CT-33.1: Claim for CAPCO Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-33.1 is used to claim New York's certified capital company (CAPCO) credit. It calculates the credit available, the amount used and carried forward, transfers to and from affiliates, and any credit recapture. It is filed with Form CT-33, CT-33-NL, or CT-33-A.
Who files this form
Form CT-33.1 is for corporations claiming the certified capital company (CAPCO) credit. File it with Form CT-33, CT-33-NL, or CT-33-A.
What you'll need
Have the following information available to complete the form:
- Your corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- CAPCO descriptions, credit amounts allocated by the Superintendent of Financial Services, and accumulated credit available in prior tax years.
- Unused CAPCO credit carried forward from previous tax years.
- Tax, other tax credits claimed before the CAPCO credit, and minimum tax amounts.
- Any CAPCO credit recapture amounts.
- For transfers to or from affiliates, the corporation names, EINs, and credit amounts. The carryforward transfer sections also ask for the date of transfer or sale.
How to file
File Form CT-33.1 with Form CT-33, CT-33-NL, or CT-33-A. All filers must enter their tax period.
Use Part 1 to calculate the available CAPCO credit and Part 2 to calculate the credit used and carried forward. Parts 3 through 8 provide the details for allocated credit, recapture, and transfers to or from affiliates.
The supplied form does not give a mailing address or e-file directions.
Questions people ask
Which tax return goes with Form CT-33.1?
File it with Form CT-33, CT-33-NL, or CT-33-A.
Where do I report unused credit from previous tax years?
Enter unused CAPCO credit carryforward from previous tax years on line 6. Report carryforward transferred from affiliates separately on line 7, using the amount from line 29.
Where do I report credit transfers involving affiliates?
Use Parts 5 and 6 for current-year allocated credit transferred to or from affiliates. Use Parts 7 and 8 for credit carryforward transferred from or to affiliates.
How does the form account for credit recapture?
Part 4 calculates recapture. Add lines 22 through 25 and enter the total on line 26 and line 10. That amount is subtracted when calculating net available credit on line 11.
Where is the credit carried forward to the next tax year shown?
Line 20 shows the unused credit carried forward to the next tax year. It is line 18, total unused credit carryforward available, minus line 19, the carryforward transferred to affiliates.