CT-246: Claim for Empire State Commercial Production Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-246 is used by corporations to claim New York’s Empire State commercial production credit. It reports available credit, including amounts allocated from partnerships and unused credit carried over, and calculates amounts used, refunded, or carried forward. New York S corp
Who files this form
Form CT-246 is for corporations claiming the Empire State commercial production credit. File it with Form CT-3, CT-3-A, or CT-3-S.
If you are claiming the credit as a corporate partner, mark an X in box A.
What you'll need
You must submit a copy of your certificate of tax credit with Form CT-246. Use the certificate to enter the certificate number in field B and the completion year in field C.
You will also need:
- Your corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- Your commercial production credit amount and any unused credit carried over from the previous tax year.
- If claiming credit from partnerships, each partnership’s name, EIN, and allocated credit amount.
- If completing Part 2, your tax due before credits, other credits claimed before this credit, and fixed dollar minimum tax.
How to file
- File Form CT-246 with Form CT-3, CT-3-A, or CT-3-S, and submit a copy of your certificate of tax credit.
- Enter your tax period, corporation name, and EIN.
- Use Part 1 to calculate the credit available for the current tax year.
- Complete Part 3 for credit allocated from partnerships. Submit additional forms as necessary, and enter the line 18 total on line 2.
- Complete Part 2 to calculate the credit used, refunded, and carried forward. New York S corporations do not complete Part 2.
- Enter the amounts from lines 11, 16, and 17 on your franchise tax return as directed.
Common mistakes
- Do not leave the tax period blank. All filers must enter beginning and ending dates.
- Do not omit the required copy of your certificate of tax credit.
- If you are a New York S corporation, do not complete Part 2. The form also directs you to see the instructions for line 3.
- On line 7, enter 0 if you have no credits claimed before the commercial production credit.
- On line 10, enter 0 if line 8 is less than line 9.
- On line 11, use the lesser of line 5 or line 10.
- Do not request a refund on line 16 that exceeds line 15.
Questions people ask
Must I include my certificate of tax credit?
Yes. You must submit a copy with the form. Enter its certificate number in field B and completion year in field C.
How do I report credit received from a partnership?
Mark box A if claiming the credit as a corporate partner. In Part 3, list each partnership’s name, EIN, and allocated credit amount. Enter the total on line 18 and line 2. Submit additional forms as necessary.
Do New York S corporations complete Part 2?
No. The form specifically says New York S corporations do not complete Part 2. It also directs them to see the instructions for line 3.
Can I apply refundable credit to next year’s tax instead of requesting a refund?
The form provides for both. Enter the refund you want on line 16, limited to line 15. Subtract line 16 from line 15 and enter the remainder on line 17 as refundable credit to apply to next year’s tax. Report both amounts on your franchise tax return.