Free Form CT-248 - New York

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CT-248

New York State Department of Taxation and Finance

Claim for Empire State Film Production Credit
Tax Law -- Sections 24 and 210.36
All filers must enter tax period: beginning ending Employer identification number (EIN)

Name

Attach to Form CT-3, CT-3-A, or CT-3-S. Part 1 -- Computation of film production credit available for use (see instructions)
1 2 3 4 5 Enter the amount of film production credit (see instructions) ................................................................ Film production credit from partnership(s).......................................................................................... Add lines 1 and 2 .................................................................................................................................. Unused film production credit carried over from the previous tax year ............................................... Total film production credit available in the current tax year (add lines 3 and 4) ................................... 1. 2. 3. 4. 5.

Part 2 -- Computation of film production credit used, refunded, and carried forward (see instructions; New York
6 7 8 9 10 11 12 13 14 S Corporations do not complete this part) Tax due before credits (from Form CT-3, line 78, or Form CT-3-A, line 77) .................................................. Tax credits claimed before the film production credit (see instructions) ................................................ Tax after application of all other credits (subtract line 7 from line 6) ......................................................... Fixed dollar minimum tax (from Form CT-3 or Form CT-3-A) ..................................................................... Limitation 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) .................................................................................................................................... Film production credit to be used this year (amount from line 5 or line 10, whichever is less; enter here and on your franchise tax return) .......................................................................................................... Amount of film production credit available for refund (subtract line 11 from line 5) ................................. Amount of film production credit you want to be refunded (limited to the amount on line 12; enter here and on your franchise tax return) .......................................................................................................... Amount of refundable film production credit you want to be applied to next year's tax (subtract line 13 from line 12; enter here and on your franchise tax return) .............................................................. 6. 7. 8. 9. 10. 11. 12. 13. 14.

Part 3 -- Partnership information (attach additional sheets as necessary)
Name of partnership Partnership's EIN Credit amount allocated

51601080094

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CT-248 (2008)

Instructions
production credit is computed on a separate basis, but is applied against the combined tax.

General Information
For tax years beginning on or after January 1, 2004, Tax Law sections 24 and 210.36 provide for tax credits for the film and television production industry. The Empire State film production credit (also referred to simply as the film production credit) is available to taxpayers subject to tax under Article 9-A (general business corporations) or Article 22 (personal income tax) through 2013. This form is for taxpayers subject to tax under Article 9-A. Those subject to tax under Article 22, complete Form IT-248, Claim for Empire State Film Production Credit. The credit is based on the qualified production costs paid or incurred in the production of qualified films and television shows. The credit may not reduce the tax due below the fixed dollar minimum tax. Any amount not used in the current tax year may be refunded or credited as an overpayment to next year's tax. No interest will be paid on the refund. Production costs used as the basis for allowance of this credit or used in the calculation of this credit cannot be used to claim any other credit. The amount of credit allowed for the current tax year is allocated by the New York State Governor's Office for Motion Picture and Television Development. Attach a copy of your certificate from this office for the credit allowed. For rules and regulations regarding the credit, contact the New York State Governor's Office for Motion Picture and Television Development at [email protected] or call (212) 803-2330.

Line instructions
Part 1 - Computation of film production credit available for use
Line 1 -- Obtain this amount from the New York State Governor's Office for Motion Picture and Television Development. Attach your certificate. Line 2 -- Obtain this amount from the partnership(s) allocating this credit to you. Also complete Part 3, Partnership information. Line 4 -- Obtain this amount from the previous tax year's Form CT-248, line 14. Line 5 -- New York S corporations include this amount on Form CT-34-SH.

Part 2 -- Computation of film production credit used, refunded, and carried forward (New York S corporations do
not complete this part) Line 7 -- You must apply certain credits before the film production credit. Refer to Form CT-600-I, Instructions for Form CT-600, Ordering of Corporation Tax Credits, for the proper ordering of your credits. If you are claiming more than one credit, enter the total amount of credits applied against the current year's corporation franchise tax before the film production credit. If the film production credit is the only credit that is being applied against the current year's corporation franchise tax, enter 0. If filing as a member of a combined group, include any amount of tax credit(s), including the film production credit(s), being claimed by other members of the combined group that you want to apply before the film production credit claimed on this form.

Corporate partners
If you are a corporate partner who has film production credits passed through to you from a partnership, enter your pro rata share of the film production credits passed through to you from the partnership in Part 1, line 2. Also, enter the name and employer identification number of the partnership in Part 3. Enter on line 1 only the amount of film production credit allocated to your corporation by the New York State Governor's Office for Motion Picture and Television Development.

Need help?
Internet access: www.nystax.gov (for information, forms, and publications) Fax-on-demand forms: 1 800 748-3676

New York S corporations
New York S corporations will calculate an amount of film production credit. However, the S corporation may not use the film production credit against its own tax liability; instead, the credit is passed through to the shareholders to use against their personal income tax liabilities on their New York State tax returns. New York S corporations complete only lines 1 through 5. Include the line 5 amount on Form CT-34-SH, New York S Corporation Shareholders' Information Schedule, which is filed with your New York State corporation tax return. Attach a copy of Form CT-248 to your Form CT-3-S, New York S Corporation Franchise Tax Return. Provide all shareholders with the amount of their pro rata share of the film production credit calculated. The shareholders will file their own Form IT-248 to claim the credit on their New York State personal income tax returns.

Telephone assistance is available from 8:00 A.M. to 5:00 P.M. (eastern time), Monday through Friday. To order forms and publications: 1 800 462-8100 Corporation Tax Information Center: 1 888 698-2908 From areas outside the U.S. and outside Canada: (518) 485-6800 Text Telephone (TTY) Hotline (for persons with hearing and speech disabilities using a TTY): 1 800 634-2110

Persons with disabilities: In compliance with the Americans with Disabilities Act, we will ensure that our lobbies, offices, meeting rooms, and other facilities are accessible to persons with disabilities. If you have questions about special accommodations for persons with disabilities, please call 1 800 972-1233.

Combined filers
A taxpayer filing a combined return as a member of a combined group is allowed to claim the film production credit. The film

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