Form Ct 247 PDF Details

The CT-247 Form plays a pivotal role for not-for-profit organizations seeking exemption from New York State's corporation franchise taxes, mandated by the taxation laws within Article 9-A. This form is a detailed application that requires organizations to provide comprehensive information about their operations, legal status, and compliance with federal tax exemption standards under the Internal Revenue Code (IRC) section 501. Designed to streamline the exemption process, the CT-247 form includes sections for organizational details such as the organization's name, address, Employer Identification Number (EIN), and the specifics of its not-for-profit status, including whether it issues capital stock, its net earnings distribution, and its engagement in unrelated business activities within New York State. Additionally, it delves into the organization's federal tax exemption status, requiring proof of exemption and detailing the nature of operations and property held within the state. This form not only serves as an application for tax exemption but also as a certification of the organization's adherence to both state and federal regulations governing not-for-profit entities. The importance of accurately completing this form cannot be overstated, as it affects the organization's financial obligations and compliance with tax laws. The process of filing, including necessary documents and addressing changes in tax status, underscores the commitment of not-for-profit organizations to transparency and accountability, ensuring they are recognized correctly under New York State law.

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Form NameForm Ct 247
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesform ct 247, you 247 ct247, form any exemption form, ct247

Form Preview Example

 

 

Department of Taxation and Finance

 

 

 

 

 

 

CT-247

 

 

Application for Exemption from Corporation Franchise

 

 

Taxes by a Not-for-Profit Organization

 

 

 

(12/20)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailingname addressand

Legal name of corporation

 

 

 

Employer identification number (EIN)

For office use only

 

 

 

 

 

 

 

 

 

 

 

Mailing name (if different from legal name)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c/o

 

 

 

 

 

 

 

 

 

 

 

Number and street or PO box

 

City

 

 

State

ZIP code

 

 

 

 

 

 

 

 

 

 

NYS

principal business activity

 

 

 

Date tax exemption claimed from

 

For audit use only

 

 

 

 

 

 

 

Form of organization (mark an X in the appropriate box)

 

Business/officer telephone number

 

 

Corporation

Association

Trust

Other

(

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

Exempt

Date of formation

 

 

State or country of incorporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indicate exact name of the law under which the entity was formed (general corporation, not-for-profit, membership, etc.). Cite statutory provisions.

Federal return filed (mark an X in one):

Form 990

Form 990‑T

Form 1120

Other:

For lines 1 through 7, mark an X in the YES or NO box

 

 

 

 

1

Is the entity organized and operated as a not-for-profit organization?

 

Yes

2

Is the entity authorized to issue capital stock? (If Yes, also mark an X in the appropriate box below.)

..............................

Yes

 

Title holding company

Collective investment

Other:

 

 

 

 

 

 

 

 

List shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No

No

3

Does any part of the net earnings of the organization benefit any officer, director, or member?

Yes

No

4

Does the entity meet the qualifications for exemption from federal income tax? (See General information)

Yes

No

 

If No, stop. You do not qualify as an exempt organization.

 

 

 

5

Did the entity apply for federal exemption?

Yes

No

 

If Yes, indicate date of exemption

 

. Attach a copy of your federal exemption letter.

 

 

 

 

 

 

6

Is the entity engaged in an unrelated business activity at a location in New York State (NYS)?

Yes

No

7Is the entity operating as a trust under Internal Revenue Code (IRC) section 401(a) and exempt from federal

..................................................................................................................income tax under IRC section 501(a)?

Yes

 

No

8List location and type of activity for each office and other places of business (attach separate sheet if necessary).

 

Location

Nature of activity

 

9

 

 

 

 

 

 

List officers, employees, agents, and representatives in NYS and briefly describe their duties (attach separate sheet if necessary).

 

Name

Title

Duties

 

 

 

 

 

 

 

 

10 List type and use of real property owned in NYS (attach separate sheet if necessary).

 

 

Type

How used

 

 

 

 

 

 

 

 

 

11 Describe any NYS activities not shown above (attach separate sheet if necessary).

Certification: I certify that this application and any attachments are to the best of my knowledge and belief true, correct, and complete.

Willfully filing a false application is a misdemeanor punishable under the Tax Law.

Authorized

Printed name of authorized person

 

Signature of authorized person

 

 

Official title

 

person

E‑mail address of authorized person

 

 

 

Telephone number

 

 

Date

 

 

 

 

 

(

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paid

Firm’s name (or yours if self-employed)

 

 

Firm’s EIN

 

 

 

 

Preparer’s PTIN or SSN

 

 

 

 

 

 

 

 

 

 

 

 

preparer

 

 

 

 

 

 

 

 

Signature of individual preparing this application

Address

 

City

 

State

ZIP code

use

 

 

 

 

 

 

 

 

 

 

 

 

only

 

 

 

 

 

 

 

 

 

E‑mail address of individual preparing this application

 

Preparer’s NYTPRIN

 

or

Excl. code Date

 

(see instr.)

Page 2 of 2 CT-247 (12/20)

Instructions

General information

Certain not-for-profit and religious corporations are exempt from the New York State (NYS) corporation franchise tax imposed by Tax Law Article 9-A

(Article 9-A regulations, section 1-3.4(b)(6)). You must file Form CT-247 to apply for exemption.

Generally, a corporation or an organization treated as a

corporation must meet all of the following requirements to be tax exempt:

•It must be organized and operated as a not-for-profit organization.

•It must not have stock, shares, or certificates for stock or for shares. Not-for-profit corporations that issue stock are taxable under Article 9-A. However, title

holding companies as described in Internal Revenue

Code (IRC) section 501(c)(2), and collective investment entities as described in IRC section 501(c)(25), are exempt from tax under Article 9-A. For additional

information, see TSB‑M‑87(9)C, Exemption for Title

Holding Companies (THC) and Collective Investment

Entities (CIE).

•No part of its net earnings may benefit any officer, director, or member.

•It must be exempt from federal income taxation under IRC section 501, subsection (a).

If the organization meets all of the above requirements, it will be presumed to be exempt from tax under Tax Law Article 9-A. An organization denied exemption from taxation under the IRC will be presumed to be subject to tax under Article 9-A.

An organization whose tax exempt status has been

revoked and later restored by the Internal Revenue

Service (IRS), must file a new application on

Form CT‑247. The new application must be approved before any tax-exempt status under Article 9-A is restored.

Not-for-profit, nonstock organizations that are subject to the federal tax on unrelated business income are taxable under NYS Tax Law Article 13, if they pursue those unrelated business activities in NYS. File Form CT-13, Unrelated Business Income Tax Return, to report those

activities.

Organizations required to file federal Form 1120 may be taxable under Article 9-A and may be required to file Form CT-3, General Business Corporation Franchise Tax Return.

When filing Form CT-247, submit all documents granting or denying exemption from tax by the IRS, the

corporation’s articles of incorporation, and its bylaws.

Promptly report any changes in the corporation’s federal tax status to the NYS Tax Department.

Any exemption granted by the filing of Form CT-247 is strictly for NYS corporation franchise tax. For federal exemption, contact the IRS.

Any inquiry on the taxable status of an organization must be in writing, signed by an officer of the organization, and mailed to the address under How to file.

Refund of franchise taxes

If the organization paid franchise taxes in error, request a refund by filing an amended return. A housing

development fund company must submit proof that it was organized under Private Housing Finance Law Article 11.

How to file

Fax to:

518-435-2995 (preferred response method)

Or mail to: NYS Tax Department, Corporation Tax Account Resolution, W A Harriman Campus, Albany NY 12227-0852.

Private delivery services

See Publication 55, Designated Private Delivery Services.

Signature

The application must be certified by the president, vice

president, treasurer, assistant treasurer, chief accounting

officer, or other officer authorized by the taxpayer

corporation.

The application of an association, publicly traded partnership, or business conducted by a trustee or trustees must be signed by a person authorized to act for the association, publicly traded partnership, or business.

If an outside individual or firm prepared the application,

all applicable entries in the paid preparer section must be completed, including identification numbers (see Paid preparer identification numbers in Form CT‑1). Failure

to sign the application will delay the processing of any refunds and may result in penalties.

Need help? and Privacy notification

See Form CT‑1, Supplement to Corporation Tax Instructions.

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