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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-642
for the current year.
Form IT-642 Empire State Musical and Theatrical Production Credit - New York
What Is Form IT-642?
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 Form IT-642?A: Form IT-642 is a tax form used in New York for claiming the Empire State Musical and Theatrical Production Credit.
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 for productions of live musicals, plays, and other theatrical performances.
Q: Who can claim the Empire State Musical and Theatrical Production Credit?A: Production companies or eligible persons who produce qualifying musicals or theatrical performances in New York can claim this credit.
Q: What expenses are eligible for the Empire State Musical and Theatrical Production Credit?A: Qualifying production expenses, such as wages paid to cast and crew, set construction costs, and technical support expenses, may be eligible for this credit.
Q: How much is the Empire State Musical and Theatrical Production Credit?A: The credit amount is generally equal to a percentage of the eligible production expenses, ranging from 10% to 30% depending on the type and location of the production.
Q: How do I claim the Empire State Musical and Theatrical Production Credit?A: To claim this credit, you need to complete and file Form IT-642 with the New York State Department of Taxation and Finance.
Q: Are there any deadlines for claiming the Empire State Musical and Theatrical Production Credit?A: Yes, there are specific deadlines for filing Form IT-642, which vary depending on the type of production and when it was completed. It's important to check the official guidelines or consult with a tax professional to ensure timely filing.
Q: Can individuals claim the Empire State Musical and Theatrical Production Credit?A: Yes, individuals who meet the eligibility requirements can claim this credit.
Q: Is the Empire State Musical and Theatrical Production Credit refundable?A: No, the credit is not refundable, but any excess credits can be carried forward and used in future tax years.
Form Details:
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Download a fillable version of Form IT-642 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-642 Empire State Musical and Theatrical Production Credit - New York
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