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UBT PAID CREDIT 2020
-9.7B SUBCHAPTER S B ANKING CORPORATIONS
ATTACH TO FORM NYC-1 or NYC-1A
For CALENDAR YEAR 2020 or FISCAL YEAR beginning ____________________ 2020 and ending ____________________________
Print or Type t
Name as shown on NYC-1 or NYC-1A: EMPLOYER IDENTIFICATION NUMBER

SCHEDULE A
1a. Add total of amounts from Schedule B, line 10 for all partnerships
with respect to which you are claiming a credit (see instructions) .................................................................... 1a.
1b. Enter amount from Schedule C, line 9 .................................................................................................................................1b.
1c. Total of 1a and 1b.............................................................................................................................................................................1c.
t FOR TAXPAYERS LIABLE FOR THE BASIC TAX t

2. Tax from Form NYC-1 or NYC-1A, Schedule A, line 1 ............................................................................................... 2.
3. Multiply line 2 by 4/9 ....................................................................................................................................................................... 3.
4. UBT PAID CREDIT - Enter the lesser of line 1c and line 3 and transfer amount to
Form NYC-1, Schedule A, line 6 or Form NYC-1A, Schedule A, line 8 ........................................................... 4.
t FOR TAXPAYERS LIABLE FOR THE ALTERNATIVE TAX t
5. Multiply line 1c by .75 ......................................................................................................................................................................5.
6. Tax from Form NYC-1 or NYC-1A, Schedule A, line 2 ............................................................................................... 6.
7. UBT PAID CREDIT - Enter the lesser of line 5 and line 6 and transfer amount to
Form NYC-1, Schedule A, line 6 or Form NYC-1A, Schedule A, line 8 ........................................................... 7.
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: _________
t Name of partnership from which you received a distributive share or guaranteed payment (distributing partnership) t EMPLOYER IDENTIFICATION NUMBER OF DISTRIBUTING PARTNERSHIP

1. Unincorporated business tax paid by distributing partnership (from Form NYC-204, line 23) ............. 1.
2. Credits taken by distributing partnership on its own return (from Form NYC-204,
lines 20 and lines 22a through 22e) (see instructions) ...................................................................................................... 2.
3. Total of lines 1 and 2 ................................................................................................................................................................................... 3.
4. Your distributive share percentage with respect to the distributing partnership
(Attach copy of distributing partnership’s NYC-204, Schedule C) ............................................................................ 4.
5. Multiply line 3 by the percentage on line 4 .................................................................................................................................. 5.
6. Tax from Form NYC-1 or NYC-1A, Schedule A, line 1 (modified if necessary - see instructions)...... 6.
7. Tax from pro forma Form NYC-1 or NYC-1A, Schedule A, line 1 (see instructions) ................................... 7.
8. Subtract line 7 from line 6 ....................................................................................................................................................................... 8.
9. Multiply line 8 by 4/9 ................................................................................................................................................................................... 9.
10. Enter lesser of line 5 and line 9 here .............................................................................................................................................. 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 Schedule A, line 1b) ..9. NYC-9.7B 2020

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Form NYC-9.7B - 2020 Page 2
INSTRUCTIONS LINE 6 COLUMN A, LINE 2
If your answer to BOTH of the following questions Enter amount from last year’s Form NYC-9.7B,
A corporation subject to the Banking Corporation is “no,” enter on line 6 the amount from your NYC- schedule C, column C, line 3.
Tax (BCT) that is a partner in a partnership that is 1, or NYC-1A, Schedule A, line 1.
subject to the Unincorporated Business Tax (UBT) 1. Was the sum of your net distributive share of COLUMN B, LINE 2
may claim a credit against its liability for the BCT income, gain, loss, and deductions of, and Enter the excess if any, of that amount from Col-
if the corporation is required to include its distrib- guaranteed payments from, any unincorpo- umn B, Line 1 over the amount from Column A,
utive share of the income, gain, loss and deductions rated business less than zero (a “net loss dis- Line 1. If less than zero, enter “0”.

of, or guaranteed payments from, the partnership in tributive share”)? COLUMN A, LINE 3
its own tax base subject to the BCT.
2. Was your entire net income less than zero be- Enter amount from last year’s Form NYC-9.7B,
SCHEDULE A fore taking into account any distributive share Schedule C, Column C, line 4.
or guaranteed payments from any partner-
Taxpayers liable for the basic tax should fill out ships (“separate ENI”)? COLUMN B, LINE 3
lines 1a through 4 of Schedule A. Taxpayers liable Enter the excess if any, of the amount from Column
for the alternative tax should fill out lines 1a If your answer to EITHER of these questions is B, Line 2 over the amount from Column A, line 2.
through 1c and lines 5 through 7 of Schedule A. “yes”, you must fill out a modified NYC-1 or 1-A If less than zero, enter "0".
Taxpayers liable for the tax on taxable assets or cap- on which you make the following adjustments:
ital stock or for the fixed dollar minimum tax may a. treat all net loss distributive shares as zero; COLUMN A, LINE 4
Enter amount from last year’s Form NYC-9.7B,
not take a credit in the current year but should fill (see question 1) and Schedule C, Column C, line 5.
out lines 1a through 1c of Schedule A.
b. if your separate ENI is less than zero, treat it
LINE 1a as zero. (see question 2) COLUMN B, LINE 4
Enter the excess if any, of the amount from Column
Enter on line 1a, the amount from Schedule B, line Enter on line 6 the amount from your modified B, line 3 over the amount from Column A, line 3. If
10. If you are claiming credits with respect to more Form NYC-1 or NYC-1A, Schedule A, line 1. less than zero, enter “0”.
than one partnership, add the amounts on line 10 on (“modified BCT liability.”) Attach modified form
all attached Schedules B and enter the sum on this NYC-1 or NYC-1A. COLUMN A, LINE 5
line. Enter amount from last year’s Form NYC-9.7B,

LINE 1b LINE 7 Schedule C, Column C, line 6.
Before completing Schedule A, line 1b, you must If your answer to BOTH questions in the instruc-
have completed Schedule C, Column A. tions for line 6 is “no,” fill out a pro forma Form COLUMN B, LINE 5
NYC-1 or NYC-1A in which you calculate your Enter the excess, if any, of the amount from Col-
LINE 2 banking corporation tax liability for the basic tax umn B, line 4, over the amount from Column A,
Enter the product of allocated entire net income and .09. without taking into account your distributive share line 4. If less than zero, enter “0”.
of income, gain, loss and deductions of, or guaran-
LINE 3 teed payments from, the distributing partnership COLUMN A, LINE 6
To account for the difference in tax rates between the with regard to which you are claiming a credit on Enter the amount from last year’s Form NYC-9.7B,
Unincorporated Business Tax and the Banking Corpo- this form. Enter on line 7 the amount from the pro Schedule C, Column C, line 7.
ration Tax, multiply line 2 by a fraction, the numerator forma Form NYC-1 or NYC-1A, Schedule A, line
of which is 4 and the denominator of which is 9. 1. Attach pro forma Form NYC-1 or NYC-1A. COLUMN B, LINE 6
Enter the excess if any, of the amount from Column
SCHEDULE B If your answer to any of the questions in the instruc- B, line 5, over the amount from Column A, line 5.

The UBT Paid Credit may be “taken” only by a tax- tions for line 6 is “yes,” fill out a modified pro forma If less than zero, enter “0”.
payer in a year that it is actually liable for the basic Form NYC-1 or NYC-1A, taking into account the
tax or for the alternative tax on alternative entire net modifications required at a and b of the instructions COLUMN A, LINE 7
income. However, the UBT Paid Credit is “al- for line 6 above and recalculating your modified Enter the amount from last year’s Form NYC-9.7B,
lowed” to banking corporations regardless of the BCT liability for the basic tax without taking into ac- Schedule C, Column C, line 8.
basis on which they are liable for the banking cor- count your distributive share of income, gain, loss
poration tax. The credit that is “allowed” is always and deductions of, or guaranteed payments from, the COLUMN B, LINE 7
calculated as if the taxpayer were liable for the basic distributing partnership with regard to which you are Enter the excess, if any, of the amount from Col-
tax on entire net income. The difference between claiming a credit on this form. Enter on line 7 the umn B, line 6, over the amount from Column A,
the credit that is “allowed” and the credit that may amount from the modified pro forma Form NYC-1 line 6. If less than zero, enter “0”.
be “taken” is eligible to be carried forward for up to or NYC-1A, Schedule A, line 1. Attach modified
seven years. (See instructions for Schedule C) pro-forma form NYC-1 or NYC-1A. COLUMN A, LINE 8
Enter the amount from last year’s Form NYC-9.7B,
LINE 2 LINE 9 Schedule C, Column C, line 1.

If the distributing partnership has taken credits on To account for the difference in tax rates between the COLUMN B, LINE 8
its own Form NYC-204, lines 20 and lines 22a Unincorporated Business Tax and the Banking Corpo- Enter the excess, if any, of the amount from Col-
through 22e, enter on line 2 the sum of such cred- ration Tax, multiply line 8 by a fraction, the numerator umn B, line 7, over the amount from Column A,
its but only to the extent that they do not reduce the of which is 4 and the denominator of which is 9. line 7. If less than zero, enter “0”.
distributing partnership’s unincorporated business
tax below zero. The amount entered on line 2 may SCHEDULE C COLUMN C
not exceed the amount on Schedule A, line 19, on For each of lines 1, 3, 4, 5, 6, 7 and 8, enter the ex-
the distributing partnership’s Form NYC-204. COLUMN A, LINE 1 cess, if any, of the amount in Column A, over the
Enter on Column A, line 1 the amount from Sched- amount in Column B. If less than zero, enter “0”.
LINE 4 ule A, line 1a. This is the amount available as a carryforward to
Enter here the percentage of total distributive shares next year.
reported for you in column 4 of Schedule C of the COLUMN B, LINE 1
distributing partnership’s Form NYC-204. Attach a Taxpayers liable for the basic tax enter on Column
copy of the distributing partnership’s Form NYC- B, line 1 the amount from Schedule A, line 4. Tax-
204, Schedule C. Attach taxpayer’s K-1 from the payers liable for the alternative tax enter on Col-
distributing partnership. umn B, line 1, the amount from Schedule A, line 7,
divided by .75. Taxpayers liable for the tax on Tax-
able Assets or Capital Stock or the minimum tax,
enter zero on Column B, line 1.

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