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New York Free Printable Form IT-222:2019:General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts:it222 for 2024 New York General Corporation Tax Credit for Full-Year New York City Resident Individuals, Estates, and Trusts

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Form IT-222 is obsolete, and is no longer supported by the New York Department of Revenue.

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General Corporation Tax Credit for Full-Year New York City Resident Individuals, Estates, and Trusts
Form IT-222:2019:General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts:it222

IT-222 Department of Taxation and Finance General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts Administrative Code of the City of New York, Section 11-1706(f) Submit with Form IT-201 or IT-205. Name(s) as shown on return Identification number on return If you are a New York City resident individual, estate, or trust and you received a pro rata share of New York City general corporation tax paid plus the Unincorporated Business Tax (UBT) credit from a New York S corporation, exempt qualified subchapter S subsidiary (QSSS), or as a beneficiary of an estate or trust from either of the above, complete the following. For Type enter S for S corporation, ET for estate or trust, or Q for QSSS. (See instructions.) A Name of entity B C Type Employer identification number D Amount .00 .00 .00 .00 .00 .00 1 Total column D amounts from additional Form(s) IT-222, if any ................................................... 1 .00 2 Total (add column D amounts, including any amount on line 1) ............................................................. 3 Enter your taxable income from Form IT-201, line 47, or   Form IT-205, line 5 ......................................................... 3 .00 4 If line 3 amount is: • $35,000 or less, enter 1.000 (100%) • more than $35,000, but less than $100,000, complete Line 4 Worksheet (on back) and enter   line 6 amount • $100,000 or more, stop; you are not eligible ............................................................................ 5 Credit computation (see instructions)   Estates and trusts: stop; enter line 5 amount on Form IT-205, line 22.   All others: continue with line 6 ................................................................................................ 2 .00 5 .00 6 Enter amount from Form IT-201, line 49 ...................................................................................... 6 .00 7 Enter total amount(s), if any, from Form IT-201-ATT, lines 8 and 9 .............................................. 7 .00 8 Subtract line 7 from line 6 ............................................................................................................ 8 .00 9 Enter amount from Form IT-201-ATT, line 34 ............................................................................... 9 .00 10 Add lines 8 and 9 ......................................................................................................................... 10 11 Enter the amount from line 5 or line 10, whichever is less; transfer the amount to   Form IT-201-ATT, line 8a .......................................................................................................... 11 .00 222001190094 4 .00 IT-222 (2019) (back) Instructions General information For tax years beginning on or after January 1, 2014, and before July 1, 2019, a New York City resident individual, estate or trust (including New York City resident beneficiaries), whose city adjusted gross income includes a pro rata share of income, loss, and deductions from one or more New York S corporations or exempt qualified subchapter S subsidiaries (QSSS), may be eligible for a credit on their income tax return for their pro rata share of New York City general corporation tax (GCT) paid, plus Unincorporated Business Tax (UBT) credit. The credit is not refundable, and you may not carry any unused credit forward to future years. In addition, the credit is only allowed against the following New York City taxes: – the tax computed on taxable income; – the separate tax on lump-sum distributions; and – the tax on capital gain portion of a lump-sum distribution. The amount of credit allowed if your city taxable income is $35,000 or less is 100% of your pro rata share of GCT paid plus UBT credit. The credit decreases gradually from 100% to 0% for taxpayers with city taxable incomes more than $35,000 but less than $100,000. For taxpayers with city taxable incomes of $100,000 or more, no credit is allowed. Who qualifies To claim this credit: • you must be a full-year New York City resident individual, estate or trust, who received a pro rata share of GCT paid, plus UBT credit, as a shareholder of an S corporation or exempt QSSS, and • your city taxable income must have been less than $100,000. How to claim the credit To claim the credit for New York City GCT paid, you must complete Form IT-222 using the information obtained from your New York S corporation, QSSS, or estate or trust (for beneficiaries), and submit Form IT-222 with your return. Line instructions See the instructions for your tax return for the Privacy notification or if you need help contacting the Tax Department. S corporation, QSSS, or estate or trust information Enter the appropriate information for each S corporation, QSSS, or estate or trust, of which you were a shareholder or beneficiary, and received a pro rata share of GCT paid plus UBT credit. Enter in column D your pro rata share of GCT paid plus UBT credit as provided to you by the entity. If you are claiming credit from more than six S corporations, QSSSs, or estates or trusts, complete as many additional Forms IT-222 as necessary. On the first Form IT-222, enter the total of all additional column D amounts on line 1. Place the additional forms behind the first Form IT-222 and submit all forms with your return. Estates and trusts: Include only the fiduciary’s pro rata share retained by the estate or trust. Do not complete this form if you made a total distribution to the beneficiaries. 222002190094 Line 4 – If your taxable income from line 3 is $35,000 or less, enter 1.000 on line 4. If your taxable income is more than $35,000 but less than $100,000, complete the Line 4 Worksheet below. If your taxable income is $100,000 or more, stop; you do not qualify for this credit; do not submit this form. Line 4 Worksheet 1 Base percentage 100% ............................... 1 2 Enter your taxable income from   line 3 on the front page....... 2 1.000 .00 3 Base amount ......................... 3 $35,000.00 .00 4 Subtract line 3 from line 2 ..... 4 5 Divide line 4 by $65,000 and round to the  third decimal place ................................... 5 6 Subtract line 5 from line 1. Transfer this   decimal amount to the front page,   line 4......................................................... 6 Line 5 – The credit is available for tax years beginning on or after January 1, 2014, and before July 1, 2019. You must complete the Line 5 Worksheet below to exclude the days in your tax year occurring after June 30, 2019. Line 5 Worksheet a Multiply line 2 by line 4 (from Form IT-222)..... a b Enter the number of days in   this tax year occurring   before July 1, 2019 ............ b c Enter the total number of   days in this tax year ........... c d Divide line b by line c .................................. d e Multiply line a by line d................................. e Enter the line e amount on line 5.
Extracted from PDF file 2019-new-york-form-it-222.pdf, last modified September 2014

More about the New York Form IT-222 Individual Income Tax Tax Credit

This form is for New York state taxpayers who are eligible for the General Corporation Tax Credit. This credit expired in 2019, the form is obsolete as of 2020.

We last updated the General Corporation Tax Credit for Full-Year New York City Resident Individuals, Estates, and Trusts in March 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the New York Department of Taxation and Finance. You can print other New York tax forms here.


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Other New York Individual Income Tax Forms:

TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IT-201 Individual Income Tax Return
Form IT-201-D Resident Itemized Deduction Schedule (DISCONTINUED)
IT-201-V Payment Voucher for Income Tax Returns
Form IT-201-I Individual Income Tax Return Instructions
Form IT-203 Nonresident Income Tax Return

Download all NY tax forms View all 272 New York Income Tax Forms


Form Sources:

New York usually releases forms for the current tax year between January and April. We last updated New York Form IT-222 from the Department of Taxation and Finance in March 2021.

Show Sources >

Form IT-222 is a New York Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of New York Form IT-222

We have a total of six past-year versions of Form IT-222 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form IT-222

Form IT-222:2019:General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts:it222

2018 Form IT-222

Form IT-222:2018:General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts:it222

2017 Form IT-222

Form IT-222:2017:General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts:it222

2016 Form IT-222

Form IT-222:2016:General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts:it222

2015 Form IT-222

Form IT-222:2015:General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts:it222

General Corporation Tax Credit for Full-Year New York City Resident Individuals, Estates, and Trusts 2014 Form IT-222

Form IT-222:2014:General Corporation Tax Credit For Full-Year New York City Resident Individuals, Estates, and Trusts:it222


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