Instructions for Form CT-654 New York City Musical and Theatrical Production Tax Credit - New York

Form CT-654 New York City Musical and Theatrical Production Tax Credit - New York

This document contains official instructions for Form CT-654 , New York City Musical and Theatrical Production Tax Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form CT-654 is available for download through this link.

FAQ

Q: What is Form CT-654?
A: Form CT-654 is the form used to claim the New York City Musical and Theatrical Production Tax Credit.

Q: What is the New York City Musical and Theatrical Production Tax Credit?
A: The New York City Musical and Theatrical Production Tax Credit is a tax credit available to qualified productions in New York City.

Q: Who is eligible for the New York City Musical and Theatrical Production Tax Credit?
A: Qualified productions that meet certain criteria are eligible for the tax credit.

Q: What are the criteria for eligibility?
A: To be eligible, the production must be a qualified musical or theatrical production that incurs at least $50,000 in production costs in New York City.

Q: How much is the tax credit?
A: The tax credit is equal to 30% of qualified production costs incurred in New York City.

Q: How do I claim the tax credit?
A: You must complete Form CT-654 and attach it to your New York State tax return.

Q: Are there any filing deadlines?
A: Yes, the form must be filed by the due date of your New York State tax return.