New York Temporary Deferral Nonrefundable Payout Credit

Temporary Deferral Nonrefundable Payout Credit
Form CT-501 Temporary Deferral Nonrefundable Payout Credit Tax Year 2023
CT-501

Department of Taxation and Finance

Temporary Deferral Nonrefundable
Payout Credit

For Nonrefundable Credits Deferred for Tax Years Beginning on
Or After January 1, 2010 and Before January 1, 2013

Tax Law – Article 1, Section 34; Article 9, Section 187-o; Article 9-A, Section 210-B.33;
and Article 33, Section 1511(y)
File this form with your franchise tax return.
	 Legal name of corporation	

Employer identification number

Schedule A – Computation of credit used and carried over
	1	 Temporary deferral nonrefundable payout credit carry forward from last year’s Form CT-501 . ...............	
	2	Tax due before credits (see instructions) .................................................................................................................	
	3	Tax credits claimed before this credit (see instructions) .....................................................................................	
	4	Subtract line 3 from line 2 .......................................................................................................................................	
	5	Minimum tax limitation (see instructions) .................................................................................................................	
	6	Credit limitation (subtract line 5 from line 4; if zero or less, enter 0) .......................................................................	
	7	Amount of credit used for the current tax year (see instructions) . ....................................................................	
	8	Amount of credit available for carryover to next year (subtract line 7 from line 1) ...........................................	

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Instructions
General information

Line instructions

Temporary deferral of certain tax credits

Schedule A – Computation of credit used and carried
over

For tax years beginning on or after January 1, 2010, and before
January 1, 2013, if the total amount of certain credits that you
could use to reduce your tax or have refunded to you was
greater than $2 million, the excess over $2 million was deferred
to tax years beginning on or after January 1, 2013.

Purpose of Form CT-501

For tax years beginning on or after January 1, 2013, use
Form CT-501 to claim the temporary deferral nonrefundable
payout credit.
Note: Use this form only for the nonrefundable credits that were
deferred for tax years beginning on or after January 1, 2010, and
before January 1, 2013.
The credit is not allowed against the metropolitan transportation
business tax (MTA surcharge) under Article 9, 9-A, or 33.
New York S corporations: Only file this form if you filed
Form CT-500 and deferred a special additional mortgage
recording tax credit. Shareholders of New York S corporations
will file Form IT-501 with their New York personal income tax
return to claim any credits flowed through from the S corporation
that were required to be deferred.

Using your accumulated deferred credits

The accumulated amounts of nonrefundable tax credits
that were deferred for tax years beginning on or after
January 1, 2010, and before January 1, 2013, are combined
to become your temporary deferral nonrefundable payout
credit. Any amount of this credit that is not deductible for the
tax year beginning on or after January 1, 2013, and before
January 1, 2014, may be carried over to the following year(s) to
be deducted from your tax until the accumulated credit amount
is exhausted.
535001230094

Section 1
Franchise tax
return filed
Forms CT-183 and
CT-184
Form CT-186
Form CT-3
Form CT-3-A
Form CT-3-S
Form CT-33
Form CT-33-A
Form CT-33-NL
Section 2
Tax return filed

Form CT-186-E
Form CT-186-P

Lines 2 and 5 entries table
Enter on line 2 any net
recaptured tax credits plus
the amount from

Enter on line 5 the
amount below

Form CT-183, line 4 plus
Form CT-184, line 3 or 4

75

Line 5
Part 2, line 2
Part 2, line 2
Part 2, line 23
Line 11
Line 15
Line 5

125
Part 2, line 1c
Part 2, line 1c
Part 2, line 23
250
Line 4 plus line 12
250

Enter on line 2 any net
recaptured tax credits
plus the amount from
Line 88
Line 4

Enter on line 5 the
amount below
0
0

Line 2 – Enter your tax before credits using the Lines 2 and 5
entries table above. The temporary deferral nonrefundable
payout credit can be applied to taxes as computed on the forms
listed in the table above. However, the credit cannot be applied
against both a franchise tax return listed in Section 1 and a tax
return listed in Section 2.
Line 3 – If you are claiming more than one tax credit for this
year, enter the amount of credits claimed before applying this
credit; otherwise, enter 0. You must apply certain credits before
the temporary deferral nonrefundable payout credit. Refer to the
instructions of your franchise tax return to determine the order of
credits that applies.

Page 2 of 2  CT-501 (2023)
Article 9-A filers: Refer to Form CT-600-I, Instructions for
Form CT-600, for the order of credits.
If you are included in a combined return, include any amount
of tax credits being claimed by other members of the combined
group, including the temporary deferral nonrefundable payout
credit, that you want to apply before the temporary deferral
nonrefundable payout credit.
CT-33 and CT-33-A filers, including unauthorized insurance
corporations: Do not enter on this line any amount of empire
zone (EZ) wage tax credits, zone equivalent area (ZEA) wage
tax credits, or EZ capital tax credits you may be claiming. If you
are included in a combined return, do not include any amount
of these tax credit(s) being claimed by other members of the
combined group.
Line 5 – Enter the amount using the Lines 2 and 5 entries table
above.
Line 7 – Enter the lesser of line 1 or line 6. Transfer this amount
to your franchise tax return.

Need help? and Privacy notification

See Form CT-1, Supplement to Corporation Tax Instructions.

535002230094