Instructions for Form IT-248 Claim for Empire State Film ...: Fill out & sign online

Here's how it works

01. Edit your form online

Type text, add images, blackout confidential details, add comments, highlights and more.

02. Sign it in a few clicks

Draw your signature, type it, upload its image, or use your mobile device as a signature pad.

03. Share your form with others

Send it via email, link, or fax. You can also download it, export it or print it out.

How to use or fill out Instructions for Form IT-248 Claim for Empire State Film with our platform

Ease of Setup

DocHub User Ratings on G2

Ease of Use

DocHub User Ratings on G2

Click ‘Get Form’ to open it in the editor.
Begin by entering the tax period, including the legal name of your corporation and employer identification number (EIN). Ensure accuracy as this information is crucial for processing your claim.
In Part 1, compute the film production credit available. Fill in each line carefully, starting with the total film production credit and any amounts carried over from prior years.
Proceed to Part 2 to calculate how much of the film production credit you will use this year. Follow the instructions closely for each line, especially regarding tax due before credits and limitations on credits.
If applicable, provide partnership information in Part 3. Attach additional sheets if necessary to detail all partnerships involved.
Finally, complete Part 4 by indicating the amount of credit you wish to claim for future tax years. Review all entries for accuracy before submission.

Start using our platform today to streamline your form completion process for free!

See more Instructions for Form IT-248 Claim for Empire State Film ... versions

We've got more versions of the Instructions for Form IT-248 Claim for Empire State Film ... form. Select the right Instructions for Form IT-248 Claim for Empire State Film ... version from the list and start editing it straight away!

Versions	Form popularity	Fillable & printable
2023	4.5 Satisfied (37 Votes)
2022	4.5 Satisfied (58 Votes)
2021	4.8 Satisfied (88 Votes)
2020	3.9 Satisfied (53 Votes)
2019	4.4 Satisfied (137 Votes)
2018	4.3 Satisfied (39 Votes)
2017	4.3 Satisfied (31 Votes)
2015	4.3 Satisfied (95 Votes)
2014	4 Satisfied (27 Votes)
2013	4 Satisfied (34 Votes)
2012	4 Satisfied (53 Votes)

be ready to get more

Complete this form in 5 minutes or less

Get form

Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Contact us

How do I sign my Instructions for Form IT-248 Claim for Empire State Film ... free of charge?

Most eSignature solutions require users to have a paid subscription. With DocHub, there are two options for you to add an electronic signature to your Instructions for Form IT-248 Claim for Empire State Film ... at no cost:

You can do it during a 7-day trial period;
You can sign up for a free plan.

The second option, however, has restrictions on the number of signatures, sign requests, emails, and forms for editing available per month. You can check for full details here.

How to fill out and sign Instructions for Form IT-248 Claim for Empire State Film ... online?

You may easily fill out, edit, and even eSign your Instructions for Form IT-248 Claim for Empire State Film ... utilizing DocHub. Create a new account and begin your free trial. After that, you can upload the file with the form and easily make all the needed edits. No need to print on paper or use a third-party application to sign it, as you can place your electronic signature on your document faster via DocHub.

What are tax incentives for film production?

20-25% tax credit for all crew, depending on the production budget, 30% for below-the-line residents, and 20% to all other staff. New television series, television pilots, non-independent feature films, miniseries, and movies-of-the-week are all eligible for 20% non-transferable California film production tax credits.

What are film subsidies?

Most entertainment industry subsidies are in a form of transferable or refundable income tax credits, which are essentially cash payments. The credit value equals a percentage of in-state production costs or expenditures. The most generous programs refund 40% of a companys spending.

Is Section 181 still available?

Expense Production Costs Its the same law that was created for the Jobs Act of 2004. Its been extended and approved for five years until 2025. It allows investors in a media production to expense all production costs when it is paid. This creates a loss for the production which creates an immediate tax benefit.

What is the 181 rule?

181. Treatment Of Certain Qualified Film And Television And Live Theatrical Productions. A taxpayer may elect to treat the cost of any qualified film or television production, and any qualified live theatrical production, as an expense which is not chargeable to capital account.

What is film tax incentives?

A film tax credit is a type of incentive offered by some governments to offset the cost of production for films. The credits are generally given in exchange for employing domestic workers and using local resources, which can be an effective way to encourage regional economic development.

What are the tax incentives for the film industry?

20-25% tax credit for all crew, depending on the production budget, 30% for below-the-line residents, and 20% to all other staff. New television series, television pilots, non-independent feature films, miniseries, and movies-of-the-week are all eligible for 20% non-transferable California film production tax credits.

What is film production credit?

The California Film Commission administers the Film Television Tax Credit Program 3.0 which provides tax credits based on qualified expenditures for eligible productions that are produced in California. The $1.55 billion program runs for 5 years, with a sunset date of June 30, 2025.

Can you write off film expenses?

Internal Revenue Code Section 181 permits a 100% deduction for the first $15 million of the cost of producing a film that is shot in the U.S. (even before the film is released).

Instructions for Form IT-248 Claim for Empire State Film ... 2025

Here's how it works

How to use or fill out Instructions for Form IT-248 Claim for Empire State Film with our platform