CT-3: General Business Corporation Franchise Tax Return. (2024)
New York · NY DTF · Used for tax years 2024
Form CT-3 is New York’s General Business Corporation Franchise Tax Return under Tax Law Article 9-A. It reports corporate information, calculates tax on business income and capital, and accounts for tax credits and prepayments to determine a balance due or overpayment.
What you'll need
- A complete copy of your federal return. Mark the applicable federal return box in Part 1, Section C.
- Your corporation’s EIN, file number, legal name, mailing address, incorporation details, and tax period beginning and ending dates.
- Information about New York employees, wages, business establishments, receipts, assets, and liabilities for the applicable parts of the return.
- Records of estimated tax payments, any payment with an extension request, and overpayments credited from prior periods.
- Form CT-60 if you have an interest in any partnerships. Enter the partnerships’ names and EINs on that form and file it with your return.
- The appropriate attachment forms for entries on Part 3, lines 2, 4, 6, 8, 10, 12, 16, or 18.
- A properly completed claim form for each tax credit claimed.
- Supporting documentation if you are filing an amended return.
How to file
The form says to read Form CT-3-I before completing the return and to see those instructions for where to file. No mailing address or e-file directions are included in the supplied text.
Enter your tax period beginning and ending dates, complete the applicable parts, and have the authorized person sign the certification.
If enclosing payment, pay the amount on Part 2, line 19c. Make it payable to New York State Corporation Tax, detach all check stubs, and attach the payment in the space provided on the form.
Common mistakes
- Using the 2024 form for an earlier tax period. This version is only for tax periods beginning on or after January 1, 2024. If used for prior periods, the return will not be processed or considered timely filed, and penalties and interest may result.
- Leaving out required Part 3 attachments. Entries on lines 2, 4, 6, 8, 10, 12, 16, or 18 require the appropriate completed attachment form. Missing attachments may cause a tax benefit to be disallowed or delayed.
- Entering negative amounts on those Part 3 lines. The form says all amounts on those lines must be entered as positive numbers.
- Forgetting the federal return copy. Part 1, Section C requires you to mark one federal return box and attach a complete copy of that return.
Questions people ask
What if my corporation has an interest in a partnership?
Mark Yes for question D. Enter the partnership names and EINs on Form CT-60 and file it with your return.
How does the form determine tax due before credits?
Part 2, line 2 directs you to enter the largest of the business income base tax, capital base tax, or fixed dollar minimum tax amounts, and refers you to the instructions.
Can I request a refund or apply an overpayment to another period?
Part 2 includes lines for crediting an overpayment to the next period, crediting an amount to Form CT-3-M, and requesting a refund of the remaining balance. Mark the overpayment box on page 1 if you claim an overpayment.
Do tax credits need separate forms?
Yes. File the corresponding properly completed claim form for each credit claimed. In Part 1, Section C, enter the number of tax credit forms filed. If you file multiple forms for the same credit, count each form.