CT-642: Empire State Musical and Theatrical Production Credit (2025)
New York · NY DTF · Used for tax years 2025
Form CT-642 reports a corporation’s Empire State Musical and Theatrical Production Credit, including credit allocated from partnerships. It also calculates the credit used, refunded, or applied to next year’s tax, although New York S corporations do not complete that calculation
Who files this form
Corporations claiming the Empire State musical and theatrical production credit file Form CT-642 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.
What you'll need
Have these documents and details ready:
- Each certificate of tax credit issued by Empire State Development (ESD). Submit a copy with your return.
- Your corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- The credit allocation year and certificate number from each certificate.
- If you have credit allocated from partnerships, each partnership’s name, EIN, and allocated credit amount.
- For Schedule B, the tax due before credits and the tax credits claimed before this credit. New York S corporations do not complete Schedule B.
How to file
- Complete and submit a separate Form CT-642 for each certificate issued by ESD.
- Enter your tax period and complete the certificate information section.
- File Form CT-642 with Form CT-3, CT-3-A, or CT-3-S, and submit a copy of the certificate with your return.
- If completing Schedule B, also enter the amounts from lines 9, 11, and 12 on your franchise tax return.
The supplied form does not provide a mailing address or e-filing directions.
Common mistakes
- Leaving out the tax period: All filers must enter the beginning and ending dates.
- Using one form for multiple certificates: You must complete a separate Form CT-642 for each ESD certificate.
- Omitting the certificate: Submit a copy with your return and complete the certificate information section.
- Completing Schedule B as a New York S corporation: The form specifically says not to complete this schedule.
- Missing the corporate partner checkbox: Mark an X in box C if you are claiming the credit as a corporate partner.
Questions people ask
Where do I find the credit allocation year and certificate number?
Use the credit allocation year and certificate number shown on your certificate of tax credit.
How do I report credit allocated from partnerships?
Enter each partnership’s name, EIN, and allocated credit amount in the partnership information section. Add the column C amounts and enter the total on line 2.
How much credit can I use for this tax year?
For filers completing Schedule B, line 9 is the lesser of the total credit on line 3 or the limitation on line 8. Enter that amount on both Form CT-642 and your franchise tax return.
Can unused credit be refunded or applied to next year’s tax?
Schedule B provides for both. Enter the amount to be refunded on line 11, limited to the unused credit on line 10. Subtract line 11 from line 10 and enter the remainder on line 12 as an overpayment to next year’s tax. Report both amounts on your franchise tax return.