Form It-248 - Claim For Empire State Film Production Credit - 2004 Page 2
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2IT-248 (2004) (back)
Part III — Beneficiary’s and fiduciary’s share of Empire State film production credit
A
B
C
Beneficiary’s name
Identifying number
Share of credit
(same as on Form IT-205, Schedule C)
Total
Fiduciary
Instructions
Partnerships: Complete Part I, lines 1 through 5.
General information
Partners in a partnership, shareholders of a New York S corporation,
For tax years beginning on or after January 1, 2004, Tax Law sections 24
and beneficiaries of an estate or trust: Complete Part I, lines 1 through
and 606(gg) provide for tax credits for the film and television production
14 and Part II.
industry. The new Empire State film production credit (also referred to as
the film production credit ) is available to taxpayers subject to tax under
Fiduciaries: Complete Part I, lines 1 through 14, and Part III. An estate or
Article 22 (personal income tax) or Article 9-A (general business
trust that divides the credit among itself and its beneficiaries must attach
corporations). This new Form IT-248 is for taxpayers subject to tax under
Form IT-248 to Form IT-205, showing each beneficiary’s share of credit.
Article 22. Those subject to tax under Article 9-A (including New York
S corporations), should complete Form CT-248, Claim for Empire State
Line instructions
Film Production Credit .
I
Part
— Computation of credit
The credit is equal to 10% of the qualified production costs paid or incurred
in the production of certain qualified films and television shows. If the
Line 1 – Obtain this amount from the certificate of tax credit issued by the
amount of the credit allowable for any tax year exceeds the tax for that
Governor’s Office for Motion Picture and Television Development. Attach a
year, 50% of the excess is treated as an overpayment to be credited or
copy of the certificate to Form IT-248. If you have more than one certificate,
refunded. No interest will be paid on the refund. The remaining excess may
include the total from all certificates on line 1 and attach copies of all
be carried over to the following tax year and may be deducted from the tax
certificates.
in that year. Any excess after application in the succeeding year is treated
Line 2 – Partners, shareholders, and beneficiaries: Enter the amount from
as an overpayment to be credited or refunded. No interest will be paid on
Part II, line 15
the refund.
Line 4 – Fiduciary: Enter the amount of credit that was allocated to
The amount of credit allowed for the current tax year is allocated by the
beneficiaries in Part III, Column C.
New York State Governor’s Office for Motion Picture and Television
Development. Attach a copy of your certificate of tax credit from this
Line 9 – Enter the amount of other credits from the applicable form:
office for the credit allowed. For rules and regulations regarding the
IT-201 filers — You must have first completed Form IT-201-ATT through
credit, contact the New York State Governor’s Office for Motion Picture
line 63. Then add the amounts on lines 42 through 63 and enter that
and Television Development at nyfilm@empire.state.ny.us or call
amount on line 9.
(212) 803-2330.
IT-203 filers — You must have first completed Form IT-203-B through
In addition to the new state film credit, the city of New York has been given
line 49. Then add the amounts on lines 28 through 49 and enter that
the authority to enact a new city of New York film production credit. At the
amount on line 9.
time these instructions were prepared for printing, the city of New York had
Form IT-205 filers — Enter the amount you would have entered on
not yet enacted its film production credit. For more information concerning
Form IT-205, line 10, before any Empire State film production credit.
the city of New York film production credit, visit our Web site at
.
Line 11 – Enter the amount from line 5 or line 10, whichever is less. This is
your nonrefundable portion of the Empire State film production credit.
Eligibility
Transfer this amount to the applicable form as stated at line 11.
After receiving a certificate of tax credit from the New York State
Line 13 – Multiply line 12 by 50% (.5). This is the refundable portion of the
Governor’s Office for Motion Picture and Television Development, the
Empire State film production credit. Transfer this amount to the applicable
following taxpayers, subject to tax under Article 22, are eligible to claim the
form as stated at line 13.
film production credit by filing Form IT-248:
– individuals (including sole proprietors);
Line 14 – Subtract line 13 from line 12. This is the amount of credit to be
carried forward to next year. You will need this figure to complete your
– fiduciaries of estates and trusts;
2005 Form IT-248.
– partners in a partnership (including members of an LLC
if the LLC is treated as a partnership for federal tax
II
Part
— Partnership, New York S corporation, and
purposes);
estate and trust information
– shareholders of a New York S corporation; and
Enter the appropriate information for each partnership, S corporation, or
– beneficiaries of an estate or trust.
estate or trust for which you received a share of the Empire State film
production credit. If you need more space, attach a separate schedule.
Taxpayers subject to tax under Article 9-A must complete
Form CT-248, Claim for Empire State Film Production
III
Part
— Beneficiary’s and fiduciary’s share of Empire
credit .
State film production credit
Specific instructions
If an estate or trust allocates or assigns the credit to its beneficiaries, base
the division on each beneficiary’s proportionate share of the income of the
Individuals (including sole proprietors): Complete Part I,
estate or trust.
lines 1 through 14.
062494
This is a scannable form; please file this original with the Tax Department.
IT-248 2004
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