New York Form CT-399, Depreciation Adjustment Schedule
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In calculating its New York state taxable income, a corporation may need to modify depreciation for property in these circumstances:
- Property placed in service on or after June 1, 2003 for tax years beginning in 2003 for which bonus depreciation was deducted in computing federal taxable income.
- ACRS/MACRS property placed in service outside New York in tax years from 1985 through 1993 if the corporation made the election in 1999 to continue the modification.
- ACRS/MACRS property placed in service anywhere in tax years between 1981 and 1984.
There are several exceptions where depreciation doesn't need to be modified:
- Qualified gulf opportunity zone property (IRC section 1400N(d)(2)).
- Qualified New York liberty zone property (IRC section 1400L(b)(2)).
- Qualified resurgence zone property (NY Tax Law, Article 9-A, section 208.9(q)).
- Listed property acquired after June 18, 1984 subject to the limitations in IRC section 280F.
- Property placed in service by an aviation corporation prior to 1989.
These modifications are made on Form CT-399, Depreciation Adjustment Schedule. In Tax Processors Plus, the form is available in the New York corporation and S corporation tax return programs.
Corporation
From the NY CT-3 Main Menu select:
- Entire Net Income Base Tax
- Total Additions or Total Subtractions
- CT-399 Depreciation Adjustment
S corporation
From the NY Main Menu select:
- Edit Individual K-1's
- Modifications
- NY State Additions or NY State Subtractions
- CT-399 Depreciation Adjustment
Additional Information: