CT-261: Claim for Empire State Film Post-Production Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-261 is used by corporations to claim the New York Empire State Film Post-Production Credit. It reports credit available for the current year, including amounts allocated from partnerships, and credits to be claimed in succeeding years. Corporations other than New York S c
Who files this form
Form CT-261 is for corporations claiming the Empire State Film Post-Production Credit. File it with Form CT-3, CT-3-A, or CT-3-S.
The form includes provisions for corporate partners claiming an allocated credit. New York S corporations do not complete Part 2.
What you'll need
Have these documents and details ready:
- Your certificate of tax credit from the New York State Governor’s Office of Motion Picture & Television Development. You must submit a copy and enter its certificate number and completion year.
- Your corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- Credit amounts for the current year, prior years, and any unused credit carried over from the previous tax year.
- If claiming credit from partnerships, each partnership’s name, EIN, and credit amount allocated for the current year.
- For Part 2, your tax due before credits, other tax credits claimed, and fixed dollar minimum tax.
How to file
File the 2024 Form CT-261 with Form CT-3, CT-3-A, or CT-3-S. Submit a copy of your certificate of tax credit with it.
- Enter your tax period, corporation name, and EIN, and complete lines A through C.
- Use Part 1 to calculate the credit available for the current tax year.
- Complete Part 2 to calculate the credit used, refunded, and carried forward, unless you are a New York S corporation.
- If you have partnership credits, complete Part 3 and submit additional forms as necessary. Enter the line 18 total on line 2.
- Part 4 has lines for credit to be claimed for 2025 and 2026.
- Enter the amounts from lines 11, 16, and 17 on your franchise tax return as directed.
The supplied form does not provide a mailing address or e-filing directions. Several calculations refer to instructions that were not provided.
Common mistakes
- Leaving required fields blank: All filers must enter their tax period and complete lines A through C.
- Omitting the certificate: Enter the certificate number and completion year, and submit a copy of the certificate of tax credit.
- Missing the corporate partner checkbox: Mark an X on line A if you are claiming the credit as a corporate partner.
- Completing Part 2 as a New York S corporation: The form says New York S corporations do not complete this part.
- Claiming more than the line limits: Line 11 must be the lesser of line 5 or line 10. The refund requested on line 16 cannot exceed line 15.
Questions people ask
Do I file CT-261 by itself?
No. File it with Form CT-3, CT-3-A, or CT-3-S.
Do I need to send my tax credit certificate?
Yes. Submit a copy of your certificate of tax credit from the New York State Governor’s Office of Motion Picture & Television Development. Enter the certificate number on line B and completion year on line C.
Where do I report credit allocated by a partnership?
Complete Part 3 with the partnership’s name, EIN, and allocated credit amount. Enter the current-year total on line 18 and line 2. Mark the corporate partner box on line A.
Does a New York S corporation complete Part 2?
No. The form specifically says New York S corporations do not complete Part 2.
Can refundable credit be applied to next year’s tax?
Yes. Line 16 shows the amount you want refunded, limited to line 15. Line 17 is line 15 minus line 16 and shows the refundable credit to apply to next year’s tax. Enter both amounts on your franchise tax return.