CT-33.1: Claim for CAPCO Credit (2025)
New York · NY DTF · Used for tax years 2025
New York Form CT-33.1 is used to claim the certified capital company (CAPCO) credit. It calculates the credit available, used, and carried forward, including credit transfers between affiliates and any 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. The form directs filers to file it with Form CT-33, CT-33-NL, or CT-33-A.
What you'll need
Have the following information ready to complete the form:
- The 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 affiliate transfers, the corporation names, EINs, and amounts transferred. For carryforward transfers, also provide the dates of transfer or sale.
How to file
File Form CT-33.1 with Form CT-33, CT-33-NL, or CT-33-A.
- Enter the corporation’s legal name, EIN, and tax period.
- Use Part 3 to total allocated credit available for the current tax year and Part 4 to calculate any recapture.
- Use Parts 5 through 8 for applicable credit transfers to or from affiliates.
- Complete Part 1 to calculate the net CAPCO credit available, then Part 2 to calculate the credit used and the amount carried forward.
The supplied form text does not give a mailing address or e-filing directions.
Common mistakes
- Leaving the tax period blank. The form states that all filers must enter their tax period.
- Filing the claim without the related return. The form directs you to file it with Form CT-33, CT-33-NL, or CT-33-A.
- Leaving certain nonapplicable lines blank. Lines 1, 2, 4, 7, 10, and 19 direct you to enter 0 when the referenced amount does not apply.
Questions people ask
How is the net CAPCO credit available calculated?
Part 1 combines current-year credit and available carryforwards, accounting for affiliate transfers, then subtracts recapture. The result appears on line 11.
Where do I report credit transfers involving affiliates?
Use Part 5 for current-year allocated credit transferred to affiliates and Part 6 for credit transferred from affiliates. Use Part 7 for carryforwards transferred from affiliates and Part 8 for carryforwards transferred to affiliates.
Where do I calculate credit recapture?
Use Part 4. Add lines 22 through 25 and enter the total on line 26 and line 10.
Where does the unused credit carried to the next tax year appear?
Line 20 shows the unused credit carried forward after subtracting the carryforward transferred to affiliates on line 19 from the total unused carryforward on line 18.