CT-649: Farm Donations to Food Pantries Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-649 is used by corporations to claim New York’s Farm Donations to Food Pantries Credit with their franchise tax return. It reports qualified donations, credits allocated from partnerships, and, for C corporations, the credit used, refunded, or applied to next year’s tax.
Who files this form
Form CT-649 is for corporations claiming the Farm Donations to Food Pantries Credit, either for credit they earned directly or for a share of credit received from a partnership. The form provides separate steps for C corporations and New York S corporations.
Form CT-3 and CT-3-A filers must complete the Line B Worksheet referenced on the form. If the amount on worksheet line 12 is less than 0.6667 (66.67%), the form says to stop because you do not qualify for the credit. That worksheet is not included in the supplied text.
What you'll need
Have the information requested on the form ready:
- The corporation’s legal name, EIN, and tax period beginning and ending dates.
- For a corporation that earned the credit: the farm’s name, EIN, and physical address.
- For each qualified donation: its date, location by city and state, the eligible food pantry’s name and EIN, and the donation’s fair market value.
- For credit received from partnerships: each partnership’s name, EIN, and allocated credit amount.
- If completing Schedule B: tax due before credits, tax credits claimed before this credit, and fixed dollar minimum tax.
Form CT-3 and CT-3-A filers also need the Line B Worksheet from the instructions. The supplied text does not include that worksheet.
How to file
File Form CT-649 with your franchise tax return. The supplied form does not give a mailing address or e-filing directions.
All filers must enter their tax period and answer line A to show whether they earned the credit directly or received a share from a partnership.
Follow the steps for your corporation type:
- C corporation that earned the credit: Complete lines B and C and Schedules A, B, and D.
- C corporation claiming partnership credit: Complete line B, Schedule A lines 2 and 3, and Schedules B and C.
- New York S corporation that earned the credit: Complete line C and Schedules A and D.
- New York S corporation claiming partnership credit: Complete Schedule A lines 2 and 3 and Schedule C.
Complete Schedules C and D, as applicable, before Schedule A. If you complete Schedule B, also enter the amounts from lines 9, 11, and 12 on your franchise tax return.
Common mistakes
- Leaving line A blank: All filers must complete it.
- Omitting the tax period: All filers must enter beginning and ending dates.
- Continuing after a “No” on line B: The form says to stop because you do not qualify.
- Completing Schedule A too soon: Complete Schedules C and D first, if applicable.
- Completing Schedule B as a New York S corporation: The form specifically says not to complete this schedule.
- Entering a negative credit limitation: If the Schedule B line 8 calculation is zero or less, enter 0.
Questions people ask
How is the credit for qualified donations calculated?
Schedule D totals the fair market value of qualified donations, multiplies that total by 25%, and limits the resulting credit to $5,000. Enter the smaller amount on lines 16 and 1.
Where do I report credit received from a partnership?
List each partnership’s name, EIN, and allocated credit in Schedule C. Enter the total on line 13 and carry it to Schedule A, line 2.
How much credit can I use this tax year?
For filers completing Schedule B, line 9 is the smaller of the total credit on line 3 or the credit limitation on line 8. The limitation accounts for tax due, credits claimed before this credit, and fixed dollar minimum tax.
What happens to unused credit?
Schedule B allows unused credit to be refunded or applied as an overpayment to next year’s tax. The refund on line 11 cannot exceed the unused credit on line 10. New York S corporations do not complete Schedule B.