CT-37: Servicing Mortgages Credit (2025)
New York · NY DTF · Used for tax years 2025
Form CT-37 calculates the New York Servicing Mortgages Credit available for use against corporation franchise tax. It reports the credit allocated by the State of New York Mortgage Agency (SONYMA) and the amount usable after other credits and the fixed dollar minimum tax limitati
Who files this form
Use Form CT-37 to claim the servicing mortgages credit if you have a contract with the State of New York Mortgage Agency (SONYMA) to service mortgages SONYMA acquired under the State of New York Mortgage Agency Act. File it with Form CT-3 or CT-3-A.
A member of a combined group may claim the credit. The credit is calculated separately but applied against the combined tax.
Corporate partners may not receive this credit as a pass-through from a partnership.
What you'll need
- Your SONYMA letter stating the credit amount allowed for the current year.
- Form CT-3 or CT-3-A. You will need Part 2, line 2 for tax due before credits and Part 2, line 1c for the fixed dollar minimum tax.
- Amounts for any net recapture of other tax credits and credits claimed before this credit.
- Form CT-600-I, Instructions for Form CT-600, Ordering of Corporation Tax Credits, if you are claiming multiple credits.
- Your corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
How to file
File Form CT-37 with Form CT-3 or CT-3-A.
- Enter the tax period, corporation’s legal name, and EIN.
- On line 1, enter the credit amount from your SONYMA letter.
- On line 2, enter Form CT-3 or CT-3-A, Part 2, line 2, plus any net recapture of other tax credits.
- On line 3, enter credits claimed before this credit, or 0 if none. Follow the credit order in Form CT-600-I.
- Subtract line 3 from line 2 and enter the result on line 4.
- On line 5, enter Form CT-3 or CT-3-A, Part 2, line 1c.
- Subtract line 5 from line 4 for line 6. If line 4 is less than line 5, enter 0.
- On line 7, enter the smaller of line 1 or line 6. Transfer that amount to your franchise tax return.
Common mistakes
- Do not use the credit to reduce tax below the fixed dollar minimum tax.
- Do not claim unused credit as a refund or overpayment, or carry it forward.
- Do not apply the credit against the metropolitan transportation business tax (MTA surcharge).
- Apply tax credits in the required order. See Form CT-600-I.
- Combined filers must include on line 3 all credits they and other group members are claiming that will be applied before this credit, including servicing mortgages credits applied earlier.
- All filers must enter their tax period.
Questions people ask
Who determines my credit amount?
SONYMA allocates the amount allowed for the current year and supplies a letter stating that amount. Enter it on line 1.
Can I use the full amount in my SONYMA letter?
Only if it is within the form’s limit. Line 7 is the smaller of the SONYMA credit on line 1 or the credit limit on line 6. The credit cannot reduce tax below the fixed dollar minimum tax.
What happens to credit I cannot use this year?
It cannot be refunded, credited as an overpayment, or carried forward.
Can a combined group member claim the credit?
Yes. The credit is calculated on a separate basis but applied against the combined tax.
Can a corporate partner receive this credit from a partnership?
No. Corporate partners may not receive the credit as a pass-through from a partnership.