Instructions for Form IT-642 Empire State Musical and Theatrical Production Credit - New York

Form IT-642 Empire State Musical and Theatrical Production Credit - New York

This document contains official instructions for Form IT-642 , Empire State Musical and Theatrical Production Credit - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form IT-642 is available for download through this link.

FAQ

Q: What is Form IT-642?A: Form IT-642 is a tax form used to claim the Empire State Musical and Theatrical Production Credit in New York.

Q: What is the Empire State Musical and Theatrical Production Credit?A: The Empire State Musical and Theatrical Production Credit is a tax credit available in New York to support film, television, and theater production.

Q: Who can claim the Empire State Musical and Theatrical Production Credit?A: Production companies and qualified production costs incurred in New York State for certain musical and theatrical productions are eligible to claim this credit.

Q: What expenses qualify for the credit?A: Qualified production costs include certain expenses associated with pre-production, production, and post-production activities for eligible musical and theatrical productions.

Q: How do I file Form IT-642?A: Form IT-642 must be filed electronically using tax software or through approved electronic filing methods.

Q: What is the deadline for filing Form IT-642?A: Form IT-642 should be filed by the due date of the related partnership or corporate tax return, which is generally March 15th or April 15th.

Q: Is there a limit to the amount of credit that can be claimed?A: Yes, there is a maximum credit cap for each eligible production, based on the production's qualified costs and certain additional factors.

Q: Are there any restrictions on the use of the credit?A: Yes, the credit cannot exceed the taxpayer’s tax liability and may not be refunded or carried forward.