IT-642: Empire State Musical and Theatrical Production Credit (2025)
New York · NY DTF · Used for tax years 2025
New York Form IT-642 reports and calculates the Empire State Musical and Theatrical Production Credit. It includes sections for credit received from a partnership, New York S corporation, estate, or trust and for allocating credit between beneficiaries and fiduciaries.
Who files this form
Form IT-642 is used to report the Empire State musical and theatrical production credit. The form includes sections for:
- Individuals, including sole proprietors, partnerships, and estates or trusts.
- Partners, shareholders of New York S corporations, and beneficiaries of estates or trusts who received a share of the credit from that entity.
If you received a share of the credit from an entity, complete Schedule B with information for each entity.
What you'll need
Have these documents and details ready:
- Your certificate of tax credit from Empire State Development (ESD), including the credit allocation year and certificate number. Submit a copy of the certificate with your return.
- Your name and identifying number as shown on your return.
- If you received a share of the credit from an entity: its name, type, employer identification number, and your share of the credit.
- For beneficiary 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.
Complete the certificate information and submit a separate Form IT-642 for each certificate issued by ESD. Include a copy of the certificate with your return.
The supplied form does not provide a mailing address or e-filing instructions.
Common mistakes
- Do not combine multiple ESD certificates on one Form IT-642. The form requires a separate Form IT-642 for each certificate.
- Do not forget to submit a copy of the certificate with your return.
- Include totals from additional Forms IT-642 on the applicable lines: line 1a for additional line 1 amounts, line 2 for additional Schedule B credit shares, and line 5 for additional Schedule C beneficiary shares.
- Follow the routing reminders: fiduciaries include lines 1, 1a, and 3 on line 4. All others carry the total of lines 1 and 1a to line 8, and line 3 to line 9.
Questions people ask
Where do I find the credit allocation year and certificate number?
Both come from your certificate of tax credit. Enter the credit allocation year in field A and the certificate number in field B.
What if I received credit from more than one entity?
Complete Schedule B for each partnership, New York S corporation, or estate or trust that provided a share of the credit. Use additional Forms IT-642 if necessary.
Which entity type codes should I use in Schedule B?
Use P for a partnership, S for an S corporation, or ET for an estate or trust.
How is the fiduciary’s share calculated?
In Schedule C, subtract the share allocated to beneficiaries on line 6 from the total on line 4. Enter the result on line 7 and carry it to line 10.