CT-47: Claim for Farmers' School Tax Credit (2024)

Who files this form

Corporations claiming the farmers’ school tax credit use Form CT-47 with Form CT-3 or CT-3-A. Corporate partners claiming the credit must also mark box G.

To qualify, you must answer Yes to all four eligibility questions:

• You had qualified agricultural property during the tax year.
• Eligible school district property taxes were paid on that property during the tax year.
• Worksheet A, line 3, is less than $300,000.
• Worksheet B, line 12, or Worksheet C, line 6, if applicable, is at least 0.6667.

Form CT-3-S filers must not complete CT-47. Instead, report the shareholders’ amounts on Form CT-34-SH for eligible taxes paid, qualified agricultural acreage, qualified agricultural acreage converted to nonqualified use, and qualified conservation acreage.

What you'll need

Have the following forms and information ready:

• The corporation’s legal name, employer identification number, and tax period beginning and ending dates.
• Form CT-3 or CT-3-A, which you file with CT-47.
• Form CT-47-I for Worksheets A and B, plus Worksheet C if applicable.
• Qualified agricultural acreage and eligible school taxes paid during the year, including your share from a partnership if applicable.
• Any unused farmers’ school tax credit carried forward from prior years.
• Tax due before credits, other credits applied first, and the fixed dollar minimum tax from Form CT-3 or CT-3-A, Part 2, line 1c.

If property was converted to nonqualified use, Part 3 also asks for the acreage converted, total qualified agricultural acreage owned before conversion, and total credit claimed in the two previous tax years.

How to file

File Form CT-47 with Form CT-3 or CT-3-A. Enter the corporation’s identifying information and the beginning and ending dates of the tax period.

Complete Part 1 to check eligibility, then Part 2 to calculate the credit. If qualified agricultural property was converted to nonqualified use, mark box F and see the instructions for Part 3, credit recapture.

The supplied form does not print a mailing address or e-file directions.

Common mistakes

• Continuing after a No answer in Part 1: If you answer No to question A, B, C, or D, stop. You do not qualify for the credit.
• Using CT-47 as a CT-3-S filer: Use Form CT-34-SH to report the specified shareholders’ amounts instead.
• Missing the line 5 shortcut: If line 5 is zero or less, skip lines 6 and 7, enter 1.0000 on line 8, and continue on line 9.
• Missing the line 13 shortcut: If line 13 is $200,000 or less, skip lines 14 through 16 and enter the line 12 amount on line 17.
• Not rounding as directed: Round lines 8 and 15 to four decimal places.
• Overlooking a property conversion: If any qualified agricultural property was converted to nonqualified use during the tax year, mark box F and see the instructions.

Questions people ask

Where do I find the eligibility worksheets?

Worksheets A and B, and Worksheet C if applicable, are in Form CT-47-I, Instructions for Form CT-47.

What if related persons also own qualified agricultural property?

For tax year 2024, mark box E if you and one or more related persons each owned qualified agricultural property on March 1, 2024. The form directs you to the line 4 instructions.

Can unused credit be refunded or carried forward?

The form provides options to request a refund, apply unused credit as an overpayment to next year’s return, or carry it forward. Line 29 limits the amount available for these options to the lesser of line 17 or line 28. Lines 30 through 32 record the amounts selected or carried forward.

What does Part 3 calculate?

Part 3 calculates credit recapture when qualified agricultural property is converted to nonqualified use. It divides converted acreage by total qualified agricultural acreage owned before conversion, then multiplies that fraction by the total credit claimed in the two previous tax years. Transfer the result to line 20.

Official sources

• https://www.tax.ny.gov/pdf/2024/corp/ct47_2024.pdf