CT-47: Claim for Farmers' School Tax Credit (2025)
New York · NY DTF · Used for tax years 2025
Form CT-47 is used by corporations to claim New York’s farmers’ school tax credit with Form CT-3 or CT-3-A. It reports qualified agricultural acreage, eligible school taxes, the credit calculation, unused credit, and any credit recapture for property converted to nonqualified use
Who files this form
Corporations claiming the farmers’ school tax credit file 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.
- Line 3 of the Item C worksheet is less than $300,000.
- Your federal gross income from farming is at least two-thirds of your excess federal gross income for the tax year.
The form refers to instructions for definitions and the Item C worksheet. Those instructions are not included in the supplied text.
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 acres, acres converted to nonqualified use, and qualified conservation acres.
What you'll need
Have the information requested by the form ready:
- The corporation’s legal name, employer identification number, and tax period beginning and ending dates.
- Qualified agricultural acreage owned during the tax year and eligible school taxes paid.
- For corporate partners, the partnership shares of qualified agricultural acreage and eligible taxes.
- Federal gross income from farming, excess federal gross income, and the result from line 3 of the Item C worksheet.
- 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 asks for the acres converted, total qualified agricultural acres 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 name, employer identification number, and tax period.
Complete Part 1 to check eligibility, then Part 2 to calculate the credit. Part 3 addresses credit recapture for qualified agricultural property converted to nonqualified use.
Enter the credit used from line 27 on your franchise tax return. Also enter any refund amount from line 30 and overpayment credit from line 31 on that return.
The supplied form does not give a mailing address or e-filing 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: The form directs these filers to report the specified shareholders’ amounts on CT-34-SH instead.
- Leaving out the tax period: All filers must enter beginning and ending dates.
- 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.
- Ignoring rounding directions: Round the results on lines 8 and 15 to four decimal places.
Questions people ask
Can a corporate partner claim this credit?
Yes. The form includes lines for a corporate partner’s share of qualified agricultural acreage and eligible taxes from a partnership. Mark box G when claiming as a corporate partner.
What if agricultural property was converted to nonqualified use?
Mark box F. Part 3 calculates recapture by dividing acres converted by total qualified agricultural acres owned before conversion, then multiplying that fraction by the total credit claimed in the two previous tax years. Transfer the result to line 20.
How much credit can I use on my return?
Line 27 uses the smaller of the credit available after recapture on line 21 or the credit limitation on line 26.
What happens to unused credit?
The form provides for a refund, an overpayment credit toward next year’s return, and a carryforward. Line 29 limits the amount available for a refund or overpayment credit to the smaller of line 17 or line 28. Line 32 calculates the unused credit carried forward after subtracting the refund and overpayment credit amounts.