CT-657: Covid-19 Capital Costs Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-657 reports a corporation’s New York COVID-19 Capital Costs Credit allocated from partnerships and any revoked credit subject to recapture. It also calculates the credit used, refunded, or applied to the next year’s tax, except for New York S corporations, which do not co
Who files this form
Corporations use Form CT-657 to report the COVID-19 Capital Costs Credit with Form CT-3, CT-3-A, or CT-3-S.
For 2024, the credit computation uses credit allocated from partnerships. The form also includes a schedule for reporting revoked credit. New York S corporations must not complete Schedule B.
What you'll need
Have these details available to complete the form:
- Your corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- For each partnership allocation: the partnership’s name, EIN, certificate number, and your share of the credit.
- For Schedule B: tax due before credits, credits claimed before this credit, and the fixed dollar minimum tax.
- For Schedule C: the certificate number and amount of any revoked credit.
Form CT-657 must be filed with Form CT-3, CT-3-A, or CT-3-S.
How to file
File Form CT-657 with Form CT-3, CT-3-A, or CT-3-S.
Enter your corporation’s identifying information and tax period. Use Schedule A to list partnership credit allocations. Schedule B calculates the credit used, refunded, or applied to the next tax year; New York S corporations must skip this schedule. Use Schedule C to report revoked credit.
The supplied form does not give a mailing address or e-file directions.
Common mistakes
- Do not fill in line 1. It is marked “Leave blank, not applicable this year.”
- Do not omit the tax period beginning and ending dates. All filers must enter them.
- If you are a New York S corporation, do not complete Schedule B. Line 3 also directs you to the instructions.
- On line 8, enter 0 if line 7 is greater than line 6.
- On line 9, use the lesser of line 3 or line 8.
- Do not request a refund on line 11 that exceeds the unused credit on line 10.
- Enter the amounts from lines 9, 11, and 12 on your franchise tax return as directed.
Questions people ask
What partnership information goes on Schedule A?
Enter each partnership’s name, EIN, certificate number, and your share of the credit. Include totals from any additional Forms CT-657 and add the column D amounts on line 2.
Do New York S corporations complete Schedule B?
No. The form specifically says New York S corporations must not complete Schedule B. It also directs them to the instructions for line 3.
What happens to unused credit?
Schedule B allows unused credit to be refunded or applied as an overpayment to the next tax year. Line 10 calculates the unused amount, line 11 reports the refund, and line 12 reports the remaining amount applied to next year’s tax.
Where do I report revoked credit?
Use Schedule C. Enter the certificate number and amount of revoked credit, include totals from any additional Forms CT-657, and add the column B amounts on line 13.