IT-MC: Musical Tax Credit (Revision 2018-06)
Georgia · Georgia DOR · Used for tax years 2024, 2025, 2026
Georgia Form IT-MC calculates the Musical Tax Credit based on qualified production expenditures, including an additional credit for expenditures in tier 1 or tier 2 counties. It reports the credit available, amounts claimed against withholding, and credit carried forward.
Who files this form
Form IT-MC is used by taxpayers claiming Georgia's Musical Tax Credit. It asks for business information, qualified production expenditures, and the credit being claimed.
The form does not state detailed eligibility requirements or who is required to file.
What you'll need
Attach these documents:
- A copy of the final certification from the Georgia Department of Economic Development.
- A spreadsheet breakdown of qualified production expenditures in Georgia. The breakdown may be by expense category.
- An employee list for employees whose wages are included in qualified production expenditures. Include each employee's name, Social Security number, and Georgia wages.
You will also need your business identification and contact information, preapproved credit amount, current-year Georgia income tax liability, and any prior-year credit records.
How to file
To complete Form IT-MC:
- Enter the tax year's beginning and ending dates and the business information in Section A.
- Attach the certification, expenditure spreadsheet, and employee list requested in Section B.
- Calculate the current-year credit in Section C. Use the lesser of the calculated credit or the preapproved credit amount.
- Complete Sections D and E for available credit, withholding use, and carryforward amounts.
- Have a corporate officer, partner, or member sign and date Section F and provide their printed name and title.
The supplied form does not give a mailing address, e-filing instructions, or other submission directions.
Common mistakes
- Using a prior-year credit against withholding without a timely election. The form warns that credit from previous years cannot be used against withholding unless a timely election was made for the respective prior year.
Questions people ask
How is the credit calculated?
Section C calculates a credit of 15% of qualified production expenditures. It also calculates an additional 5% on qualified production expenditures incurred in a tier 1 or tier 2 county, as designated by DCA under O.C.G.A. § 48-7-40.
Is the current-year credit limited to the preapproved amount?
Yes. Section C, line 5 uses the lesser of the combined calculated credits on line 3 or the preapproved credit amount on line 4.
What prior-year credit information does the form request?
Section E asks for credit claimed and utilized in prior years and the balance available to carry forward. It also asks whether that balance was previously used against withholding or claimed against income taxes, including the amounts and years.
Who signs the form?
A corporate officer, partner, or member signs the certification, dates it, and provides their printed name and title. The signature certifies that the information provided to claim the credit is true and accurate to the best of the signer's knowledge.