It 248 2025

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The document is a form (IT-248) from the Department of Taxation and Finance for claiming the Empire State Film Production Credit. It outlines the necessary information and computations required to apply for the credit, including details on allocation years, computation of credits, and instructions for submission with various tax forms. The form also includes sections for partnerships, S corporations, estates, trusts, and beneficiaries.

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Versions	Form popularity	Fillable & printable
2023	4.7 Satisfied (49 Votes)
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Which state has the best film tax credit?

10 Best States for Film Tax Incentives Tax Breaks Illinois. Kentucky. Louisiana. Massachusetts. New Jersey. New Mexico. New York. West Virginia. Our list of the 10 best states with tax breaks for film industry productions concludes with the Mountain State.

Do film tax credits work?

Despite sizeable windfall effects, we view the film tax credit as being reasonably effective at increasing production activity in California.

Which state has the best film tax incentive?

1. California That takes us down to just 38 state options. And at the top of that list is none other than Hollywoods home: California. A wide variety of productions can qualify for Californias 20% non-transferable movie tax breaks. For films specifically, this means feature projects not considered independent movies.

What is the tax credit for film in Maine?

The current incentive provides a 10-12% wage rebate and 5% non-wage tax credit for visual media productions spending at least $75,000 in Maine. The reimbursement rates have remained the same since the inception of the program in 2006.

What is the New York State Empire State child credit?

New Yorks Child Tax Credit, the Empire State Child Credit (ESCC), is currently equal to 33 percent of the federal CTC (as it was in 2017) or $100 multiplied by the number of eligible children in the household, whichever is greater. New Yorks ESCC is also fully refundable just like the NY-EITC.

What is the $2000 tax credit?

Child Tax Credit (partially refundable) For 2024, the credit is up to $2,000 per qualifying child. To qualify, a child must: Have a Social Security number. Be under age 17 at the end of 2024.

Is investing in a film a tax write-off?

Filmmakers and investors may qualify for tax breaks under 26 U.S.C. 181 (Section 181), for any qualified film or television production. To benefit, you must make the tax election in the first taxable year in which you begin to pay or incur production costs.

What is the best state for the film industry?

Los Angeles, California Its the center of the film industry in the US, if not the world.

It 248 2025

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