructions) ..................................... 10 11 Add lines 9 and 10............................................................................................................................. 11 12 Multiply line 11 by line 8..................................................................................................................... 12 13 Enter the amount from Worksheet A, line 3 of the instructions   (if the line 13 amount is $200,000 or less, skip lines 14,   15, and 16, and enter the line 12 amount on line 17) ............................ 13 14 Enter the excess of line 13 over $200,000 (cannot exceed $100,000) .... 14 15 Divide line 14 by $100,000 and round the result to four decimal places (cannot exceed 1.0000 (100%)) .... 16 17 18 19 Multiply line 12 by line 15................................................................................................................... Subtract line 16 from line 12.............................................................................................................. Unused excess farmers’ school tax credit carried forward from prior years....................................... Total credit (add lines 17 and 18) .......................................................................................................... 15 16 17 18 19 G If you are claiming this credit as a corporate partner, mark an X in the box...................................................................................... 453001230094 Page 2 of 2 CT-47 (2023) Part 2 – Computation of credit (continued) 20 Recapture of farmers’ school tax credit (from line 33, column E)........................................................... 21 Credit available after recapture (see instructions)................................................................................. 22 Tax due before credits (see instructions).............................................. 22 23 Enter any other credits applied before this credit for this tax   period (see instructions).................................................................. 23 24 Net tax (subtract line 23 from line 22)................................................... 24 25 Fixed dollar minimum tax (enter the amount from Form CT-3, Part 2, line 1c, or Form CT-3-A, Part 2, line 1c)....................................... 25 26 Farmers’ school tax credit limitation (subtract line 25 from   line 24; if the result is negative, enter 0).............................................. 26 27 Credit used (see instructions)................................................................................................................ 28 Unused credit (subtract line 27 from line 21)........................................................................................... 29 Unused credit available to be refunded, credited as an overpayment, or carried forward (enter the lesser of line 17 or line 28).... 30 Unused credit to be refunded (see instructions).................................................................................... 31 Unused credit to be credited as an overpayment to next year’s return (see instructions).................... 32 Unused credit to be carried forward (subtract lines 30 and 31 from line 28)............................................ 20 21 27 28 29 30 31 32 Part 3 – Credit recapture on qualified agricultural property converted to nonqualified use (see instructions) A B C D Total acres of qualified agricultural property converted to nonqualified use in the tax year 33 453002230094 Total acres of qualified agricultural property owned before conversion Column A ÷ column B Total credit claimed in the two previous tax years E Total amount of credit to be recaptured (column C × column D; transfer this amount to line 20)
Extracted from PDF file 2023-new-york-form-ct-47.pdf, last modified October 2023

More about the New York Form CT-47 Corporate Income Tax Tax Credit TY 2023

We last updated the Claim for Farmers' School Tax Credit in January 2024, so this is the latest version of Form CT-47, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-47 directly from TaxFormFinder. You can print other New York tax forms here.

Related 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. These related forms may also be needed with the New York Form CT-47.

Form Code Form Name
Form CT-47.1 Election or Termination of Election to Deem Income for Purposes of the Farmers School Tax Credit

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-47 from the Department of Taxation and Finance in January 2024.

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Form CT-47 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-47

We have a total of thirteen past-year versions of Form CT-47 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form CT-47

Form CT-47 Claim for Farmers' School Tax Credit Tax Year 2023

2022 Form CT-47

Form CT-47 Claim for Farmers' School Tax Credit Tax Year 2022

2021 Form CT-47

Form CT-47 Claim for Farmers' School Tax Credit Tax Year 2021

2020 Form CT-47

Form CT-47 Claim for Farmers' School Tax Credit Tax Year 2020

2019 Form CT-47

Form CT-47:2019:Claim for Farmers' School Tax Credit:ct47

2018 Form CT-47

Form CT-47:2018:Claim for Farmers' School Tax Credit:ct47

2017 Form CT-47

Form CT-47:2017:Claim for Farmers' School Tax Credit:ct47

2016 Form CT-47

Form CT-47:2016:Claim for Farmers' School Tax Credit:ct47

2015 Form CT-47

Form CT-47:2015:Claim for Farmers' School Tax Credit:ct47

Claim for Farmers' School Tax Credit 2014 Form CT-47

Form CT-47:2014:Claim for Farmers' School Tax Credit:ct47

Claim for Farmers' School Tax Credit 2013 Form CT-47

Form CT-47:2013:Claim for Farmers' School Tax Credit:ct47

2012 Form CT-47

Form CT-47:2012:Claim for Farmers' School Tax Credit:ct47

2011 Form CT-47

CT-47:2011:Claim for Farmers' School Tax Credit:ct47


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