IT-246: Claim for Empire State Commercial Production Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-246 is used to claim the New York Empire State commercial production credit. It reports certified credit amounts and shares received from partnerships, New York S corporations, estates, or trusts, and calculates the nonrefundable portion, refundable portion, and credit ca
Who files this form
Form IT-246 is used to claim the Empire State commercial production credit. Submit it with Form IT-201, IT-203, IT-204, or IT-205.
The form includes entries for credit allocated to partners, shareholders, and beneficiaries, as well as credit allocated by fiduciaries to beneficiaries.
What you'll need
- A copy of your certificate(s) of tax credit from the Governor’s Office of Motion Picture & Television Development. You will also need the certificate number and completion year.
- The tax return you are submitting with this form: IT-201, IT-203, IT-204, or IT-205.
- If applicable, Form IT-201-ATT, Form IT-203-ATT, or the credits shown on line 1 of the Form IT-205 Addbacks worksheet for line 12.
- Last year’s Form IT-246 if you have a prior-year carryover.
- If you receive a share of credit from an entity, its name, type, employer identification number, and your share of credit for Part 2.
- For beneficiary allocations in Part 3, each beneficiary’s name as shown on Form IT-205, Schedule C, identifying number, and share of credit.
How to file
Submit Form IT-246 with Form IT-201, IT-203, IT-204, or IT-205, and include a copy of your certificate of tax credit.
All filers must complete line A with the certificate number and line B with the completion year from the certificate.
Partnerships must enter the line 5 credit amount and code 355 on Form IT-204, line 147. All other filers continue with line 6.
Common mistakes
- Leaving out the certificate: You must submit a copy of your certificate of tax credit with the form.
- Skipping lines A and B: All filers must enter the certificate number and completion year.
- Leaving additional forms out of the total: Part 2, line 17 must include amounts from any additional forms.
- Missing the partnership reporting step: Partnerships must report the line 5 amount and code 355 on Form IT-204, line 147.
Questions people ask
Where do I find the certificate number and completion year?
Both come from your certificate of tax credit. Enter the certificate number on line A and the completion year on line B.
How do I report a share of credit from another entity?
Use Part 2 to list the entity’s name, type, employer identification number, and your share of credit. Use P for a partnership, S for an S corporation, or ET for an estate or trust. Enter the total on line 17 and on line 2.
Where do I enter a prior-year carryover?
Enter the prior-year carryover from last year’s Form IT-246 on line 14.
How does the form calculate the credit carried forward to next year?
Line 13 is 50% of line 12. Line 16 subtracts line 13 from line 12 to determine the amount carried forward to next year.