CT-33.2: Life and Health Insurance Company Guaranty Corporation Credit. Also see Life Insurance Company Guaranty Corporation credit and Life and Health Insurance Company Guaranty Corporation (LHICGC) credit (2025)
New York · NY DTF · Used for tax years 2025
Form CT-33.2 calculates the New York Life and Health Insurance Company Guaranty Corporation credit. It reports assessment credits, unused credits carried over, recapture, and the credit used or available for carryover.
Who files this form
Form CT-33.2 is used to claim the Life and Health Insurance Company Guaranty Corporation Credit under Tax Law Section 1511(f). File it with Form CT-33, CT-33-A, or CT-33-NL.
The form does not state detailed eligibility requirements.
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.
- Certificate numbers and dollar amounts for Schedule A.
- The credit amount for Class B or C assessments paid in the preceding year and allowed in the current tax year.
- Unused credits carried over from the preceding period and any recapture amount.
- Tax due before credits, other tax credits claimed before this credit, and the minimum tax.
You must file CT-33.2 with Form CT-33, CT-33-A, or CT-33-NL.
How to file
File Form CT-33.2 with Form CT-33, CT-33-A, or CT-33-NL. The supplied form does not provide a mailing address or e-filing directions.
- Enter the corporation’s legal name, EIN, and tax period beginning and ending dates.
- Complete Schedule A to calculate the available credit.
- Complete Schedule B to calculate the credit used and the unused credit available for carryover.
- Enter the credit used from line 14 on your franchise tax return as well.
Common mistakes
- Filling in lines that do not apply: For the 2025 form, leave lines 1, 3, and 4 blank. They are marked as not applicable for this year.
- Leaving out the tax period: All filers must enter the beginning and ending dates.
- Entering a negative credit limitation: If line 11 minus line 12 is zero or less, enter 0 on line 13.
- Claiming more than the calculated limit: Line 14 must be the lesser of line 8 or line 13. Enter that amount on your franchise tax return too.
Questions people ask
Which return goes with Form CT-33.2?
File it with Form CT-33, CT-33-A, or CT-33-NL.
Which assessment-credit line applies on the 2025 form?
Line 2 is for the credit amount for Class B or C assessments paid in the preceding year and allowed in the current tax year. Lines 1, 3, and 4 must be left blank because they do not apply this year.
How is the total available credit calculated?
Add lines 1 through 5, as applicable, to get line 6. Subtract the recapture amount on line 7 from line 6 to get the total credit available on line 8.
How much credit can I use for this tax year?
Enter the lesser of the total available credit on line 8 or the credit limitation on line 13. Report that amount on line 14 and on your franchise tax return.
Where do I show unused credit?
Enter unused credits carried over from the preceding period on line 5. On line 15, subtract line 14 from line 8 to calculate unused credit available for carryover.