CT-654: New York City Musical and Theatrical Production Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form CT-654 reports the New York City musical and theatrical production tax credit earned by a corporation or allocated to it by a partnership. It includes certificate information and calculates the total credit and, for C corporations, the amounts used, refunded, or applied to t
Who files this form
Form CT-654 is for corporations claiming the New York City musical and theatrical production tax credit. The form covers C corporations and New York S corporations that either:
- Earned the credit themselves, or
- Received a share of the credit as a corporate partner in a partnership.
File this form with your franchise tax return.
What you'll need
Have these documents and details ready:
- Your certificate of tax credit. You must submit a copy with the form.
- The certified business’s name and EIN, completion date, and certificate number from the certificate.
- Your corporation’s legal name, EIN, and tax period beginning and ending dates.
- For partnership credits, each partnership’s name, EIN, certificate number, and credit amount allocated to you.
- If completing Schedule C, your tax due before credits, credits claimed before this credit, and fixed dollar minimum tax.
How to file
File Form CT-654 with your franchise tax return and submit a copy of your certificate of tax credit.
All filers must enter their tax period and complete lines A through D. On line A, indicate whether your corporation earned the credit itself rather than receiving it through a partnership.
Complete the schedules that apply:
- C corporation that earned the credit: Schedules A through C.
- C corporation claiming a partnership share: Schedules B and C.
- New York S corporation that earned the credit: Schedules A and B.
- New York S corporation claiming a partnership share: Schedule B.
If completing Schedule C, also enter the amounts from lines 9, 11, and 12 on your franchise tax return.
Common mistakes
- Leaving required entries blank: All filers must enter the tax period and complete lines A through D.
- Omitting the certificate: You must submit a copy of your certificate of tax credit.
- Completing Schedule C as a New York S corporation: The form specifically says New York S corporations must not complete this schedule.
- Leaving line 5 blank when there are no earlier credits: Enter 0 if no tax credits are claimed before this credit.
- Entering a negative credit limitation: If line 7 is more than line 6, enter 0 on line 8.
Questions people ask
Can a corporate partner claim a share of this credit?
Yes. The form includes corporate partners that received a share of the credit from a partnership. Report partnership information and allocated credit amounts in Schedule B.
Do I need to include my certificate of tax credit?
Yes. Enter the certificate information on lines B through D and submit a copy of the certificate.
How much credit can I use for this tax year?
For filers completing Schedule C, line 9 is the smaller of the total credit on line 3 or the credit limitation on line 8. Enter that amount on your franchise tax return as well.
What happens to unused credit?
Schedule C allows unused credit to be refunded or applied as an overpayment to the next year’s tax. The refund on line 11 cannot exceed the unused credit on line 10. Line 12 is the amount remaining after subtracting line 11 from line 10.
Should a New York S corporation complete Schedule C?
No. The form expressly tells New York S corporations not to complete Schedule C.