IT-642: Empire State Musical and Theatrical Production Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-642 reports and computes the New York Empire State Musical and Theatrical Production Credit. It includes schedules for credits received from partnerships, New York S corporations, estates, or trusts, and for allocating credits between beneficiaries and fiduciaries.
Who files this form
Form IT-642 is used to report the Empire State Musical and Theatrical Production Credit. It includes schedules for:
- Individuals, including sole proprietors, partnerships, and estates or trusts.
- Partners, New York S corporation shareholders, and estate or trust beneficiaries who received a share of the credit from an entity.
- Fiduciaries allocating the credit between an estate or trust and its beneficiaries.
Submit IT-642 with Form IT-201, IT-203, IT-204, or IT-205.
What you'll need
- Your certificate of tax credit. You must submit a copy with IT-642. Use it to enter the credit allocation year and certificate number.
- Your tax return information. Enter your name and identifying number as shown on your return.
- For a credit received from an entity: the entity’s name, type, employer identification number, and your share of the credit.
- For fiduciary allocations: each beneficiary’s name as shown on Form IT-205, Schedule C, identifying number, and share of the credit.
- For fiscal-year filers: the beginning and ending dates of your tax period.
How to file
Submit Form IT-642 with Form IT-201, IT-203, IT-204, or IT-205, and include a copy of your certificate of tax credit. The supplied form does not give a mailing address or e-file directions.
Complete the schedules that apply:
- Schedule A: Enter the production tax credit on line 1. Fiduciaries include this amount on line 4; all others enter it on line 8.
- Schedule B: Report credit shares received from partnerships, New York S corporations, or estates or trusts. Total the shares on line 3. Fiduciaries include that total on line 4; all others enter it on line 9.
- Schedule C: Fiduciaries add lines 1 and 3 on line 4, total the beneficiaries’ shares on line 6, and subtract line 6 from line 4 to find the fiduciary’s share on line 7. Enter line 7 on line 10 as well.
- Schedule D: Add lines 8, 9, and 10 to calculate the total credit on line 11.
Common mistakes
- Leaving out the certificate: The form requires a copy of your certificate of tax credit.
- Submitting IT-642 by itself: The form says to submit it with IT-201, IT-203, IT-204, or IT-205.
- Using names or identifying numbers that do not match the return: Enter them as shown on your return. In Schedule C, beneficiary names must match Form IT-205, Schedule C.
- Leaving out fiscal-year dates: Fiscal-year filers must enter the beginning and ending dates of their tax period.
Questions people ask
Where do I find the credit allocation year and certificate number?
Use your certificate of tax credit. Enter the allocation year in field A and the certificate number in field B.
How do I report a credit share received from an entity?
Complete Schedule B for each partnership, New York S corporation, or estate or trust that provided a share of the credit. Enter the entity’s name, type, employer identification number, and your share of the credit.
Which entity type codes should I use in Schedule B?
Use P for a partnership, S for an S corporation, and ET for an estate or trust.
What if I need more space in Schedule B?
Use additional Forms IT-642 if necessary. Enter the total column D amounts from those additional forms on line 2, and include that amount in the line 3 total.