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Instructions for Form IT-246
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Instructions for Form IT-246 Claim for Empire State Commercial Production Credit - New York
This document contains official instructions for Form IT-246 , Claim for Commercial Production Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-246 is available for download through this link.
FAQ
Q: What is Form IT-246?
A: Form IT-246 is a New York state tax form used to claim the Empire State Commercial Production Credit.
Q: What is the Empire State Commercial Production Credit?
A: The Empire State Commercial Production Credit is a tax credit available to businesses engaged in qualified film production activities in New York.
Q: Who can use Form IT-246?
A: Businesses engaged in qualified film production activities in New York can use Form IT-246 to claim the Empire State Commercial Production Credit.
Q: Can individuals use Form IT-246?
A: No, Form IT-246 is specifically for businesses and not individuals.
Q: What expenses are eligible for the credit?
A: Expenses related to qualified film production activities, such as wages paid to New York-based employees, goods and services purchased in New York, and certain production costs, may be eligible for the credit.
Q: How much is the credit?
A: The amount of the credit varies depending on the project and certain eligibility criteria. It can range from 10% to 40% of qualified production costs.
Q: What supporting documentation is required?
A: Along with Form IT-246, you may need to submit additional documentation, such as a detailed production budget, proof of qualified film production activities, and any other supporting documentation requested by the Department of Taxation and Finance.
Q: Is there a deadline for filing Form IT-246?
A: Yes, Form IT-246 must generally be filed within three years from the due date of the associated tax return.
Instruction Details:
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