CT-33-C: Captive Insurance Company Franchise Tax Return (2024)
New York · NY DTF · Used for tax years 2024
Form CT-33-C is New York’s Captive Insurance Company Franchise Tax Return under Tax Law Article 33. It reports tax on New York State gross direct premiums and reinsurance premiums, applies a minimum tax, and accounts for prepayments, any balance due, or an overpayment.
Who files this form
Form CT-33-C is the Captive Insurance Company Franchise Tax Return under New York Tax Law Article 33. The supplied form does not explain which captive insurance companies are required to file.
What you'll need
Attach both of these documents:
- A copy of your complete federal return.
- A copy of your New York Captive Insurance Company Annual Statement as filed with the New York State Department of Financial Services.
Have the following information ready to complete the return:
- Your corporation’s EIN, file number, business information, and tax period beginning and ending dates.
- New York State gross direct premiums and reinsurance premiums.
- Prepayment amounts and payment dates from Forms CT-300 and CT-400, any extension payment from Form CT-5, line 5, and overpayments credited from prior years.
- Whether the IRS audited you in the past five years and, if so, which years.
How to file
Complete the return and have an authorized person sign and date the certification. Attach the required federal return and annual statement.
If you are enclosing a payment:
- Enter the payment amount on line A, based on the balance due on line 19.
- Make the payment payable to New York State Corporation Tax.
- Attach it in the payment area and detach all check stubs.
The form says to see the instructions for where to file. No instructions were supplied, so the provided text does not give a mailing address or e-filing directions.
Common mistakes
Follow these reminders printed on the form:
- Enter both the beginning and ending dates of your tax period. This is required for all filers.
- Mark the overpayment box if you claim an overpayment.
- Attach a copy of your complete federal return and the required New York Captive Insurance Company Annual Statement.
- Detach all check stubs from your payment.
- Mark the box on line 16 if Form CT-222 is attached.
Questions people ask
What is the minimum tax shown on the 2024 return?
Line 10 shows a minimum tax of $5,000. On line 11, enter the greater of the tax based on premiums from line 9 or the minimum tax from line 10.
Which federal return type should I identify?
Mark the applicable box for Form 1120-L, Form 1120-PC, a consolidated return, or “Other.” The form provides space to identify the other return type.
Can I apply an overpayment to the next period?
Yes. Line 21 lets you enter the amount of overpayment to be credited to the next period. Line 22 shows the refund amount, calculated by subtracting line 21 from the available overpayment on line 20c.
Do I need to report past IRS audits?
The form asks whether the IRS audited you in the past five years. If you answer yes, list the years.