The Ct 248 form, as outlined by the Department of Taxation and Finance, serves as a vital document for entities seeking to claim the Empire State Film Production Credit under Tax Law – Sections 24 and 210-B.20. This form is intricately designed to ensure that corporations can efficiently apply for these valuable tax credits, which aim to stimulate film production within the state. Upon completing the form, filers are required to provide a range of information, including the tax period, legal name of the corporation, and Employer Identification Number (EIN). The form is segmented into various parts, each dedicated to specific aspects of the claim process, such as the computation of the film production credit available for use, computation of the credit used, refunded, and credited as an overpayment for the next year’s tax, detailed partnership information, and the amount of credit to be claimed in succeeding tax years. Additionally, the form mandates the attachment of a Certificate of Tax Credit and offers detailed instructions to guide filers through the process. It's important to note that New York S corporations have specific instructions regarding the completion of the form, highlighting the tailored approach to different corporate structures. Furthermore, the form facilitates a systematic approach for corporations to delineate their eligible credit amounts, including credits derived from partnerships, thereby streamlining the process of claiming the much-coveted Empire State Film Production Credit.
| Question | Answer |
|---|---|
| Form Name | Form Ct 248 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | www.tax.ny.govpdfcurrentformsForm CT-246 Claim for Empire State Commercial Production ... |
Department of Taxation and Finance
Claim for Empire State Film Production Credit
Tax Law – Sections 24 and
All filers must enter tax period: beginning |
|
|
ending |
|
|
|
|||
Legal name of corporation |
Employer identification number (EIN) |
|||
See Form
Attach to Form
AFilm production credit allocation year, if applicable B Film production credit allocation year, if applicable
(from your certificate of tax credit; see instructions).............
(from the partnership’s certificate of tax credit; see instr.) ..
A
B
Part 1 – Computation of film production credit available for use (see instructions for each line in Part 1) |
||
1 |
Film production credit |
1 |
2 |
Amount of line 1 available for the current tax year |
2 |
3 |
Credit available from prior years |
3 |
4 |
Film production credit from partnership(s) (from line 15) |
4 |
5 |
Total film production credit available in the current tax year |
5 |
Part 2 – Computation of film production credit used, refunded, and credited as an overpayment to next year’s tax
|
(New York S corporations do not complete this part) |
|
6 |
Tax due before credits (see instructions) |
6 |
7 |
Tax credits claimed before the film production credit (if none enter 0; see instructions) |
7 |
8 |
Tax after application of all other credits (subtract line 7 from line 6) |
8 |
9 |
Fixed dollar minimum tax (see instructions) |
9 |
10Limitation on film production credit to be used this period (subtract line 9 from line 8; if line 8 is less than
|
line 9, enter 0) |
10 |
11 |
Film production credit to be used this year (see instructions) |
11 |
12 |
Amount of film production credit available for refund (subtract line 11 from line 5) |
12 |
13Amount of film production credit you want to be refunded (limited to the amount on line 12;
see instructions) |
13 |
14Amount of refundable film production credit you want to be applied to next year’s tax (subtract
line 13 from line 12; see instructions) |
14 |
Part 3 – Partnership information (attach additional sheets as necessary; see instructions)
Name of partnership |
Partnership’s EIN |
Credit amount allocated
Total from additional sheet(s) if any |
||
15 |
Total credit amount allocated from partnership(s) for the current year (enter here and on line 4) |
15 |
Part 4 – Amount of credit to be claimed in succeeding tax years (see line 2 instructions) |
|
|
16 |
Amount of credit to be claimed for 2022 (see instructions) |
16 |
17 |
Amount of credit to be claimed for 2023 (see instructions) |
17 |
C |
If you are claiming this credit as a corporate partner, mark an X in the box |
|
516001210094