CT-654: New York City Musical and Theatrical Production Tax Credit (2025)
New York · NY DTF · Used for tax years 2025
Form CT-654 is used by corporations to claim the New York City Musical and Theatrical Production Tax Credit. It reports certificate information, credits earned or allocated from partnerships, and, for C corporations, the credit used, refunded, or applied to next year’s tax.
Who files this form
Form CT-654 is for corporations claiming the New York City musical and theatrical production tax credit, either as the corporation that earned the credit or as a corporate partner receiving a share of the credit from a partnership.
The form provides separate directions for C corporations and New York S corporations. File it with Form CT-3, CT-3-A, or CT-3-S.
What you'll need
Have the following information and documents ready:
- Your corporation’s legal name, employer identification number (EIN), and tax period beginning and ending dates.
- Each certificate issued by Empire State Development (ESD). You must submit a copy with your return.
- The certified business’s name and EIN, completion date, and certificate number.
- If claiming credit through a partnership, the partnership’s name, EIN, and credit amount allocated to you.
- For Schedule C, the tax due before credits, credits claimed before this credit, and fixed dollar minimum tax. New York S corporations do not complete Schedule C.
How to file
File Form CT-654 with Form CT-3, CT-3-A, or CT-3-S. Submit a separate Form CT-654 for each ESD certificate and include a copy of the certificate with your return.
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 received it as a corporate partner.
Complete the schedules that apply:
- C corporation that earned the credit: Schedules A, B, and 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.
For Schedule C, 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-file directions.
Common mistakes
- Do not leave the tax period or lines A through D incomplete. These are required for all filers.
- Do not combine multiple ESD certificates on one Form CT-654. Submit a separate form for each certificate and include a copy of the certificate with your return.
- New York S corporations must not complete Schedule C.
- On Schedule C, enter 0 on line 5 if you have no credits claimed before this credit. Enter 0 on line 8 if line 7 is greater than line 6.
- Do not enter more on line 11 as a refund than the unused credit shown on line 10.
Questions people ask
Can a corporate partner claim this credit?
Yes. The form allows a corporate partner to claim a share of the credit received from a partnership. Schedule B asks for the partnership’s name, EIN, and allocated credit amount.
What if I have more than one ESD certificate?
Submit a separate Form CT-654 for each certificate and include a copy of each certificate with your return. Line 1a collects the line 1 totals from additional Forms CT-654.
Do New York S corporations complete Schedule C?
No. The form specifically tells New York S corporations not to complete Schedule C.
Can unused credit be refunded or applied to next year’s tax?
Schedule C provides both options. Line 10 calculates the unused credit. Line 11 is the amount to be refunded, limited to line 10. Line 12 is the remaining amount to apply as an overpayment to the next year’s tax.