New York General Corporation Tax Credit for Full-Year New York City Resident Individuals, Estates, and Trusts

General Corporation Tax Credit for Full-Year New York City Resident Individuals, Estates, and Trusts
Form IT-222:2019:General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts:it222
IT-222

Department of Taxation and Finance

General Corporation Tax Credit

For Full-Year New York City Resident
Individuals, Estates, and Trusts

Administrative Code of the City of New York, Section 11-1706(f)
Submit with Form IT-201 or IT-205.
	 Name(s) as shown on return	

Identification number on return

If you are a New York City resident individual, estate, or trust and you received a pro rata share of New York City general corporation
tax paid plus the Unincorporated Business Tax (UBT) credit from a New York S corporation, exempt qualified subchapter S subsidiary
(QSSS), or as a beneficiary of an estate or trust from either of the above, complete the following. For Type enter S for S corporation,
ET for estate or trust, or Q for QSSS. (See instructions.)
A	
Name of entity	

	
	

B	C	
Type	
Employer identification number	

D
Amount

	

.00

	

.00

	

.00

	

.00

	

.00

	

.00

	1	 Total column D amounts from additional Form(s) IT-222, if any ...................................................	

1	

.00

	2	Total (add column D amounts, including any amount on line 1) .............................................................	
	3	 Enter your taxable income from Form IT-201, line 47, or
	 	   Form IT-205, line 5 ......................................................... 	 3	
.00
	4	 If line 3 amount is:
	 	 •	$35,000 or less, enter 1.000 (100%)
	 	 •	more than $35,000, but less than $100,000, complete Line 4 Worksheet (on back) and enter
	 	 	   line 6 amount
	 	 •	$100,000 or more, stop; you are not eligible ............................................................................	
	5	 Credit computation (see instructions)
		  Estates and trusts: stop; enter line 5 amount on Form IT-205, line 22.
		  All others: continue with line 6 ................................................................................................	

2	

.00

5	

.00

	 6	 Enter amount from Form IT-201, line 49 ......................................................................................	

6	

.00

	 7	 Enter total amount(s), if any, from Form IT-201-ATT, lines 8 and 9 ..............................................	

7	

.00

	 8	 Subtract line 7 from line 6 ............................................................................................................	

8	

.00

	 9	 Enter amount from Form IT-201-ATT, line 34 ...............................................................................	

9	

.00

	10	 Add lines 8 and 9 .........................................................................................................................	 10	
	11	 Enter the amount from line 5 or line 10, whichever is less; transfer the amount to
	 	   Form IT-201-ATT, line 8a ..........................................................................................................	 11	

.00

222001190094

4

.00

IT-222 (2019) (back)

Instructions
General information

For tax years beginning on or after January 1, 2014, and before
July 1, 2019, a New York City resident individual, estate or trust
(including New York City resident beneficiaries), whose city
adjusted gross income includes a pro rata share of income, loss,
and deductions from one or more New York S corporations or
exempt qualified subchapter S subsidiaries (QSSS), may be
eligible for a credit on their income tax return for their pro rata
share of New York City general corporation tax (GCT) paid, plus
Unincorporated Business Tax (UBT) credit.
The credit is not refundable, and you may not carry any unused
credit forward to future years. In addition, the credit is only
allowed against the following New York City taxes:
–	 the tax computed on taxable income;
–	 the separate tax on lump-sum distributions; and
–	 the tax on capital gain portion of a lump-sum distribution.
The amount of credit allowed if your city taxable income is
$35,000 or less is 100% of your pro rata share of GCT paid plus
UBT credit. The credit decreases gradually from 100% to 0%
for taxpayers with city taxable incomes more than $35,000 but
less than $100,000. For taxpayers with city taxable incomes of
$100,000 or more, no credit is allowed.

Who qualifies

To claim this credit:
•	 you must be a full-year New York City resident individual,
estate or trust, who received a pro rata share of GCT paid,
plus UBT credit, as a shareholder of an S corporation or
exempt QSSS, and
•	 your city taxable income must have been less than $100,000.

How to claim the credit

To claim the credit for New York City GCT paid, you must
complete Form IT-222 using the information obtained from
your New York S corporation, QSSS, or estate or trust (for
beneficiaries), and submit Form IT-222 with your return.

Line instructions

See the instructions for your tax return for the Privacy notification
or if you need help contacting the Tax Department.

S corporation, QSSS, or estate or trust information

Enter the appropriate information for each S corporation,
QSSS, or estate or trust, of which you were a shareholder or
beneficiary, and received a pro rata share of GCT paid plus UBT
credit. Enter in column D your pro rata share of GCT paid plus
UBT credit as provided to you by the entity. If you are claiming
credit from more than six S corporations, QSSSs, or estates or
trusts, complete as many additional Forms IT-222 as necessary.
On the first Form IT-222, enter the total of all additional
column D amounts on line 1. Place the additional forms behind
the first Form IT-222 and submit all forms with your return.
Estates and trusts: Include only the fiduciary’s pro rata share
retained by the estate or trust. Do not complete this form if you
made a total distribution to the beneficiaries.

222002190094

Line 4 – If your taxable income from line 3 is $35,000 or less,
enter 1.000 on line 4. If your taxable income is more than
$35,000 but less than $100,000, complete the Line 4 Worksheet
below. If your taxable income is $100,000 or more, stop; you do
not qualify for this credit; do not submit this form.
Line 4 Worksheet
	1	 Base percentage 100% ............................... 	 1	
	2	 Enter your taxable income from
	 	   line 3 on the front page.......	 2	

1.000

.00

	3	 Base amount .........................	 3	 $35,000.00
.00
	4	 Subtract line 3 from line 2 .....	 4	
	5	 Divide line 4 by $65,000 and round to the
		 third decimal place ................................... 	 5
	6	 Subtract line 5 from line 1. Transfer this
	 	   decimal amount to the front page,
	 	   line 4......................................................... 	 6
Line 5 – The credit is available for tax years beginning on
or after January 1, 2014, and before July 1, 2019. You must
complete the Line 5 Worksheet below to exclude the days in
your tax year occurring after June 30, 2019.
Line 5 Worksheet
	a	 Multiply line 2 by line 4 (from Form IT-222)..... 	 a
	b	 Enter the number of days in
	 	   this tax year occurring
	 	   before July 1, 2019 ............	 b
	c	 Enter the total number of
	 	   days in this tax year ...........	 c
	d	 Divide line b by line c .................................. 	 d
	e	 Multiply line a by line d................................. 	 e
	 	 Enter the line e amount on line 5.