CT-662: Child Care Creation and Expansion Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-662 is used by corporations to claim New York’s Child Care Creation and Expansion Credit. It reports credit amounts from an Office of Children and Family Services certificate or a partnership allocation, and includes calculations for credit used, refunded, applied to next
Who files this form
Form CT-662 is for corporations claiming the Child Care Creation and Expansion Credit, including C corporations and New York S corporations. The form covers corporations that earned the credit directly and corporate partners that received a share of the credit from a partnership.
File it with Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-A, or CT-33-NL.
What you'll need
- OCFS credit certificate: You must submit a copy of the certificate of tax credit issued by the Office of Children and Family Services with your return. Use it to enter the certified entity’s name, EIN, address, service year, certificate number, and credit amount.
- Corporation information: Have the corporation’s legal name, EIN, and tax period beginning and ending dates.
- Partnership information, if applicable: Have each partnership’s name, EIN, certificate number, and your share of the credit.
- Tax return figures for Schedule C: Have the tax due before credits, credits claimed before this credit, and minimum tax. New York S corporations do not complete Schedule C.
- Recapture information, if applicable: Have the revoked certificate number and amount of credit to be recaptured for Schedule D.
How to file
File Form CT-662 with Form CT-3, CT-3-A, CT-3-S, CT-33, CT-33-A, or CT-33-NL, and submit a copy of your OCFS credit certificate with the return.
All filers must enter their tax period and complete line A. Mark whether the corporation earned the credit directly rather than receiving it as a corporate partner.
Complete lines B through F using the certificate information, then follow the applicable schedule instructions:
- C corporation that earned the credit: Complete Schedules A through C.
- C corporation claiming a partnership share: Complete Schedules B and C.
- New York S corporation that earned the credit: Complete Schedules A and B.
- New York S corporation claiming a partnership share: Complete Schedule B.
All filers must complete Schedule D if applicable.
Common mistakes
- Do not leave the tax period or line A blank. Both are required for all filers.
- Do not omit the copy of your OCFS credit certificate from your return.
- Do not complete Schedule C if you are a New York S corporation.
- Do not skip Schedule D when it applies.
Questions people ask
Can a corporate partner claim a share of the credit?
Yes. The form provides for corporate partners to report credit allocated from partnerships in Schedule B.
How do I calculate the total credit?
Line 5 adds the credit on line 3 to the partnership credit on line 4. The form directs New York S corporations to see the instructions for line 5.
How much credit can I use for the current tax year?
For filers completing Schedule C, line 11 is the lesser of the total credit on line 5 or the credit limitation on line 10. Enter that amount on your franchise tax return as well.
Can unused credit be refunded or applied to next year’s tax?
Schedule C provides for either option. Line 12 calculates unused credit. Enter the amount to be refunded on line 13, up to the amount on line 12. Line 14 applies the remainder as an overpayment to the next year’s tax. New York S corporations do not complete this schedule.
Where do I report recaptured credit?
Use Schedule D, if applicable, to report the revoked certificate number and amount of recaptured credit.