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What New York State Tax Credits Affect My Tax Refund Status?

 

What New York State Tax Credits Affect My Tax Refund Status?

jscalona
by jscalona
Each state has a variety of tax credits that taxpayers can use on their tax return. These credits will lower the total amount a taxpayer owes to the state. The state of New York is no different! There are many credits residents can use when filling out their tax returns. This can result in a higher NYS tax refund status.

Here is a short list of some of the best credits New York has to offer in order to improve your NYS tax refund status.

First Time Homebuyers
Just bought a new house in New York state? Then you may qualify for the first time homebuyer tax credit. It’s a credit that offers a straight federal income tax credit for those new at owning a home. It’s saved taxpayers roughly $1,500 a year, often resulting in a higher NYS tax refund status.

Earned Income Credit
Most people know about the federal Earned Income Credit (EIC) program. However, quite a few states have the EIC program as well. New York is one of them. If you make below a certain income, this program can really give you a boost on your NYS tax refund status when you need it.

For New York, if you qualified for the federal EIC, then you qualify for the state program as well. If you need it separately you can file it on your state tax form. It’s 30% refundable in the state of New York. This can result in a higher NYS tax refund status.

Film Production Credit
Were you a producer of a film or TV show in the state of New York? Then you may be eligible for a film production credit! This credit gives a 30% tax credit on qualified costs incurred during production and can lead to a huge break on your NYS tax refund status. There are two types of production levels you can get, both depending on the size of the show or movie.

Level 1 has to have a budget of no more than $15 million. It also cannot be produced by a company in which no more than 5% of beneficial ownership is owned by a publicly traded entity.

Level 2 is just the opposite. The budget must be over $15 million and is produced by a company in which more than 5% of beneficial ownership is owned by a publicly traded entity.