Hawaii Motion Picture, Digital Media, and Film Production Tax Credit

Motion Picture, Digital Media, and Film Production Tax Credit
Form N-340 (Rev.2022) Motion Picture, Digital Media, and Film Production Income Tax Credit
		

STATE OF HAWAII—DEPARTMENT OF TAXATION

		 MOTION PICTURE, DIGITAL MEDIA, AND FILM
PRODUCTION INCOME TAX CREDIT

FORM	
	
	
		
	 (REV. 2022)

N-340

20__

Or fiscal year beginning __________________ , 20___, and ending ________________________ , 20____

ATTACH THIS FORM AND THE LETTER FROM DBEDT TO FORM N-11, N-15, N-20, N-30, N-35, N-40, OR N-70NP (see Instructions)
Name	

SSN or FEIN

PART I –– TAX CREDIT FOR QUALIFIED PRODUCTION COSTS INCURRED IN A COUNTY WITH A POPULATION OVER 700,000
1.	
2.	

3.	
4.	

	

	
	
	
	
5.	
6.	
7.	

Total qualified production costs incurred for the taxable year qualifying for
a 22% tax credit...................................................................................................	
1
Qualified production costs on line 1 for which a deduction was taken under
Internal Revenue Code Section 179 (election to expense certain depreciable
assets) or that have been financed by investments for which a credit was
claimed by any taxpayer pursuant to section 235-110.9, HRS............................	
2
Subtract line 2 from line 1....................................................................................	
3
Flow through of qualified production costs qualifying for a 22% tax
credit received from other entities, if any. Check the applicable box below.
Enter the name and Federal Employer I.D. No. of Entity:
_________________________________________________________
 a S Corp. shareholder — enter the appropriate amount from Schedule K-1 (Form N-35)
 b Partner — enter the appropriate amount from Schedule K-1 (Form N-20)
 c Beneficiary — enter the appropriate amount from Schedule K-1 (Form N-40)
 d Patron — enter amount from federal Form 1099-PATR.............................................	 4
Add lines 3 and 4.................................................................................................	
5
Tax credit percentage..........................................................................................	
6	
22%
Multiply line 5 by line 6 and enter the result here..................................................................................................................... 	

7

PART II –– TAX CREDIT FOR QUALIFIED PRODUCTION COSTS INCURRED IN A COUNTY WITH A POPULATION OF 700,000 OR LESS
8.	
9.	

10.	
11.	

	

	
	
	
	
12.	
13.	
14.	
15.	

Total qualified production costs incurred for the taxable year qualifying for
a 27% tax credit...................................................................................................	
8
Qualified production costs on line 8 for which a deduction was taken under
Internal Revenue Code Section 179 (election to expense certain depreciable
assets ) or that have been financed by investments for which a credit was
claimed by any taxpayer pursuant to section 235-110.9, HRS............................	
9
Subtract line 9 from line 8....................................................................................	 10
Flow through of qualified production costs qualifying for a 27% tax credit
received from other entities, if any. Check the applicable box below.
Enter the name and Federal Employer I.D. No. of Entity:
_________________________________________________________
 a S Corp. shareholder — enter the appropriate amount from Schedule K-1 (Form N-35)
 b Partner — enter the appropriate amount from Schedule K-1 (Form N-20)
 c Beneficiary — enter the appropriate amount from Schedule K-1 (Form N-40)
 d Patron — enter amount from federal Form 1099-PATR.............................................	 11
Add lines 10 and 11.............................................................................................	 12
Tax credit percentage..........................................................................................	 13	
27%
Multiply line 12 by line 13 and enter the result here ............................................................................................................... 	
Motion Picture, Digital Media, and Film Production Income Tax Credit — Add the amounts on lines 7 and 14 and
enter the result here, rounded to the nearest dollar, and on the appropriate line for the credit on Schedule CR. .............. 	

PART III –– PAYMENTS TO LOAN-OUT COMPANIES

16.	 Total payments to loan-out companies .................................................................................................................................... 	
17.	 Total withholding payments remitted ....................................................................................................................................... 	

N340_I 2022A 01 VID01

ID NO 01

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FORM N-340 (REV. 2022)