CT-224: Public Utility, Power Producer, and Pipeline Adjustments (2024)
New York · NY DTF · Used for tax years 2024
Form CT-224 reports New York adjustments for qualified public utilities and transferees, qualified power producers, and qualified pipeline corporations. It covers transition property depreciation, certain gains and losses, basis adjustment carryovers, and a New York State regulat
Who files this form
Form CT-224 covers adjustments for these groups:
- Qualified public utilities and transferees: Schedule A.
- Qualified power producers and qualified pipeline corporations: Schedule B.
The supplied form does not explain how a corporation qualifies for these categories.
What you'll need
Have the corporation’s legal name and employer identification number (EIN) available.
For Schedule A, gather the amounts needed for:
- Federal and New York depreciation deductions for transition property.
- Federal and New York gains and losses on sales of transition property.
- Transition property basis adjustment carryovers to gain and loss transactions.
- The New York State regulatory asset deduction.
For Schedule B, gather the federal and New York depreciation deduction amounts for transition property.
How to file
Attach Form CT-224 to Form CT-225 or Form CT-225-A.
For details on completing the form, the form directs you to Form CT-224-I, Instructions for Form CT-224. The supplied text does not provide a mailing address or e-filing directions.
Common mistakes
- Forgetting the attachment requirement: The form says to attach CT-224 to Form CT-225 or Form CT-225-A.
- Overlooking the separate instructions: The form directs you to Form CT-224-I for information and completion details.
Questions people ask
Which schedule covers qualified public utilities and transferees?
Schedule A covers their adjustments. It includes other additions on lines 1 through 4 and other subtractions on lines 5 through 11.
Which schedule covers qualified power producers and qualified pipeline corporations?
Schedule B. Line 12 is for the federal depreciation deduction for transition property, and line 13 is for the New York depreciation deduction for transition property.
How are the Schedule A totals calculated?
Add lines 1, 2, and 3 and enter the total on line 4. Add lines 5 through 10 and enter the total on line 11.
Where do I report the New York State regulatory asset deduction?
Report it on Schedule A, line 10.