Form Cr Q1 – Fill Out and Use This PDF

The CR Q1 form is a tax return specifically designed for commercial renters in New York City. This form is utilized to calculate the Commercial Rent Tax for the first quarter, covering the period from June 1, 2020, to August 31, 2020. If you’re a business owner, filling out the CR Q1 form is essential to ensure compliance and avoid any potential penalties—click the button below to get started.

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Form Cr Q1 PDF Details

For businesses operating within New York City, understanding and complying with local tax regulations, such as the Commercial Rent Tax (CRT), exemplified by filing the CR-Q1 form, is crucial. This form, specifically applicable for the first quarter of the fiscal year 2020/21, covering the period from June 1, 2020, to August 31, 2020, is a requirement for businesses renting spaces in Manhattan south of 96th Street when the annual rent exceeds a certain threshold. With sections dedicated to capturing detailed information about the rented premises, the CR-Q1 form requires careful input on gross rents paid, applicable deductions, and computation of the tax owed. Furthermore, distinctions are made based on the premises' rent amount, with different tax rates applied depending on whether the rent is at or above the specified minimum threshold. The form also outlines the provision for tax credits and a small business tax credit, offering some relief to eligible businesses. Instructions on the form guide taxpayers through the process of accurately calculating their payable tax, highlighting the importance of attaching remittance and ensuring the correct identification number is provided to facilitate proper credit to the payer. The option for electronic filing underscores a shift towards more efficient, secure, and environmentally friendly administrative processes, inviting businesses to embrace digital submission for convenience and compliance.

Question	Answer
Form Name	Form Cr Q1
Form Length	3 pages
Fillable?	Yes
Fillable fields	145
Avg. time to fill out	29 min 49 sec
Other names	fillable nyc cr q1, form commercial rent tax, cr q1 commercial rent tax, cr q1

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CR-Q1	NEW YORK CITY DEPARTMENT OF FINANCE
FIRST QUARTER	COMMERCIAL RENT TAX RETURN

2020/21 Applicable for the tax period June 1, 2020 toAugust 31, 2020 ONLY

PLEASE PRINT OR TYPE:

Name:

_________________________________________________________________________________

Address (number and street):

_________________________________________________________________________________

City and State:	Zip:
_________________________________________________________________________________
Business Telephone Number:

Employer

Identification

Number .............................

Social

Security

Number....................

ACCOUNT TYPE	COMMERCIAL RENT TAX
PERIOD BEGINNING	06-01-20
PERIOD ENDING	08-31-20
DUE DATE	09-20-20

Federal Business Code .

PLEASE READ THE INSTRUCTIONS CAREFULLY SO THAT YOU PAY ONLY THE RIGHT AMOUNT OF TAX. COMPLETE THIS RETURN BY BEGINNING WITH PAGES 2 AND 3, BUT DO NOT MAIL PAGE 2 AND 3 OR OTHER ATTACHMENTS

	COMPUTATION OF TAX
	COMPUTATION OF TAX									t Payment Enclosed t
										t Payment Enclosed t
A. Payment -		Pay amount shown on line 4 - Make check payable to: NYCDepartmentofFinance						●

LINE		RATE	NO. OF PREMISES		TOTAL		TAX			TAX DUE:
LINE	CLASS		FOR EACH RATE CLASS		BASE RENT		RATE		TOTAL BASE RENT X TAX RATE
	CLASS		FOR EACH RATE CLASS		BASE RENT		RATE		TOTAL BASE RENT X TAX RATE

1.	$0 to $62,499 (from page 2, ine 13)					.00	0%	1.	0		00
2.	$62,500 and over (from page 2, line 14)					.00	6%	2.
3.	.........Tax Credit (from page 2, line 16) (see instructions)			3.
3.				3.
4.	Small Business Tax Credit (from page 2, line 17) (see instr.). 4.
5.	Total credits (line 3 plus line 4)							5.
5.	Total credits (line 3 plus line 4)
6.	Total Remittance Due (line 2 minus line 5). Enter payment amount on lineA, above							6.
6.

DO NOT ATTACH PAGE 2 OR PAGE 3 TO THIS PAGE. ATTACH REMITTANCE ONLY.

DID YOUR MAILING ADDRESS CHANGE?

If so, please visit us at nyc.gov/finance and select “Business” in the left column. Select “Update/Change Business

Name or Address” from the Online Tools. Update as required.

Mail this return with your payment to:

NYC Dept. of Finance, P.O. Box 3931, New York, NY 10008-3931.

Make remittance payable to the order of “NYC DEPARTMENT OF FINANCE”. Payment must be made in U.S. dol- lars, drawn on a U.S. bank.

To receive proper credit, you must enter your correct Employer Identification Number or Social Security Number on your tax return and remittance.

ELECTRONIC FILING

For more information log on to nyc.gov/eservices

CR-Q1 FIRST QUARTER 2020/21

Form CR-Q1 for the tax period June 1, 2020 to August 31, 2020 ONLY

Page 2

YOU MAY FILE ELECTRONICALLY AT NYC.GOV/ESERVICES. IF YOU ARE FILING ON PAPER, USE THIS PAGE IF YOU HAVE THREE OR LESS PREM- ISES/SUBTENANTS OR MAKE COPIES OF THIS PAGE IF YOU HAVE ADDITIONAL PREMISES/SUBTENANTS. IF YOU CHOOSE TO USE A SPREADSHEET, YOU MUST USE THE CRA.FINANCE SUPPLEMENTAL SPREADSHEET WHICH YOU CAN DOWNLOAD FROM OUR WEBSITE AT WWW.NYC.GOV/CRTINFO.

EACH LINE MUST BE ACCURATELY COMPLETED. YOUR DEDUCTION WILL BE DISALLOWED IF INACCURATE INFORMATION IS SUBMITTED.

LINE

DESCRIPTION

PREMISES 1

PREMISES 2

PREMISES 3

● 1a.	Street Address ................................................................ 1a.
1b.	Zip Code ..........................................................................1b.	________________________________________________________________________________________
1c/d. Block and Lot Number ...............................................1c/1d. ________________________________________________________________________________________
		1c. BLOCK	1d. LOT	1c. BLOCK	1d. LOT	1c. BLOCK	1d. LOT

● 2.	Gross Rent Paid (see instructions)	2.	________________________________________________________________________________________
3.	Rent Applied to Residential Use	3.	________________________________________________________________________________________
4a1.	SUBTENANT'S NameifPartnershiporCorporation
	(if more than one subtenant, see instructions)	4a1.	________________________________________________________________________________________

●4a2. Employer Identification Number (EIN) for

	partnerships or corporations	4a2.	● EIN ________________________ ● EIN ________________________ ● EIN _______________________
4b1.	SUBTENANT'S NameifIndividual	4b1.	________________________________________________________________________________________
4b2.	Social Security Number (SSN) for individuals	4b2.	● SSN _______________________ ● SSN _______________________ ● SSN _______________________
4c.	RentreceivedfromSUBTENANT
	(if more than one subtenant, see instructions)	4c.	___________________________________________________________________________________________________
5a.	Other Deductions (attach schedule)	5a.	________________________________________________________________________________________
5b.	Commercial Revitalization Program
	special reduction (see instructions)	5b.	________________________________________________________________________________________
6.	Total Deductions (add lines 3, 4c, 5a and 5b)	6.	________________________________________________________________________________________

7.Base Rent Before Rent Reduction (line 2 minus line 6)...7. ________________________________________________________________________________________

8.	35% Rent Reduction (35% X line 7)	8. ________________________________________________________________________________________
9.	Base Rent Subject to Tax (line 7 minus line 8)	9. ________________________________________________________________________________________

4If the line 7 amount represents rent for less than the full three-month period, proceed to line 10, or

NOTE 4If the line 7 amount plus the line 5b amount is $62,499 or less and represents rent for a full three-month period, transfer line 9 to line 13, or 4If the line 7 amount plus the line 5b amount is $62,500 or more and represents rent for a full three-month period, transfer line 9 to line 14

COMPLETE LINES 10 THROUGH 12 ONLY IF YOU RENTED PREMISES FOR LESS THAN THE THREE-MONTH PERIOD

10.Tenants whose rent is not paid on a monthly basis,

check box and see instructions. Others complete	■		■		■
lines 10a through 12	10. __________________________________________________________________________________________
10a. Number of Months at Premises during the tax period		10b. From:	10a. # of months	10b. From:	10a. # of months	10b. From:

		10c. To:		10c. To:		10c. To:
		_________________________________________________________________________________________________________________

11.Monthly Base Rent before rent reduction

(line 7 plus line 5b divided by line 10a)

11. ________________________________________________________________________________________

12.Quarterly Base Rent before rent reduction

(line 11 X 3 months)

12. ________________________________________________________________________________________

■If the line 12 amount is $62,499 or less, transfer the line 9 amount (not the line 12 amount) to line 13

■If the line 12 amount is $62,500 or more, transfer the line 9 amount (not the line 12 amount) to line 14

	RATE CLASS	TAX RATE		TRANSFER THE AMOUNTS FROM LINES 13 THROUGH 17 TO THE CORRESPONDING LINES ON PAGE 1
13. ($0 - 62,499)		0%	13.________________________________________________________________________________________
14. ($62,500 or more)		6%	14.________________________________________________________________________________________

15.Tax Due before credit (line 14 multiplied by 6%).............15.________________________________________________________________________________________

16.	Tax Credit (see worksheet below)	.................................................	16.________________________________________________________________________________________
17.	Small Business Tax Credit	(from pg. 3, or
	supplemental spreadsheet) (see instructions)		17.________________________________________________________________________________________

Note: The tax credit only applies if line 7 plus line 5b (or line 12, if applicable) is at least $62,500, but is less than $75,000. All others enter zero.

Tax Credit Computation Worksheet

■If the line 7 amount represents rent for the full 3 month period, your credit is calculated as follows:

Amount on line 15 X ($75,000 minus the sum of lines 7 and 5b) = _____________ = your credit

$12,500

■If the line 7 amount represents rent for less than the full 3 month period, your credit is calculated as follows: Amount on line 15 X ($75,000$12,500minus line 12) = _____________ = your credit

Form CR-Q1 for the tax period June 1, 2020 to August 31, 2020 ONLY	Page 3

IF YOU ARE FILING ON PAPER, USE THIS PAGE IF YOU HAVE THREE OR LESS PREMISES OR MAKE COPIES IF YOU HAVE ADDITIONAL PREMISES. IF YOU CHOOSE TO USE A SPREADSHEET, YOU MUST USE THE SUPPLEMENTAL SMALL BUSI- NESS TAX CREDIT WORKSHEET WHICH YOU CAN DOWNLOAD FROM OUR WEBSITE AT WWW.NYC.GOV/CRTINFO.

SMALL BUSINESS TAX CREDIT WORKSHEET

A.	Is your "total income" as defined by Ad. Code Section 11-704.4(a) less than $10,000,000?	■ YES	■ NO
	If your answer to Question A is NO, you are not eligible for this credit.
B.	Is your "Base Rent Before Rent Reduction" (page 2, line 7) for any premises at least $62,500 but less than $137,500? ...	■ YES	■ NO

If the answer to this Question is NO for any of the premises, you are not eligible for this credit for those premises whose Base Rent BeforeReductioniseitherlessthan$62,500orequaltoorgreaterthan$137,500andyoushouldnotcompletethisworksheetforthosepremises.

	INCOME FACTOR CALCULATIONS - Complete either lines 1a and 1b OR lines 2a and 2b
1a.	Enter amount of total income, if total income is $5,000,000 or less (see instructions)				1a.	______________________________________
1b.	Income factor (see instructions)				1b.	______________________________________
2a. Enter amount of total income if total income is more than $5,000,000
	but less than $10,000,000 (see instructions)				2a.	______________________________________
2b.	If total income is more than $5,000,000 but less than $10,000,000:
	Income Factor is (10,000,000 - line 2a) / 5,000,000				2b.	______________________________________

	RENT FACTOR CALCULATIONS - Complete either lines 3a and 3b OR lines 4a and 4b

			PREMISES	PREMISES			PREMISES
3a. Enter amount of base rent, if base
	rent from Page 2, line 7 is less
	than $125,000	3a.	_________________________________________________________________________________________
3b.	Rent factor (see instructions)	3b.	_________________________________________________________________________________________KEEP THIS PAGE
4a. Enter amount of base rent if base rent
	from Page 2, line 7 is at least		FOR YOUR RECORDS.
	$125,000 but less ..............................................than $137,500	4a.	FOR YOUR RECORDS.
	(see instructions).	4a.	_________________________________________________________________________________________
4b.	If base rent from Page 2, line 7 is at least		_________________________________________________________________________________________DO NOT FILE
	$125,000 but less than $137,500:
	Rent Factor is ($137,500 - line 4a) / 12,500	4b.

	CREDIT CALCULATION
5a. Page 2, line 15 (Tax at 6%) ...............................5a.			_________________________________________________________________________________________
5b.	Page 2, line 16 (Tax Credit from Tax
	Credit Computation Worksheet on Page 2).......5b.		_________________________________________________________________________________________
5c. (line 5a - line 5b) X (line 1b or 2b) X (line 3b or 4b).
	Enter here and on Page 2, line 17.....................5c.		_________________________________________________________________________________________

WORKSHEET FOR TENANTS WHO PAY RENT FOR A PERIOD OTHER THAN ONE MONTH (SEE INSTRUCTIONS)

To determine the quarterly base rent before rent reduction, divide the rent paid during the tax period by the number of days for which the rent was paid, multiply the result by the number of days in the tax year and divide that result by 4. Enter the result on line 5 here and Page 2, line 12.

1.	Amount of rent paid for the period	1.
2.	Number of days in the rental period for which
	rent was paid	2.
3.	Rent per day (divide line 1 by line 2.
	Round to the nearest whole dollar)	3.
4.	Annualized rent (multiply rent per day, line 3
	by 365. In case of a leap year, multiply by 366.
	Round to the nearest whole dollar)	4.

5.Quarterly Base Rent before rent reduction (divide the result on line 4 by 4.

Round to the nearest whole dollar)

PREMISES	PREMISES	PREMISES
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________

How to Edit Form Cr Q1 Online for Free

Our PDF editor makes it easy to fill out documents. It's not necessary to perform much to modify cr q1 commercial rent tax forms. Merely follow these particular steps.

Step 1: You can select the orange "Get Form Now" button at the top of the following webpage.

Step 2: After you access our crq1 editing page, you'll see lots of the options you may take about your document in the top menu.

Fill out the next segments to fill in the form:

part 1 to filling in new york commercial rent tax return

Fill out the LINE, to, frompage, in, e and, over, frompage, line and NYC, Dept, of, Finance, PO, Box, New, York, NY fields with any particulars that is demanded by the application.

new york commercial rent tax return LINE, tofrompageine, andoverfrompageline, and NYCDeptofFinancePOBoxNewYorkNY fields to fill

You should be asked for some relevant information so you can complete the DESCRIPTION, PREMISES, PREMISES, PREMISES, c, BLOCK d, LOT c, BLOCK d, LOT c, BLOCK d, LOT and a, Employer, Identification, Number, E, IN, for segment.

Entering details in new york commercial rent tax return part 3

The a, of, months, b, From a, of, months, b, From c, To c, To c, To Monthly, Base, Rent, before, rent, reduction line, plus, line, b, divided, by, line, a lineX, months RATE, CLASS and TAX, RATE section is the place to add the rights and obligations of both parties.

step 4 to entering details in new york commercial rent tax return

Finish by taking a look at these sections and preparing them accordingly: .

Finishing new york commercial rent tax return part 5

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