CT-642: Empire State Musical and Theatrical Production Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-642 calculates the Empire State Musical and Theatrical Production Credit, including credit allocated from partnerships. For corporations other than New York S corporations, it also calculates the credit used, refunded, or applied as an overpayment to the next tax year.
Who files this form
Form CT-642 is for corporations claiming the Empire State musical and theatrical production credit. File it with Form CT-3, CT-3-A, or CT-3-S.
If you are claiming the credit as a corporate partner, mark an X in box C. New York S corporations must not complete Schedule B.
What you'll need
- A copy of the certificate of tax credit issued by Empire State Development (ESD). You must attach it to this form.
- The credit allocation year and certificate number from that certificate.
- Your corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- If you received credit allocations from partnerships, each partnership’s name, EIN, and allocated credit amount.
- Your franchise tax return: Form CT-3, CT-3-A, or CT-3-S.
How to file
File Form CT-642 with Form CT-3, CT-3-A, or CT-3-S, and attach a copy of your ESD certificate of tax credit.
Enter your corporation’s identifying information, tax period, credit allocation year, and certificate number. Complete Schedule A to calculate the total credit, including any amounts allocated from partnerships.
If you are not a New York S corporation, complete Schedule B to calculate the credit used, the refund amount, and the amount applied to next year’s tax. Enter the amounts from lines 9, 11, and 12 on your franchise tax return as directed.
Common mistakes
- Forgetting to attach a copy of the ESD certificate of tax credit. The form requires it.
- Leaving out the tax period. All filers must enter it.
- Failing to mark box C when claiming the credit as a corporate partner.
- Completing Schedule B as a New York S corporation. The form says not to complete that schedule.
- Entering a negative amount on line 8. If line 7 is more than line 6, enter 0.
Questions people ask
Where do I find the credit allocation year and certificate number?
Both come from your certificate of tax credit. Enter them in fields A and B.
How do I report credit allocated by a partnership?
List the partnership’s name, EIN, and allocated credit amount in the partnership information area. Add the column C amounts and enter the total on line 2. Mark box C if you are claiming the credit as a corporate partner.
Do New York S corporations complete Schedule B?
No. The form specifically tells New York S corporations not to complete Schedule B.
Can unused credit be refunded or applied to next year’s tax?
Schedule B provides for both. Line 11 reports the amount to be refunded, limited to the unused credit on line 10. Line 12 reports the remaining amount to be applied as an overpayment to next year’s tax.