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New York Free Printable Instructions for Form IT-654 New York City Musical and Theatrical Production Tax Credit Tax Year 2023 for 2024 New York New York City Musical and Theatrical Production Tax Credit (Instructions)

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New York City Musical and Theatrical Production Tax Credit (Instructions)
Instructions for Form IT-654 New York City Musical and Theatrical Production Tax Credit Tax Year 2023

Department of Taxation and Finance Instructions for Form IT-654 New York City Musical and Theatrical Production Tax Credit General information For tax years beginning on or after January 1, 2021; the New York City Musical and Theatrical Production Tax Credit is available to eligible taxpayers that are certified by Empire State Development (ESD) to participate in the program and are issued a certificate of tax credit. For more information about the program and application process, visit the ESD website at www.esd.ny.gov. Eligibility To be eligible for this credit, you must meet all of the following requirements: • you are subject to tax under Tax Law Article 9-A or 22; • you are a qualified New York City musical and theatrical production company, or the owner of such a company; and • you have received, or are the owner of a business entity that has received a certificate of tax credit issued by ESD. Credit details The credit is 25% of the qualified production expenditures paid for during the qualified New York City musical and theatrical production’s credit period. The credit may be limited; the actual amount of your credit is shown on the certificate issued by ESD, along with the following: • name of certified business and employer identification number (EIN), • certificate number, and • completion date. Qualified production expenditures used as the basis for the allowance of this credit or in the calculation of this credit cannot be used to claim any other credits. The credit is claimed in the tax year in which the completion date falls as stated on the certificate of tax credit. How to claim the credit File Form IT-654 if you are an individual, a beneficiary or fiduciary of an estate or trust, a partner in a partnership (including members of an LLC treated as a partnership for federal tax purposes), or a shareholder of an S corporation, and you are claiming the New York City musical and theatrical production tax credit. An estate or trust that divides the credit among itself and its beneficiaries must submit Form IT-654 with Form IT-205, Fiduciary Income Tax Return, showing each beneficiary’s share of the credit. A partnership must file Form IT-654 with Form IT-204, Partnership Return, showing the total credit. A New York S corporation does not file Form IT-654. It must file Form CT-654, New York City Musical and Theatrical Production Tax Credit. If you are a shareholder of an S corporation, obtain your share of the New York City musical and theatrical production tax credit from the S corporation and follow the instructions on this form for claiming the credit on your personal income tax return. The New York City musical and theatrical production tax credit cannot reduce the tax due to less than zero; any unused New York City musical and theatrical production tax credit may IT-654-I be treated as a refund or overpayment of tax to be credited to next year’s tax. Interest will not be paid on the refund or overpayment. Line instructions See the instructions for your tax return for the Privacy notification or if you need help contacting the Tax Department. Line A – Mark an X in the appropriate box to determine the parts of this form you need to complete. If you are claiming this credit both as an individual (sole proprietor), partnership, or fiduciary of an estate or trust that earned the credit and as a partner, shareholder, or beneficiary receiving a share of the credit, mark an X in the Yes box and complete all appropriate schedules on one Form IT-654. Individuals (including sole proprietors) and partnerships: Complete lines A through E, and Schedules A and D. A married couple in a business enterprise that made an IRC 761(f) election to file two federal Schedule C forms instead of a partnership return: If you file jointly, compute your credit as if you were filing one federal Schedule C for the business. Complete lines A through E, and Schedules A and D. Fiduciary: Complete lines A through E, and Schedules A, C, and D. Partner in a partnership, shareholder of a New York S corporation, and beneficiary of an estate or trust: Complete lines A through E, and Schedules B and D. Note: If more than one set of instructions applies to you, complete all the appropriate parts of the form on one Form IT-654. Lines B – E – Complete lines B through E using the information from your certificate of tax credit issued by ESD. Failure to enter the correct information may result in a denial of your credit. Retain a copy of your certificate of tax credit and be prepared to produce a copy in the case of an audit. Schedule A – Individual (including sole proprietor), partnership, and estate or trust Line 1 – Enter the total amount of credit listed on your certificate of tax credit issued by ESD. The amount entered cannot exceed the amount shown on your certificate of tax credit. Additional forms – If you have more entries than will fit on the lines provided in Schedule(s) B or C, submit additional Forms IT-654, completing only the necessary schedule(s). Include your name and taxpayer identification number on each form, and include the totals from all additional Forms IT-654 on the indicated lines. Place the extra forms behind the first Form IT-654, and submit them with your return. Schedule B – Partner’s, shareholder’s, or beneficiary’s share of credit Enter the appropriate information for each partnership, New York S corporation, or estate or trust from which you received a share of the credit. Obtain your share of the credit from your partnership(s), S corporation, estate or trust. If needed, see Additional forms above. Page 2 of 2  IT-654-I (2023) Schedule C – Beneficiary’s and fiduciary’s share of credit An estate or trust must complete Schedule C. If an estate or trust allocates or assigns the credit to its beneficiaries, it must base the division on each beneficiary’s proportionate share of the income of the estate or trust. Provide the beneficiaries with their share of the credit. If needed, see Additional forms above. Schedule D – Computation of credit Complete lines 6, 7, and 8 (whichever apply to you). Fiduciaries: Do not enter any amounts on lines 6 or 7. Line 9 – Enter the amount and code 654 on: • Form IT-201-ATT, line 12; • Form IT-203-ATT, line 12; or • Form IT-204, line 147. For Form IT-205, include the amount on line 33.
Extracted from PDF file 2023-new-york-it-654-instructions.pdf, last modified October 2023

More about the New York IT-654 (Instructions) Corporate Income Tax TY 2023

Instructions for IT-654

We last updated the New York City Musical and Theatrical Production Tax Credit (Instructions) in January 2024, so this is the latest version of IT-654 (Instructions), fully updated for tax year 2023. You can download or print current or past-year PDFs of IT-654 (Instructions) directly from TaxFormFinder. You can print other New York tax forms here.

Related New York Corporate Income Tax Forms:

TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the New York IT-654 (Instructions).

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

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Form Sources:

New York usually releases forms for the current tax year between January and April. We last updated New York IT-654 (Instructions) from the Department of Taxation and Finance in January 2024.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of New York IT-654 (Instructions)

We have a total of two past-year versions of IT-654 (Instructions) in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 IT-654 (Instructions)

Instructions for Form IT-654 New York City Musical and Theatrical Production Tax Credit Tax Year 2023

2022 IT-654 (Instructions)

Instructions for Form IT-654 New York City Musical and Theatrical Production Tax Credit Tax Year 2021


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