CT-44: Claim for Investment Tax Credit for the Financial Services Industry (2024)
New York · NY DTF · Used for tax years 2024
New York Form CT-44 is used to claim the investment tax credit for the financial services industry. It reports unused credits from the preceding period, credit recapture, and the calculation of credits used or carried forward.
Who files this form
Form CT-44 is for corporations claiming the investment tax credit for the financial services industry. It includes schedules for unused credits from a preceding period, credit recapture, and credits used or carried forward.
If you are claiming the credit as a corporate partner, mark an X in box A. The form refers corporate partners to the instructions, which are not included in the supplied text.
What you'll need
Have the information needed for the form ready:
- The corporation’s legal name, employer identification number, and tax period beginning and ending dates.
- The applicable tax return: Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-NL, or CT-33-A.
- Unused investment tax credit (ITC) or employment incentive credit (EIC) amounts from the preceding period, if applicable.
- For recapture, property descriptions, acquisition dates, dates property ceased to qualify, life and unused life in months, and the original ITC allowed.
- For Schedule C, tax before credits, credits claimed before this credit, minimum tax, and unused expired credits.
The supplied form does not list separate supporting documents to attach.
How to file
File Form CT-44 with Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-NL, or CT-33-A, as applicable.
Enter the corporation’s identifying information and tax period. Complete Schedule A for the credit summary and Schedule B for recapture. Schedule C calculates the credit used or carried forward, but New York S corporations must not complete it.
The supplied text does not provide a mailing address or e-filing directions.
Common mistakes
- Do not leave the tax period blank. All filers must enter beginning and ending dates.
- If claiming as a corporate partner, mark box A.
- New York S corporations must enter 0 on line 1 and must not complete Schedule C.
- Enter the recapture total from line 6 on line 2 as well.
- On line 11, enter 0 if line 9 minus line 10 is zero or less.
- File CT-44 with one of the tax returns listed on the form.
Questions people ask
Which tax return goes with Form CT-44?
File it with Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-NL, or CT-33-A, as applicable.
What do New York S corporations enter on line 1?
Enter 0. New York S corporations also do not complete Schedule C.
How is the recapture total calculated?
Add the Schedule B column H amounts on line 4. Add line 4 and the additional recapture on line 5 to get line 6, then enter that total on line 2.
How is the unused credit available to carry forward calculated?
In Schedule C, subtract the credit used on line 12 from the net credit on line 3 to get line 13. Then subtract unused expired tax credits on line 14 from line 13 to get the carryforward amount on line 15.