CT-602: Claim for EZ Capital Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-602 is used by corporations to claim the New York EZ capital tax credit with Form CT-3 or CT-3-A. It calculates credit limitations, the amount of unused credit from previous periods used this year, and the amount available to carry forward.
Who files this form
Form CT-602 is for corporations claiming the EZ capital tax credit under Tax Law Article 9-A. The form calculates how much unused credit from previous periods can be used this year and how much can be carried forward.
If you are claiming the credit as a corporate partner, mark an X in box A.
What you'll need
Have the following information ready:
- Your corporation’s legal name and EIN as shown on page 1 of your tax return.
- The beginning and ending dates of your tax period.
- Form CT-3 or CT-3-A, including the tax amount from Part 2, line 2.
- Your tax due before credits, credits claimed before the EZ capital tax credit, and minimum tax.
- Your unused EZ capital tax credit from previous periods.
The form refers to instructions for the tax due before credits, prior credits claimed, and minimum tax entries. Those instructions were not provided.
How to file
File Form CT-602 with Form CT-3 or CT-3-A.
- Enter your tax period, corporation’s legal name, and EIN.
- Complete Schedule A to calculate the 50% limitation and tax limitation.
- Enter unused EZ capital tax credit from previous periods on line 8.
- On line 9, enter the smallest of line 2, line 7, or line 8. Transfer that amount to your franchise tax return.
- Subtract line 9 from line 8 to calculate the credit available for carryforward on line 10.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Do not leave the tax period blank. The form says all filers must enter it.
- Use the corporation’s legal name and EIN as shown on page 1 of your tax return.
- Remember to mark box A if you are claiming the credit as a corporate partner.
- File this form with Form CT-3 or CT-3-A.
- Remember to transfer the credit used on line 9 to your franchise tax return.
Questions people ask
How much EZ capital tax credit can I use this year?
Enter the smallest of line 2, line 7, or line 8 on line 9. These lines represent the 50% limitation, the tax limitation, and unused credit from previous periods.
How do I calculate the credit available for carryforward?
Subtract the credit used this year on line 9 from the unused credit on line 8. Enter the result on line 10.
What should I do if I am claiming the credit as a corporate partner?
Mark an X in box A.
Which tax return goes with Form CT-602?
File it with Form CT-3 or CT-3-A.