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

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

This document contains official instructions for Form IT-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 IT-654 is available for download through this link.

FAQ

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

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

Q: Who is eligible to claim the New York City Musical and Theatrical Production Tax Credit?
A: Eligible entities include qualified musical and theatrical production companies in New York City.

Q: What expenses can be claimed for the tax credit?
A: Eligible expenses include certain production-related expenses incurred in New York City, such as wages, rentals, and tangible property costs.

Q: How much is the tax credit?
A: The tax credit is equal to 15% of qualified production expenses, up to a maximum of $4.5 million per production.

Q: When is the deadline to file Form IT-654?
A: The deadline to file Form IT-654 is the same as the due date for your New York State corporate tax return.

Q: Can I claim the tax credit if I received other state or federal funding?
A: Yes, you can claim the tax credit even if you received other state or federal funding for your production.