Get Ny It-261 2022-2025

Overview. Credits of up to $7 million per year can be allocated to encourage qualified production companies to produce commercials in NYS and help create and maintain jobs.

About. The Film Production Tax Credit is a 25% tax credit on qualified costs incurred in New York State for eligible productions. There are no caps for potential benefit for this credit.

Who is eligible? Filing StatusFederal Adjusted Gross Income (FAGI)Married filing a joint return$110,000 or lessSingle, or head of household, or qualifying surviving spouse$75,000 or lessMarried filing separately$55,000 or less Nov 27, 2023

Changes to the Film Tax Credit Program which are effective April 1, 2023 are as follows: Base tax credit rate has increased to 30%. Annual Allocation has increased to $700 million, of which $45 million is allocated to Post Production Tax Credit Program. Allocation for the program continues through 2034.

If you earned income in 2022 from investments, such as rental property or stocks, the amount must be $10,300 or less to qualify for the EITC. If you have no children, you must be age 19 or older. If you are: Single, you must earn less than $16,480.

The EITC is a federal, state, and New York City tax credit for qualifying families, noncustodial parents, and singles who work full time or part time or are self-employed. On average, most eligible New Yorkers receive $2,400 in combined EITC benefits. The combined credit can be worth up to $8,991.

The real property tax credit may be available to New York State residents who have household gross incomes of $18,000 or less, and pay either real property taxes or rent for their residences. The amount of the credit for each household will vary depending on income and real property taxes paid (see table to the right).