IT-654: New York City Musical and Theatrical Production Tax Credit (2025)
New York · NY DTF · Used for tax years 2025
Form IT-654 is used to claim the New York City Musical and Theatrical Production Tax Credit. It reports Empire State Development certificate information, credits earned or received from another entity, and the calculation of the total credit, including any allocation between an e
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 estates or trusts that earned the credit.
- Partners, shareholders of New York S corporations, and beneficiaries of estates or trusts that received a share of the credit.
All filers must complete lines A through E.
What you'll need
Have the following ready:
- Your Empire State Development (ESD) certificate. Submit a copy with your return.
- The certified business’s name and employer identification number (EIN), completion date, and certificate number.
- Your name and identifying number as shown on your return.
If you received a share of the credit, you will also need each entity’s name, type, EIN, and your share of the credit for Schedule B.
Fiduciaries completing Schedule C need 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. Include a copy of the ESD certificate with your return, and submit a separate Form IT-654 for each certificate.
Complete lines A through E:
- If you answer Yes on line A because you earned the credit directly, complete Schedules A and D. Fiduciaries also complete Schedule C.
- If you answer No on line A because you received a share of the credit, complete Schedules B and D. Fiduciaries also complete Schedule C.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Skipping lines A through E: The form requires all filers to complete them.
- Using one Form IT-654 for multiple certificates: The form requires a separate Form IT-654 for each ESD certificate.
- Leaving out the certificate copy: Submit a copy with your return.
- Submitting IT-654 without the return: The form says to submit it with Form IT-201, IT-203, IT-204, or IT-205.
Questions people ask
What does line A ask?
It asks whether you are claiming the credit as an individual, partnership, or fiduciary of an estate or trust that earned it directly, rather than as a partner, shareholder, or beneficiary receiving a share.
What if ESD issued more than one certificate?
Submit a separate Form IT-654 for each certificate. In Schedule A, enter the line 1 totals from additional Forms IT-654 on line 1a.
Which entity codes do I use in Schedule B?
Enter P for a partnership, S for an S corporation, or ET for an estate or trust. Provide the information for each entity from which you received a share of the credit.
How does a fiduciary calculate the estate’s or trust’s share?
In Schedule C, add lines 1, 1a, and 2 on line 3. Add the credit shares allocated to beneficiaries on line 4. Subtract line 4 from line 3 to get the fiduciary’s share on line 5, then enter that amount on line 8.