CT-641: Manufacturer's Real Property Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-641 calculates New York’s Manufacturer’s Real Property Tax Credit based on eligible real property taxes paid and credit amounts received from partnerships. It also reports any credit recapture and, for C corporations, the credit used for the current tax year. File it with
Who files this form
Form CT-641 is for corporations claiming the Manufacturer’s Real Property Tax Credit. The form provides separate directions for C corporations and New York S corporations, including corporate partners claiming a share of credit from a partnership.
On line A, indicate whether the corporation earned the credit itself rather than received a share from a partnership.
What you'll need
Have the information requested by the form ready:
- The corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- For credit earned directly, each property’s physical address and eligible real property taxes paid.
- For partnership credits, each partnership’s name, EIN, and allocated credit amount.
- For Schedule B, tax due before credits and tax credits claimed before this credit.
- If recapture applies, the tax year the credit was allowed, the credit originally allowed, reduced eligible real property taxes, and any share of recapture from partnerships.
How to file
File Form CT-641 with Form CT-3, CT-3-A, or CT-3-S. The supplied form does not give a mailing address or e-file directions.
All filers must enter their tax period and complete line A. Complete schedules based on your corporation type and line A answer:
- C corporation, Yes: Complete Schedules A and B, plus Schedule D if applicable.
- C corporation claiming as a corporate partner, No: Complete Schedule A, lines 4 through 7; Schedules B and C; and Schedule D if applicable.
- New York S corporation, Yes: Complete Schedule A and Schedule D if applicable.
- New York S corporation claiming as a corporate partner, No: Complete Schedule A, lines 4, 5, and 6; Schedule C; and Schedule D if applicable.
For filers completing Schedule B, enter the credit used from line 13 on the franchise tax return.
Common mistakes
- Leaving the tax period or line A blank. The form requires all filers to complete both.
- Completing Schedule B as a New York S corporation. The form says New York S corporations do not complete this schedule.
- Filing CT-641 by itself. The form directs you to file it with Form CT-3, CT-3-A, or CT-3-S.
Questions people ask
What credit rate does the form use?
Schedule A uses a rate of 20%. Multiply eligible real property taxes on line 1 by .20 to calculate line 3.
Where do I report credit received from a partnership?
List the partnership name, EIN, and credit amount in Schedule C. Enter the total on line 14 and carry it to line 4.
How much credit can I use on Schedule B?
Line 13 is the smaller of line 7, the total credit computed for the current tax year, or line 12, the credit limitation. To calculate line 12, subtract the $25 tax limitation on line 11 from line 10. If line 11 is greater than line 10, enter zero on line 12.
Where do I report credit recapture?
Use Schedule D. Add the recaptured credit on line 15 and your share of recapture from partnerships on line 16. Enter the total on line 17 and carry it to line 6.