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 official tax 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 incentive program that provides a credit to eligible production companies engaged in the creation of musical or theatrical shows in New York City.

Q: Who is eligible to claim the New York City Musical and Theatrical Production Tax Credit?
A: Production companies that meet certain requirements, such as having a minimum budget and employing a certain number of New York City residents, may be eligible to claim the credit.

Q: What information is required to complete Form IT-654?
A: Form IT-654 requires information such as the production company's name, address, and New York City business identification number, as well as details about the musical or theatrical production.

Q: When is the deadline to file Form IT-654?
A: The deadline to file Form IT-654 is typically the same as the deadline for filing your New York State income tax return, which is usually April 15th of the following year.