CT-46: Claim for Investment Tax Credit (2025)
New York · NY DTF · Used for tax years 2025
Form CT-46 is used by corporations to claim New York’s investment tax credit, including the employment incentive credit. It reports property and credit calculations, unused credits, and recapture of credits taken in previous periods.
Who files this form
Form CT-46 is for corporations claiming the investment tax credit, including the employment incentive credit. File it with Form CT-3, CT-3-A, or CT-3-S.
If you are claiming the credit as a corporate partner, mark box A. The form also has entries for research and development (R&D) property and qualified property of eligible farmers, but the supplied text does not explain the full eligibility rules.
What you'll need
Gather the information requested on the form:
- The corporation’s legal name, employer identification number, and tax period beginning and ending dates.
- For each property: its description, principal use, acquisition date, useful life in years, and investment credit base.
- If claiming the employment incentive credit: New York State employee counts for the base year and current tax year, plus the original investment tax credit year and credit base.
- If reporting recapture: the property’s acquisition or rehabilitation date, the date it stopped qualifying, its life and unused life in months, and the original investment tax credit allowed.
- As applicable, unused credits from the preceding period, expired credits, tax due before credits, other credits claimed, and the fixed dollar minimum tax.
How to file
File Form CT-46 with Form CT-3, CT-3-A, or CT-3-S. Enter the corporation’s legal name, employer identification number, and tax period.
Complete the applicable schedules for the investment tax credit, employment incentive credit, and recapture, then transfer their totals to the summary lines as directed.
The supplied form does not provide a mailing address or e-file directions.
Common mistakes
- Do not leave the tax period blank. All filers must enter beginning and ending dates.
- New York S corporations must enter 0 on lines 5 and 6 and must not complete the section titled “Computation of investment tax credit used, refunded, or carried forward.”
- List properties separately in Schedule A. Complete columns A through D and the corresponding lines in columns E through H for each property.
- If line 15 is less than zero, enter 0.
- In Schedule C, exclude R&D property credited at the optional rate from the original investment credit base.
Questions people ask
Does Form CT-46 include the employment incentive credit?
Yes. Schedule B covers eligibility calculations, and Schedule C computes the employment incentive credit. Enter the total from line 28 on line 4.
Where do I report credit recapture?
Use Schedule D to report recapture of investment tax credit. Enter the total from line 32 on line 9.
How do I identify myself as a corporate partner claiming the credit?
Mark an X in box A.
Can an amount available for refund be applied to next year’s tax?
The form provides line 18d for the amount to be refunded and line 18e for the amount to apply as an overpayment to next year’s tax. Line 18e is line 18a minus line 18d. The form refers filers to the instructions, which were not supplied, for the rules governing these amounts.