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STATE OF HAWAII—DEPARTMENT OF TAXATION
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MOTION PICTURE, DIGITAL MEDIA, AND FILM
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PRODUCTION INCOME TAX CREDIT
FORM
2011
N-340
(Note: If you are claiming the Ethanol Facility Tax Credit, no other credit can be
)
claimed for the same taxable year.
(Rev. 2011)
Or fiscal year beginning _________________ , 2011, and ending ________________________ , 20____
NOTE: This credit is effective for qualified production costs incurred from July 1, 2006 to December 31, 2016.
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.
Total qualified production costs incurred in the taxable year qualifying for
a 15% tax credit. .................................................................................................
1
2.
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
2
claimed by any taxpayer pursuant to section 235-110.9, HRS ...........................
3.
3
Subtract line 2 from line 1 ...................................................................................
4.
Flow through of qualified production costs qualifying for a 15% 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 corporation shareholder — enter amount from Schedule K-1 (Form N-35), line 16f
b Partner — enter amount from Schedule K-1 (Form N-20), line 17
c Beneficiary — enter amount from Schedule K-1 (Form N-40), line 9
d Patron — enter amount from federal Form 1099-PATR .............................
4
5.
5
Add lines 3 and 4 ................................................................................................
15%
6.
6
Tax credit percentage .........................................................................................
7.
7
Multiply line 5 by line 6 and enter the result here ....................................................................................................................
PART II –– TAX CREDIT FOR QUALIFIED PRODUCTION COSTS INCURRED IN A COUNTY WITH A POPULATION OF 700,000 OR LESS
8.
Total qualified production costs incurred in the taxable year qualifying for
a 20% tax credit. .................................................................................................
8
9.
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
9
claimed by any taxpayer pursuant to section 235-110.9, HRS ...........................
10. Subtract line 9 from line 8 ...................................................................................
10
11. Flow through of qualified production costs qualifying for a 20% 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 corporation shareholder — enter amount from Schedule K-1 (Form N-35), line 16f
b Partner — enter amount from Schedule K-1 (Form N-20), line 17
c Beneficiary — enter amount from Schedule K-1 (Form N-40), line 9
d Patron — enter amount from federal Form 1099-PATR .............................
11
12. Add lines 10 and 11 ............................................................................................
12
20%
13. Tax credit percentage .........................................................................................
13
14. Multiply line 12 by line 13 and enter the result here ...............................................................................................................
14
15. Motion Picture, Digital Media, and Film Production Income Tax Credit — Add the amounts on lines 7 and 14 and
enter the result here and on the appropriate line for the credit on Schedule CR (for Form N-11, N-15, N-30, and
N-70NP filers) (rounded to the nearest dollar for individual taxpayers); or Form N-40, Schedule F (for the estate’s or
15
trust’s share), whichever is applicable ....................................................................................................................................
FORM N-340