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This version of the form is not currently in use and is provided for reference only. Download this version of
Form IT-654
for the current year.
Form IT-654 New York City Musical and Theatrical Production Tax Credit - New York
What Is Form IT-654?
This is a legal form that was released by the New York State Department of Taxation and Finance - a government authority operating within New York. Check the official instructions before completing and submitting the form.
FAQ
Q: What is IT-654?
A: IT-654 is the form for the New York City Musical and Theatrical Production Tax Credit.
Q: What is the purpose of the New York City Musical and Theatrical Production Tax Credit?
A: The purpose of this tax credit is to encourage the production of musical and theatrical shows in New York City.
Q: Who is eligible for the New York City Musical and Theatrical Production Tax Credit?
A: Eligible individuals or entities include producers of qualified musical and theatrical shows performed in New York City.
Q: What is the benefit of the tax credit?
A: The tax credit can be used to offset New York City business or personal incometax liability.
Q: How much is the tax credit?
A: The tax credit is equal to 5% of qualified production costs.
Q: What are qualified production costs?
A: Qualified production costs include certain expenses related to the creation, rehearsal, and performance of the show.
Q: Is there a cap on the tax credit?
A: Yes, the maximum tax credit that can be claimed is $4 million per production.
Q: How do I claim the tax credit?
A: You must complete Form IT-654 and submit it along with your tax return.
Q: Are there any deadlines for claiming the tax credit?
A: Yes, the form must be filed within three years from the original due date of the tax return to claim the credit.
Form Details:
- The latest edition provided by the New York State Department of Taxation and Finance;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form IT-654 by clicking the link below or browse more documents and templates provided by the New York State Department of Taxation and Finance.
Download Form IT-654 New York City Musical and Theatrical Production Tax Credit - New York
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