Instructions For Form 334 - Arizona Motion Picture Credits - 2014

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Arizona Form
2014 Motion Picture Credits
334
credit is applied to the cap, Company A’s credit is allocated to
CONTACTS FOR MOTION PICTURE PRODUCTION
2010, and 2010 is the first year of the credit. However,
TAX INCENTIVES PROGRAM
because Company A must claim the credit on the first return
Arizona Commerce Authority
due after the post-approval, the first year in which
Company A may claim the credit is 2011 (if Company A did
Program Manager
(602) 845-1200
not request a filing extension for 2011, Company A could not
claim the credit on its 2011 return).
Arizona Department of Revenue
Tax forms and instructions Information and assistance
NOTE: The credit for motion picture production costs must
be claimed on a timely filed original income tax return,
Website:
including extensions. Therefore, the credit may not be
Taxpayer assistance
(602) 255-3381
claimed on an amended return.
From area codes 520 and 928, toll-free
(800) 352-4090
The credit a taxpayer may claim can never exceed the
amount that was preapproved.
General Instructions
NOTE: The production company must submit a copy of the post-
Credit for Motion Picture Production Costs
approval document with Form 334 when claiming the credit.
Former Arizona Revised Statutes §§ 43-1075 and 43-1163
Credit Transfer
provided transferable individual and corporate income tax
credits against tax liabilities for motion picture production
Form 334-1 - Schedule of Credit Transfers
companies that produce motion pictures completely or
Former Arizona law allowed you to obtain the motion
partially in Arizona. “Motion picture” was defined as a single
picture credit from other entities, and to transfer your credit
medium or multimedia program including commercials,
to other entities. Use Form 334-1 to record transfers you
music videos or a television series.
made to, and received from, other entities.
The credit is based on a percentage of motion picture
Check a box to indicate the allocation year of the credit.
production costs that a motion picture production company
Check only one box. Complete a separate Form 334-1 for
had in Arizona that were directly attributable to the
transfers related to each allocation year. For example, if the
production of the motion picture in Arizona.
taxpayer is transferring credits from both 2009 and 2010, the
The tax credit is in lieu of a deduction for the expenses for
taxpayer would complete one Form 334-1 for 2009 and
which the credit is claimed. An addition to Arizona gross
complete a separate Form 334-1 for 2010.
income is required for the amount of the expenses included
Complete Part 1 to record the credits you have received as
in the computation of federal taxable income for which the
transfers from other entities. If you received a credit as a
Arizona tax credit is claimed. For example, if a taxpayer
transfer directly from the motion picture company that
computes its $30,000 credit on $100,000 of expenses, the
originated the credit, enter the name and TIN of the motion
taxpayer must add $100,000 to federal taxable income.
picture company in column (a). In column (b), write “same
The credit is available to an exempt organization that is
as transferor.” If you received the credit from an entity other
subject to corporate income tax on unrelated business
than the motion picture company, enter that entity
taxable income (UBTI). The credit must result from the
information in column (a), and the information of the motion
activities that generate UBTI.
picture company in column (b).
No credit will be allowed to any taxpayer who has a
Complete Part 2 to record the credits you transferred to
delinquent tax balance owed to the Arizona Department of
others. In column (h), enter any credit balance you have
Revenue.
remaining on a credit you transferred to someone else. If you
In order to obtain the credit for motion picture production
have no balance remaining, write zero in column (h).
costs, a motion picture production company must have
Form 334-E and Form 334-O - Notice of Transfer
received post-approval from the Arizona Commerce Authority
Complete Form 334-E or Form 334-O as instructed on the
(“Commerce”) prior to claiming the credit. The credit may be
form.
claimed on the first tax return due after the post-approval has
been received, but not before the tax year of the pre-approval
Authorized contact person: List the name and telephone
(“allocation year”). The allocation year is the calendar year to
number of the individual who Arizona Department of
which the credit was applied to the annual credit cap. This
Revenue employees may contact with questions about this
date will be noted on the post-approval document.
form. Confidential information may be disclosed to a
principal officer, any person designated by a principal
For example, Company A, a motion picture production
officer, any person designated in a resolution by the
company, is a calendar year filer. Company A received pre-
corporate board of directors or other similar governing body,
approval from Commerce for producing Motion Picture B on
or
to
an
individual
designated
as
an
authorized
November 9, 2010, and received its post-approval on July 31,
representative in a valid power of attorney. A principal
2012. Because the credit is allocated to the year in which the

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