IT-654: New York City Musical and Theatrical Production Tax Credit (2024)
New York · NY DTF · Used for tax years 2024
Form IT-654 is used to claim and calculate the New York City Musical and Theatrical Production Tax Credit. It reports certificate information, credit earned or received from another entity, and any allocation between an estate or trust and its beneficiaries.
Who files this form
Form IT-654 is used to claim the New York City Musical and Theatrical Production Tax Credit by:
- Individuals, including sole proprietors, partnerships, and fiduciaries of estates or trusts that earned the credit directly.
- Partners, shareholders of New York S corporations, and beneficiaries of estates or trusts that received a share of the credit.
Submit this form with Form IT-201, IT-203, IT-204, or IT-205.
What you'll need
Have the following ready:
- Your certificate of tax credit. You must submit a copy and enter its certified business name, employer identification number (EIN), completion date, and certificate number on lines B through E.
- Your name and identifying number as shown on your return.
- If you received a share of the credit: each entity’s name, type, EIN, certificate number, and your share of the credit.
- If you are completing Schedule C as a fiduciary: each beneficiary’s name as shown on Form IT-205, Schedule C, identifying number, and share of the credit.
How to file
Submit Form IT-654 with Form IT-201, IT-203, IT-204, or IT-205, and include a copy of your certificate of tax credit.
To complete IT-654:
- Complete lines A through E. On line A, indicate whether you earned the credit directly rather than receiving a share as a partner, shareholder, or beneficiary.
- If line A is Yes, complete Schedules A and D. If line A is No, complete Schedules B and D. Fiduciaries must also complete Schedule C.
- In Schedule D, add lines 6, 7, and 8 to report the total credit on line 9.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Skipping lines A through E: The form says all filers must complete them.
- Leaving out the certificate: You must submit a copy of your certificate of tax credit.
- Using information other than the certificate information on lines B through E: The form directs you to take these entries from your certificate.
- Omitting Schedule C as a fiduciary: Fiduciaries must complete Schedule C whether line A is Yes or No.
- Submitting IT-654 without the return: The form directs you to submit it with Form IT-201, IT-203, IT-204, or IT-205.
Questions people ask
What entity type codes do I use in Schedule B?
Enter P for a partnership, S for an S corporation, or ET for an estate or trust.
What if I received credit from more than one entity?
Complete the Schedule B information for each entity. Add the column E amounts on line 2, including the total from additional Forms IT-654, if any.
How does a fiduciary calculate the estate’s or trust’s share?
In Schedule C, add lines 1 and 2 on line 3. Add the shares allocated to beneficiaries on line 4. Subtract line 4 from line 3 to calculate the fiduciary’s share on line 5, then enter that amount on line 8.
Where do individuals and partnerships enter credit earned directly?
Enter the credit on Schedule A, line 1, then enter that amount on Schedule D, line 6.