CT-47.1: Election or Termination of Election to Deem Income for Purposes of the Farmers’ School Tax Credit (Revision 2017-08)
New York · NY DTF · Used for tax years 2024
Form CT-47.1 records a corporation’s election or termination of an election to deem income for purposes of New York’s Farmers’ School Tax Credit. It includes corporation information, relevant dates, and shareholder consent to the election or termination.
Who files this form
Form CT-47.1 is for a corporation making or terminating an election to deem income for purposes of the Farmers’ School Tax Credit.
The form provides three choices:
- Make an election.
- Terminate an election by shareholder consent.
- Terminate an election because the corporation is no longer eligible.
Making an election or terminating it by shareholder consent requires agreement from shareholders holding more than one-half of the corporation’s shares, by both vote and value.
What you'll need
Have the following information ready to complete the form:
- The corporation’s legal name, EIN, mailing address, telephone number, and any DBA or trade name.
- Each consenting shareholder’s name, address including ZIP code, Social Security number or EIN, and signature.
- For an election, the corporation’s tax return due date without extensions and the ending date of the tax year for which the election will be effective.
- For termination because eligibility ended, the date of cessation.
- The authorized person’s name, signature, title, email address, telephone number, and date.
The form also includes a paid preparer section. It refers to instructions if a continuation sheet or separate consent statement is needed, but those instructions were not provided.
Common mistakes
- Missing shareholder signatures: To be valid, all shareholders agreeing to the election or termination must signify consent by signing.
- Leaving out required dates: If making an election, complete lines 2 and 3. If terminating because the corporation’s eligibility ended, complete line 4.
- Using an extended due date on line 2: The form asks for the corporation’s tax return due date without any extension.
- Omitting shareholder address details: Include the ZIP code for each consenting shareholder.
Questions people ask
How much shareholder agreement is needed to make the election?
Shareholders holding more than one-half of the corporation’s shares, by both vote and value, must agree.
Does the election affect shareholders who did not agree to it?
Yes. Once the required shareholders agree, all shareholders other than New York C corporations must take into account their pro rata shares of the corporation’s income and principal payment on farm indebtedness as required by Tax Law section 606(n)(9).
Can shareholders terminate the election?
Yes. The election is terminated if shareholders holding more than one-half of the shares, by both vote and value, agree to terminate it.
What date format does the form require?
Lines 2, 3, and 4 specify the format mmddyy.