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Income Tax Treatment of NYS Tax Credits for Films

The earlier post regarding NYS' tax credit raised a question for one producer, regarding the income tax treatment of New York State tax credits for films. The receipt of these credits would not be taxable at the federal level, but to the extent the credit reduces the NYS tax it would also serve to reduce the deduction for state taxes otherwise available on the federal return. Since the credits simply reduce state income tax, they would not be taxable at the New York level either. The credits will not affect basis in the film since these credits are not a credit against against a particular asset, but rather a credit for a qualified expenditures within NYS.

Marc Jacobson
Of Counsel
Greenberg Traurig, LLP | MetLife Building | 200 Park Avenue | New York, NY 10166
Tel 212.801.6516 | Fax 212.805.5516 | Cell 516.459.0436

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This page contains a single entry from the blog posted on May 8, 2009 3:55 PM.

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