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UBT PAID CREDIT 2020
- 9.7C B USINESS CORPORA TIONS
ATTACH TO FORM NYC-2 OR NYC-2A

For CALENDAR YEAR 2020 or FISCAL YEAR beginning ____________________________ 2020 and ending ______________________________________
Name as shown on NYC-2 or NYC-2A : EMPLOYER IDENTIFICATION NUMBER

SCHEDULE A
1. Add total of amounts from Schedule B, line 10, for all partnerships
with respect to which you are claiming a credit (see instructions) .....................................1.
*32112091* 2. Enter amount from Schedule C, line 9................................................................................2.
3. Total of 1 and 2...................................................................................................................3.
4. Tax from Form NYC-2 or NYC-2A, Schedule A, line 1 ............................................... 4.
5. Multiply line 4 by 4/______ (see instructions) ............................................................ 5.
6. UBT PAID CREDIT - Enter the lesser of line 3 and line 5 and transfer amount
to Form NYC-2, Schedule A, line 5 or Form NYC-2A, Schedule A, line 7 ............................ 6.

SCHEDULE B
A separate Schedule B must be completed for each partnership with respect to which you are claiming this credit.
If more than one Schedule B is used, please state number of additional schedules attached: _________
Name of partnership from which you received a distributive share or guaranteed payment (distributing partnership): EMPLOYER IDENTIFICATION NUMBER OF DISTRIBUTING PARTNERSHIP

1. Unincorporated business tax paid by distributing partnership (from Form NYC-204, Sch. A, line 23) ...... 1.
2. Credits taken by distributing partnership on its own return (from Form NYC-204,
Schedule A, lines 20 and 22a through 22e) (see instructions) ........................................................... 2.
3. Total of lines 1 and 2 .......................................................................................................................... 3.
4. Distributive share percentage with respect to the distributing partnership
(from distributing partnership’s Form NYC-204, Schedule C. Attach copy)........................................... 4.
5. Multiply line 3 by the percentage on line 4............................................................................................. 5.
6. Tax from Form NYC-2 or NYC-2A, Schedule A, line1 (modified if necessary - see instructions) ......... 6.
7. Tax from pro forma Form NYC-2 or NYC-2A, Schedule A, line 1 (see instructions) ............................ 7.
8. Subtract line 7 from line 6 ..................................................................................................................... 8.
9. Multiply line 8 by 4/_______ (see instructions) ...................................................................................... 9.
10. Enter lesser of line 5 and line 9 .......................................................................................................... 10.

SCHEDULE C
COMPLETE SCHEDULE C IF YOU HAVE UBT PAID CREDITS FROM PRECEDING YEARS THAT YOU MAY CARRY FORWARD TO 2021
APPLICABLE YEAR COLUMN A COLUMN B COLUMN C
Credit Available in 2020 Credit Carryforward to 2021.
Column A Minus Column B
(if less than zero, enter “0”)
1. Current year
2. 7th preceding year
3. 6th preceding year
4. 5th preceding year
5. 4th preceding year
6. 3rd preceding year
7. 2nd preceding year
8. 1st preceding year
9. Total Column A, lines 2 through
8 (enter on Sch. A, line 2)...........9.
NYC-9.7C 2020
32112091

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Form NYC-9.7C - 2020 Page 2

INSTRUCTIONS or Form NYC-2A for this taxable year? Schedule A, line 6. Taxpayers liable for Business

2. Was the sum of your distributive share of in- Corporation Tax on the capital base or for the min-
A corporation subject to the Business Corporation come, gain, loss, and deductions of, and imum tax, enter zero on Column B, line 1.

Tax that is a partner in a partnership that is subject guaranteed payments from, any unincorpo- COLUMN A, LINE 2
to the Unincorporated Business Tax (UBT) may rated business less than zero (a “net loss dis- Enter amount from last year’s Form NYC-9.7C,
claim a credit against its liability if the corporation tributive share”)? Schedule C, column C, line 3.
is required to include its distributive share of the
income, gain, loss and deductions of, or guaranteed 3. Was your entire net income less than zero be- COLUMN B, LINE 2
payments from, the partnership in its own tax base. fore taking into account any distributive share Enter the excess if any, of the amount from Column
or guaranteed payments from any partner- B, Line 1 over the amount from Column A, Line 1.
SCHEDULE A ships, or any NOL deduction (“separate If less than zero, enter “0”.

Taxpayers liable for the tax on entire net income ENI”)? COLUMN A, LINE 3
should fill out lines 1 through 6 of Schedule A. Tax- If your answer to ANY of these questions is yes, Enter amount from last year’s Form NYC-9.7C,
payers liable for the tax on capital or for the mini- you must fill out a modified Form NYC-2 or NYC- Schedule C, Column C, line 4.
mum tax should fill out lines 1 through 3 of 2A on which you make the following adjustments:
Schedule A.
a. Do not take into account any NOL carryfor- COLUMN B, LINE 3
LINE 1 ward or carryback; Enter the excess if any, of the amount from Column
Enter on line 1 the amount from Schedule B, line B, Line 2 over the amount from Column A, line 2.
10. If you are claiming credits with respect to more b. treat all net loss distributive shares as zero If less than zero, enter "0".
than one partnership, add the amounts on line 10 (see question 2); and
COLUMN A, LINE 4
on all attached Schedules B and enter the sum on c. if your separate ENI is less than zero, treat Enter amount from last year’s Form NYC-9.7C,
this line. it as zero (see question 3). Schedule C, Column C, line 5.

LINE 2 Enter on line 6 the amount from the above de- COLUMN B, LINE 4
Before completing Schedule A, line 2, you must scribed modified Form NYC-2 or NYC-2A, Sched- Enter the excess, if any, of the amount from Col-
have completed Schedule C, Column A. ule A, line 1. (“modified Business Corporation Tax umn B, line 3 over the amount from Column A, line

LINE 5 liability.”) Attach modified Form NYC-2 or NYC- 3. If less than zero, enter “0”.
To account for the difference in tax rates between 2A.
COLUMN A, LINE 5
the Unincorporated Business Tax and the Business LINE 7 Enter amount from last year’s Form NYC-9.7C,
Corporation Tax, multiply line 4 by a fraction, the If your answer to ALL three questions in the in- Schedule C, Column C, line 6.
numerator of which is 4 and the denominator of structions for line 6 is “no”, fill out a pro forma
which is the tax rate reported on Schedule B, line Form NYC-2 or NYC-2A in which you calculate COLUMN B, LINE 5
37 of Form NYC-2 or Form NYC-2A. your Business Corporation Tax liability on the ENI Enter the excess, if any, of the amount from Col-
umn B, line 4, over the amount from Column A,
SCHEDULE B base without taking into account your distributive
The UBT paid credit may be “taken” only by a cor- share of income, gain, loss and deductions of, or line 4. If less than zero, enter “0”.

poration in a year that it is actually liable for tax on guaranteed payments from, the distributing part- COLUMN A, LINE 6
the entire net income base. However, the UBT Paid nership with regard to which you are claiming a Enter amount from last year’s Form NYC-9.7C,
Credit is “allowed” to corporations regardless of credit on this form. Enter on line 7 the amount Schedule C, Column C, line 7.
the basis on which they are liable for business cor- from the pro forma Form NYC-2 or NYC-2A,
poration tax. The credit that is “allowed” is always Schedule A, line 1. Attach pro forma Form NYC- COLUMN B, LINE 6
calculated as if the taxpayer were on the entire net 2 or NYC-2A. Enter the excess, if any, of the amount from Col-
umn B, line 5, over the amount from Column A,
income basis. The difference between the credit If your answer to ANY of the three questions in the line 5. If less than zero, enter “0”.
that is “allowed” and the credit that may be “taken” instructions for line 6 is “yes”, fill out a modified pro
is eligible to be carried forward for up to seven forma Form NYC-2 or NYC-2A, taking into account COLUMN A, LINE 7
years. (see instructions for Schedule C) the modifications required at a, b, and c of the in- Enter amount from last year’s Form NYC-9.7C,

LINE 2 structions for line 6 above and recalculating your Schedule C, Column C, line 8.
If the distributing partnership has taken credits on modified Business Corporation Tax liability on the
its own Form NYC-204, line 20 and lines 22a ENI base without taking into account your distribu- COLUMN B, LINE 7
through 22e, enter on line 2 the sum of such cred- tive share of income, gain, loss and deductions of, Enter the excess, if any, of the amount from Col-
its but only to the extent that they do not reduce the or guaranteed payments from, the distributing part- umn B, line 6, over the amount from Column A,
distributing partnership’s unincorporated business nership with regard to which you are claiming a line 6. If less than zero, enter “0”.

tax below zero. The amount entered on line 2 may credit on this form. Enter on line 7 the amount from COLUMN A, LINE 8
not exceed the amount on Schedule A, line 19, of the modified pro forma Form NYC-2 or NYC-2A, Enter amount from last year’s Form NYC-9.7C,
the distributing partnership’s Form NYC-204. Schedule A, line 1. Attach modified pro-forma Form Schedule C, Column C, line 1.
NYC-2 or NYC-2A.
LINE 4 COLUMN B, LINE 8
Enter here the percentage of total distributive LINE 9 Enter the excess, if any, of the amount from Col-
shares reported for you in column 4 of Schedule C To account for the difference in tax rates between umn B, line 7, over the amount from Column A,
of the distributing partnership's Form NYC-204. the Unincorporated Business Tax and the Business line 7. If less than zero, enter “0”.
Attach a copy of the distributing partnership’s Form Corporation Tax, multiply line 8 by a fraction, the
NYC-204, Schedule C. Attach taxpayer’s K-1 from numerator of which is 4 and the denominator of COLUMN C
the distributing partnership. which is the tax rate reported on Schedule B, line For each of lines 1, 3, 4, 5, 6, 7 and 8, enter the ex-
37 of Form NYC-2 or Form NYC-2A. cess, if any, of the amount in Column A over the
LINE 6 amount in Column B. If less than zero, enter “0”.
If your answer to ALL of the following questions is SCHEDULE C This is the amount available as a carryforward to

“no”, enter on line 6 the amount from your Form COLUMN A, LINE 1 next year.

NYC-2 or 2A, Schedule A, line 1. Enter on Column A, line 1, the amount from Sched-
1. Did you (or in the case of a combined report, ule A, line 1.

any of the corporations included in the report) COLUMN B, LINE 1
claim a PNOL or an NOL deduction on line Taxpayers liable for tax on the entire net income
33 or line 35 of Schedule B of Form NYC-2 base, enter on Column B, line 1, the amount from

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