CT-33-R: Claim for Retaliatory Tax Credits (2024)
New York · NY DTF · Used for tax years 2024
Form CT-33-R is used by insurance corporations organized or domiciled in New York State to claim retaliatory tax credits under Tax Law sections 1511(c) and 1511(i). It calculates the credits claimed, the amount used to reduce tax liability, and any balance to be credited as an ov
Who files this form
Form CT-33-R is for insurance corporations organized or domiciled in New York State that claim retaliatory tax credits.
- Complete Part 1 to claim credit for retaliatory taxes paid to other states for the privilege of doing business there.
- Complete Part 2 to claim credit for retaliatory taxes paid to other states because of assessments imposed under Public Health Law section 2807-t.
File this form with Form CT-33, CT-33-NL, or CT-33-A.
What you'll need
Have the following information and documentation available:
- The corporation’s legal name, employer identification number, and tax period beginning and ending dates.
- Retaliatory tax payment amounts for 2024 and the tax years those payments relate to.
- Tax less credits and retaliatory tax credits already claimed for the years shown on the form.
- For Part 2, amounts of assessments paid under Public Health Law section 2807-t.
- Documentation for the credit, called “retaliatory prints.” Send this separately from the franchise tax return.
For tax years before 2022, attach a separate computation.
How to file
File Form CT-33-R with Form CT-33, CT-33-NL, or CT-33-A. Enter the tax period beginning and ending dates.
Complete the applicable credit calculations in Parts 1 and 2, then use Part 3 to calculate the total credit, the amount used against tax, and any balance to carry to the next period or receive as a refund.
Transfer line 17 to the appropriate box on:
- Form CT-33, above line 101.
- Form CT-33-NL, above line 47.
- Form CT-33-A, above line 116.
Include line 19 on Form CT-33, line 27b; CT-33-NL, line 21b; or CT-33-A, line 32b. Include line 20 on Form CT-33, line 27a; CT-33-NL, line 21a; or CT-33-A, line 32a.
Do not send the credit documentation with your franchise tax return. Mail the retaliatory prints separately to:
NYS TAX DEPARTMENT
TDAB – CT DESK AUDIT
W A HARRIMAN CAMPUS
ALBANY NY 12227-5299
If you are not using U.S. Mail, see Publication 55, Designated Private Delivery Services.
Common mistakes
- Sending retaliatory prints with the franchise tax return. The documentation must go separately to the address listed under “Retaliatory prints.”
- Claiming the credit in the wrong year. Claim it on the return for the year in which the retaliatory taxes were paid.
- Exceeding the credit limits. Follow the limits printed for each line. Part 2 credits cannot exceed the lesser of the section 2807-t assessment paid or the applicable Article 33 tax payable.
- Including the surcharge retaliatory tax credit. That credit is computed on Form CT-33-M, not Form CT-33-R, and is allowed only against the section 1505-a surcharge.
- Leaving out older-year calculations. Attach a separate computation for tax years before 2022.
- Ignoring a reduction by another state. If another state reduces the retaliatory tax due, recompute the credit and recalculate the insurance franchise tax and MTA surcharge. Do not offset the adjustment with credit earned in a different tax period.
Questions people ask
How much is the Part 1 credit?
The credit is 90% of qualifying retaliatory taxes paid to other states. It cannot exceed the Article 33 tax payable, before the surcharge, for the tax year for which those taxes were imposed or assessed.
What does Part 2 cover?
Part 2 covers up to 90% of retaliatory taxes paid to other states because of section 2807-t assessments. The credit is limited to the lesser of the assessment paid or the applicable Article 33 tax payable.
Can the credits reduce my tax to zero?
Yes. The credits entered on line 17 may reduce the total tax due to zero.
What happens to a remaining credit balance?
The balance on line 18 may be credited as an overpayment to the next period on line 19 or claimed as a refund on line 20. The refund is paid without interest.
Can I claim a credit relating to a tax year before 2022?
The form directs you to attach a separate computation for tax years before 2022. For Part 1, credit is allowed only for retaliatory taxes paid on business after December 31, 1973.