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Form CT-248 Claim for Empire State Film Production Credit

Form CT-248 Claim for Empire State Film Production Credit 2025

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The document CT-248 is a form used by corporations to claim the Empire State Film Production Credit under New York tax law. It requires filers to provide their legal name, employer identification number, and details about the film production credit available for the current tax year, including calculations for credits used, refunded, and carried over to future years. The form must be filed with other tax forms and accompanied by a certificate of tax credit.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the tax period, including the legal name of your corporation and your Employer Identification Number (EIN). Ensure accuracy as this information is crucial for processing.
In Part 1, calculate the film production credit available. Fill in lines 1 through 5, ensuring you add any credits from prior years and partnerships accurately.
Move to Part 2 to determine how much of the credit you will use this year. Complete lines 6 through 14, paying close attention to instructions regarding tax due and limitations on credits.
If applicable, provide partnership information in Part 3. Enter the partnership's name and EIN, along with any additional forms required.
Finally, complete Part 4 by indicating amounts of credit to be claimed in future tax years. Review all entries for accuracy before finalizing.

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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 a tax credit for film production?

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.

What is 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.

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.

What is the film tax credit?

Film Tax Relief supports Film Production Companies (FPCs) by offering a tax rebate against the money spent on the films pre-production, principal photography and post-production.

What is the New York State Film Production tax credit?

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.

What is the CT tax credit for film?

Productions can receive: A 10% tax credit if total expenditures are between $100,000 and $500,000. A 15% tax credit if total expenditures are between $500,001 and $1 million. A 30% tax credit if total expenditures exceed $1 million.

How does the New York film tax credit work?

TV/Film. The New York State Film Production Tax Credit program provides qualifying film and television productions a 25% credit for qualified production expenditures. All eligible productions shot in New York City may qualify for this program.

Form CT-248 Claim for Empire State Film Production Credit 2025

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How to use or fill out Form CT-248 Claim for Empire State Film Production Credit with DocHub

Complete this form in 5 minutes or less

Got questions?

What is the Empire State film tax credit?

What is a tax credit for film production?

What is the Empire State tax credit?

Which state has the best film tax credit?

What is the film tax credit?

People also ask

What is the New York State Film Production tax credit?

What is the CT tax credit for film?

How does the New York film tax credit work?

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Form CT-248 Claim for Empire State Film Production Credit 2025

Here's how it works

How to use or fill out Form CT-248 Claim for Empire State Film Production Credit with DocHub

Complete this form in 5 minutes or less

Got questions?

What is the Empire State film tax credit?

What is a tax credit for film production?

What is the Empire State tax credit?

Which state has the best film tax credit?

What is the film tax credit?

Related Searches

People also ask

What is the New York State Film Production tax credit?

What is the CT tax credit for film?

How does the New York film tax credit work?

Related links

Try more PDF tools