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 2025
Form CT-47.1 is used to make or terminate an election to deem income for purposes of New York’s Farmers’ School Tax Credit. It records the corporation’s 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 boxes for:
- Making an election.
- Terminating an election with shareholder consent.
- Terminating an election because the corporation has ceased to be eligible.
Making the 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, and any trade or different mailing 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 due to loss of eligibility, the date eligibility ceased.
- The authorized person’s printed name, signature, official title, contact information, and date.
The form also includes a paid preparer section for identification, contact information, and signature.
Common mistakes
- Missing shareholder signatures: To be valid, every shareholder agreeing to the election or termination must sign to show consent.
- Including an extension in the line 2 due date: The form specifically says to enter the corporation’s tax return due date without considering extensions.
- Overlooking instructions for extra consent pages: The form directs you to the instructions if a continuation sheet or separate consent statement is needed. Those instructions are not included in the supplied text.
Questions people ask
How much shareholder approval is needed to make the election?
Shareholders holding more than one-half of the corporation’s shares, by both vote and value, must agree to the election.
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 proportional shares of the corporation’s income and principal payments 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 corporation’s shares, by both vote and value, agree to terminate it.
Which date fields do I complete?
For an election, complete lines 2 and 3 with the tax return due date without extensions and the ending date of the tax year for which the election will be effective. For termination because the corporation is no longer eligible, complete line 4 with the date eligibility ceased. Use the form’s mmddyy format.