Free CT-601.1 - New York


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CT-601.1

New York State Department of Taxation and Finance

Claim for ZEA Wage Tax Credit
Tax Law -- Sections 210.19, 1456(e) and 1511(g)
All filers must enter tax period: beginning ending

Taxpayer identification number shown on the front page of your tax return

Name

File this claim with your corporation tax return, Form CT-3, CT-3-A, CT-32, CT-32-A, CT-33, CT-33-A, or CT-33-NL.
Date of ZEA designation

Name of zone equivalent area (ZEA)

Schedule A -- Application of ZEA wage tax credit for the current tax year
Part 1 -- Computation of 50% limitation 1 ZEA wage tax credit carryforward from preceding tax year............................................................... 1. 2 Current year's tax (see instructions) .................................................................................................... 2. 3 Fifty percent limitation (see instructions) .............................................................................................. 3. Taxpayers claiming wage tax credits in multiple ZEAs and EZs must complete Schedule B. Part 2 -- Computation of tax limitation 4 Current year's tax (enter amount from line 2; Forms CT-33 and CT-33-A filers, see instructions) .................... 4. 5 Enter other credits claimed before the ZEA wage tax credit (see instructions) .................................... 5. 6 Net tax (subtract line 5 from line 4) .......................................................................................................... 6. 7 Enter appropriate tax: Article 9-A -- enter the tax on minimum taxable income or fixed dollar minimum tax (whichever is larger) Article 32 -- enter the fixed minimum tax of 250 Article 33 -- enter 250 ..................................................................................................................... 7. 8 ZEA wage tax credit limitation (subtract line 7 from line 6) .................................................................... 8. 9 ZEA wage tax credit limitation for current tax year (enter the lesser of line 3 or line 8 amount) .............. 9. Part 3 -- Computation of ZEA wage tax credit used for the current tax year 10 ZEA wage tax credit used for current tax year (see instructions) ......................................................... 10. Part 4 -- Computation of ZEA wage tax credit carryforward 11 ZEA wage tax credit available as carryforward (subtract line 10 from line 1) ........................................ 11.

Schedule B -- Computation of 50% limitation for multiple wage tax credit claims (see instructions)
Part 1 -- Computation of 50% limitation 12 Current year's tax (from line 2) .............................................................................................................. 12. 13 Fifty percent limitation (multiply line 12 by 50% (.5)) ............................................................................... 13. Part 2 -- Unused ZEA wage tax credit 50% limitation
A Fifty percent limitation
(from line 13)

B Amount of ZEA and EZ wage tax credits applied prior to this credit Zone name Amount of credit

C Unused ZEA and EZ wage tax credit 50% limitation
(column A amount column B total amount used)

Total amount used 14 Unused ZEA wage tax credit limitation (subtract column B total from column A; enter here and on line 3) ...

14.

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CT-601.1 (2008)

Instructions
Line 5 -- If you are claiming more than one tax credit for this tax year, enter the amount of the tax credit(s) claimed before the ZEA wage tax credit. Include in this amount any ZEA or EZ wage tax credit applied to the tax prior to the credit claimed on this form. Refer to your corporation franchise tax return for the order of credit that applies. Article 9-A taxpayers, refer to Form CT-600-I, Instructions for Form CT-600, Ordering of Corporation Tax Credits; otherwise, enter 0 on line 5. If you are included in a combined return, include any amount of tax credit(s) being claimed by other members of the combined group, including the ZEA wage tax credit, that you wish to apply before your ZEA wage tax credit. Line 10 -- Enter the lesser amount from line 1 or line 9, and transfer this amount to your franchise tax return.

General information
The ZEA wage tax credit for all zone equivalent areas (ZEAs) expired on June 13, 2004. ZEA wage tax credit carryforwards may still be utilized; however, no additional ZEA wage tax credit can be earned in any tax year beginning after June 13, 2004. The taxpayer must attach a copy of the Certificate of Eligibility issued by Empire State Development each year that the credit is carried forward.

Schedule A -- Application of ZEA wage tax credit for the current tax year
The ZEA wage tax credit allowed in Schedule A is limited to the following: -- 50% of the tax imposed under Tax Law Article 9-A, before the addition of the metropolitan transportation business tax (MTA surcharge) or the deduction of any tax credit; or -- 50% of the tax imposed under Tax Law Article 32, before the addition of the MTA surcharge or the deduction of any tax credit; or -- for life insurance corporations, 50% of the lesser of: thetaxcomputedunderArticle33section1505(a);or the greater of the sum of taxes imposed under sections 1501 and 1510, or the tax computed under Article 33 section 1505(b), before the addition of the MTA surcharge or the deduction of any tax credit. -- for non-life insurance corporations, 50% of the taxes imposed under Article 33 section 1502-a before the addition of the MTA surcharge or the deduction of any tax credit. In addition, the ZEA wage tax credit allowed in Schedule A may not be applied against the following taxes: -- the greater of the tax on the minimum taxable income base or fixed dollar minimum tax as computed under Article 9-A; or -- the fixed minimum tax of $250 computed under Article 32; or -- the minimum tax of $250 under Article 33; or -- the MTA surcharge under Articles 9-A, 32, or 33. Any portion of the ZEA wage tax credit disallowed in Schedule A as a result of the above limitations may be carried forward to subsequent tax returns. Line 2 -- Enter the current year's tax after the addition of the tax on subsidiary capital and before the deduction of any tax credit or addition of the MTA surcharge. Line 3 -- For taxpayers claiming ZEA wage tax credit in only one ZEA, multiply line 2 by 50% (.5). For taxpayers who earned wage tax credits in multiple ZEAs or empire zones (EZs), or are claiming ZEA and EZ wage tax credits from more than one entity, the aggregate amount of all of the wage tax credits used in the current year cannot exceed 50% of the current year's tax. To compute your limitation, complete Schedule B and enter the line 14 result on line 3. Example: Corporation A operates in two locations in New York State, one in Buffalo and one in Elmira. Both locations are in ZEAs, and Corporation A is certified in both ZEAs. Corporation A has calculated its current year tax as $3,100 and calculates a 50% limitation of $1,550 (50% of $3,100). Corporation A claims a ZEA wage tax credit of $1,500 from its Buffalo location. Corporation A is limited to $50 of wage tax credits earned in the Elmira location ($1,550 minus $1,500 of limitation already used) that may be applied against the current year's tax. Line 4 -- Form CT-33 filers: enter tax shown on Form CT-33, line 9a; Form CT-33-A filers: enter tax shown on CT-33-A, line 10.

Schedule B -- Computation of 50% limitation for multiple wage tax credit claims Part 2 -- Unused ZEA wage tax credit 50% limitation
Column B: List only the ZEA and EZ wage tax credits claimed for this tax year that you wish to apply prior to the credit claimed on this form. List the name of the zone and amounts of wage tax credits applied. Add amounts in column B. Column C: Subtract column B total from the amount in column A. Enter the result on line 14 and on line 3. Privacy notification
The Commissioner of Taxation and Finance may collect and maintain personal information pursuant to the New York State Tax Law, including but not limited to, sections 5-a, 171, 171-a, 287, 308, 429, 475, 505, 697, 1096, 1142, and 1415 of that Law; and may require disclosure of social security numbers pursuant to 42 USC 405(c)(2)(C)(i). This information will be used to determine and administer tax liabilities and, when authorized by law, for certain tax offset and exchange of tax information programs as well as for any other lawful purpose. Information concerning quarterly wages paid to employees is provided to certain state agencies for purposes of fraud prevention, support enforcement, evaluation of the effectiveness of certain employment and training programs and other purposes authorized by law. Failure to provide the required information may subject you to civil or criminal penalties, or both, under the Tax Law. This information is maintained by the Director of Records Management and Data Entry, NYS Tax Department, W A Harriman Campus, Albany NY 12227; telephone 1 800 225-5829. From areas outside the United States and outside Canada, call (518) 485-6800.

Need help?
Internet access: www.nystax.gov (for information, forms, and publications) Fax-on-demand forms: 1 800 748-3676

Telephone assistance is available from 8:00 A.M. to 5:00 P.M. (eastern time), Monday through Friday. To order forms and publications: 1 800 462-8100 Corporation Tax Information Center: 1 888 698-2908 From areas outside the U.S. and outside Canada: (518) 485-6800 Text Telephone (TTY) Hotline (for persons with hearing and speech disabilities using a TTY): 1 800 634-2110

Persons with disabilities: In compliance with the Americans with Disabilities Act, we will ensure that our lobbies, offices, meeting rooms, and other facilities are accessible to persons with disabilities. If you have questions about special accommodations for persons with disabilities, please call 1 800 972-1233.

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