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New York State Department of Taxation and Finance Claim for Empire State Film Production Credit Tax

New York State Department of Taxation and Finance Claim for Empire State Film Production Credit Tax 2025

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The document is a form (IT-248) from the New York State Department of Taxation and Finance for claiming the Empire State Film Production Credit. It outlines the necessary computations, including credit amounts available for the tax year, allocation among partners or beneficiaries, and instructions for filing with personal income tax returns. The form also includes sections for partnerships, S corporations, estates, and trusts to report their share of credits.

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What is the film production tax credit in NY?

About. The Film Production Tax Credit is a 25% tax credit on qualified costs incurred in New York State for eligible productions. There are no caps for potential benefit for this credit.

How to calculate film tax credit?

The amount of Film Tax Relief (FTR) is based on the UK core expenditure, up to a maximum of 80% of the total core expenditure incurred by the film production company (FPC). An FPC can claim FTR on the lower of either: 80% of total core expenditure; or. the actual UK core expenditure incurred.

Who qualifies for the Empire State tax credit?

The Empire State child credit is a refundable credit available to full-year New York State residents who have at least one qualifying child. For tax years beginning on or after January 1, 2023, the credit includes qualifying children under four years of age but under 17, who meet income limitations.

How do film production tax credits work?

Tax Credits: Tax credits can remove a portion of the income tax owed to the state by the production company, but since most production companies are limited purpose business entities they often incur very little, if any tax liability.

What is the S481 tax credit for film?

What is the S481 film tax credit? The S481 tax credit is a refundable corporation tax credit on qualifying productions produced by qualifying production companies where the total cost of production exceeds 250,000.

What is the Empire State film tax credit?

Program Highlights This tax credit is funded at $700 million a year through 2034. Productions with a minimum budget of $500,000 may receive an additional 10% credit on qualified labor expenses, including qualified above-the-line wages, in the counties listed below.

What is the 45V production tax credit?

The 45V Clean Hydrogen Production Tax Credit was established under the Inflation Reduction Act of 2022 to incentivize more hydrogen production with lower greenhouse gas emissions.

New York State Department of Taxation and Finance Claim for Empire State Film Production Credit Tax 2025

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