CT-637: Alternative Fuels and Electric Vehicle Recharging Property Credit (2024)
New York · NY DTF · Used for tax years 2024
New York Form CT-637 calculates a corporation’s Alternative Fuels and Electric Vehicle Recharging Property Credit. It reports refueling or recharging property costs, credits allocated from partnerships, and credit amounts available, used, carried forward, or recaptured.
Who files this form
Corporations claiming the Alternative Fuels and Electric Vehicle Recharging Property Credit use Form CT-637. File it with Form CT-3, CT-3-A, CT-3-S, CT-183, or CT-184.
If you are claiming the credit as a corporate partner, mark an X in box A.
What you'll need
Have the information needed for the form ready:
- Your corporation’s legal name, EIN, and tax period beginning and ending dates.
- The physical address, total cost, and number of pumps or recharging stations for the property.
- Any unused credit carried over from previous tax years, except for New York S corporations.
- Tax due before credits, credits claimed before this credit, and minimum tax, if completing Schedule C.
- For partnership credits, each partnership’s name, EIN, and allocated credit amount.
- For credit recapture, the tax year the credit was allowed, the property’s recovery period, years in service before the recapture year, and original credit allowed.
How to file
File Form CT-637 with Form CT-3, CT-3-A, CT-3-S, CT-183, or CT-184.
Enter your corporation’s legal name, EIN, and tax period. Use Schedule A to report property information and calculate the credit, and Schedule B to calculate the available credit.
Complete Schedule C to calculate the credit used or carried forward, unless you are a New York S corporation. Schedule D covers credit recapture, and Schedule E covers credits allocated from partnerships.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Do not leave the tax period blank. All filers must enter beginning and ending dates.
- Do not forget to mark box A if claiming the credit as a corporate partner.
- New York S corporations must not enter an unused credit carryover on line 4 or complete Schedule C.
- On line 12, enter 0 if line 11 is greater than line 10.
- File CT-637 with one of the tax returns listed on the form, rather than by itself.
Questions people ask
How does Schedule A calculate the credit?
Divide the total property cost in column B by the number of pumps or recharging stations in column C, then multiply by 50%. Enter the lesser of that result or $5,000 in column E. Multiply column C by column E to get the credit amount in column F.
Where do I report credit allocated from a partnership?
Enter the partnership’s name, EIN, and allocated credit amount in Schedule E. Enter the total on line 18 and carry it to line 3.
How much credit can I use this tax year?
For filers completing Schedule C, line 13 is the lesser of the available credit on line 7 or the credit limitation on line 12. Enter that amount on your franchise tax return as well.
Where do I show unused credit to carry forward?
For filers completing Schedule C, subtract line 13 from line 7 and enter the result on line 14. New York S corporations do not complete Schedule C.
Where do I report recaptured credit?
Use Schedule D. Add the recaptured credit on line 15 and any partnership share of recapture on line 16. Enter the total on line 17 and on line 6.