IT-261: Claim for Empire State Film Post-Production Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-261 is used to claim the New York Empire State film post-production credit. It calculates the credit available for 2024, including shares received from partnerships, S corporations, estates, or trusts, and reports refundable and nonrefundable portions and amounts for futu
Who files this form
Use Form IT-261 to claim the Empire State film post-production credit. Submit it with Form IT-201, IT-203, IT-204, or IT-205.
The form includes sections for partners, New York S corporation shareholders, beneficiaries, and fiduciaries. The supplied form text does not explain eligibility requirements for the credit.
What you'll need
- Certificate of tax credit from the New York State Governor’s Office of Motion Picture & Television Development. You need the certificate number and completion year, and you must submit a copy of the certificate.
- Your tax return: Form IT-201, IT-203, IT-204, or IT-205. Use the name and taxpayer identification number shown on your return.
- Related credit information, if applicable: amounts from Form IT-201-ATT, Form IT-203-ATT, or the Form IT-205 Addbacks worksheet.
- Entity or beneficiary details, if applicable: names, identifying numbers, entity types, and shares of the current year’s credit.
- Prior-year credit amounts, if applicable: credits available from prior years and unused credit from the 2023 carryover.
How to file
Submit Form IT-261 with Form IT-201, IT-203, IT-204, or IT-205. Include a copy of your certificate of tax credit and complete certificate information lines A and B.
- Partnerships: Enter the line 7 credit amount and code 356 on Form IT-204, line 147.
- All other filers: Continue with line 8 of Form IT-261.
The supplied text does not give a mailing address or electronic filing instructions.
Common mistakes
- Leaving certificate information blank. All filers must complete lines A and B with the certificate number and completion year.
- Forgetting the certificate copy. The form requires you to submit a copy of your certificate of tax credit.
- Submitting IT-261 without the return. The form says to submit it with Form IT-201, IT-203, IT-204, or IT-205.
Questions people ask
Where do I enter my share of a credit from a partnership, S corporation, estate, or trust?
Enter the entity information and your share of the current year’s credit in Part 2. Add the amounts in column D, including amounts from additional forms, on line 19. Enter that total on line 3 as well.
Which entity codes do I use in Part 2?
Use P for a partnership, S for an S corporation, or ET for an estate or trust.
How does a fiduciary report credit allocated to beneficiaries?
Part 3 lists each beneficiary’s name, identifying number, and share of the current year’s credit. Enter the amount allocated to beneficiaries from Part 3, column C, on line 6.
Where do I report credit to be claimed in later tax years?
Part 4 has line 20 for the amount to be claimed for tax year 2025 and line 21 for the amount to be claimed for tax year 2026. Both lines refer to instructions, which were not provided.