CT-40: Claim for Alternative Fuels Credit (2024)
New York · NY DTF · Used for tax years 2024
New York Form CT-40 is used by corporations to claim the alternative fuels credit. It reports credits from preceding tax years, transfers between affiliates, credit recapture, the credit used, and unused credit carried forward.
Who files this form
Form CT-40 is for corporations reporting alternative fuels credits from preceding tax years, credits received from or transferred to affiliates, and credit recapture, as applicable.
If you are claiming the credit as a corporate partner, mark an X in box A. Section 2, the election to transfer credits, is for Article 9-A taxpayers only.
What you'll need
Have the following information ready, as applicable:
- Your corporation’s legal name, EIN, and tax period beginning and ending dates.
- Alternative fuels credit amounts from preceding tax years and affiliate transfers.
- Franchise tax due before credits and other credits applied before this credit.
- For recapture: the tax year the credit was allowed, the property’s total recovery period, years in service before the recapture year, and the original credit allowed.
- For corporate partners: your share of credit recapture from the partnership.
- For affiliate transfers: each affiliate’s name, EIN, tax year, credit amount, and the transfer certifications shown on the form.
How to file
File Form CT-40 with Form CT-183, CT-184, CT-186, CT-3, CT-3-A, or CT-3-S.
Complete Sections 1 and 2, as appropriate, before completing the credit summary. For affiliate transfers, submit additional forms if necessary.
Common mistakes
- Leaving the tax period blank. All filers must enter beginning and ending dates.
- Missing box A when claiming the credit as a corporate partner.
- Completing the credit summary before the applicable parts of Sections 1 and 2.
- Entering a negative amount on line 12. The form says to enter 0 if the result is negative.
- Leaving amounts from additional affiliate-transfer forms out of the totals on lines 21 and 25.
Questions people ask
Where do I report credits from preceding tax years?
Enter them on line 1. The form directs you to the instructions for that line.
Where do I report credits received from affiliates?
List them in Section 2, Part A. Enter the total on line 21 and on line 2, including amounts from any additional forms.
Where do I report credits transferred to affiliates?
List them in Section 2, Part B. Enter the total on line 25 and on line 4, including amounts from any additional forms. Section 2 is for Article 9-A taxpayers only.
How does the form calculate unused credit to carry forward?
Line 14 is line 7 minus line 13, the credit used.
Where is credit recapture calculated?
Section 1 calculates recapture for alternative fuels vehicle refueling property. Line 17 adds the recapture on line 15 and the partnership share on line 16. The form directs filers to enter the total on line 6 and tells S corporations to see the instructions.