Clear Form

                                                 STATE OF HAWAII—DEPARTMENT OF TAXATION

              MOTION PICTURE, DIGITAL MEDIA, AND FILM
    FORM 
              PRODUCTION INCOME TAX CREDIT
   N-340      (Note: If you are claiming the Ethanol Facility Tax Credit, no other credit can be                                                                                    2009
  (Rev. 2009)                                    claimed for the same taxable year.)
              Or fiscal year beginning  _________________ , 2009, 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  
    claimed by any taxpayer pursuant to section 235-110.9, HRS  ...........................                             2
3.  Subtract line 2 from line 1  ...................................................................................    3
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 12f
	    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.  Add lines 3 and 4  ................................................................................................ 5
6.  Tax credit percentage .........................................................................................     6  15%
7.  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.  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  
    claimed by any taxpayer pursuant to section 235-110.9, HRS  ...........................                             9
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 12f
	    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
13.  Tax credit percentage .........................................................................................    13 20%
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  
    trust’s share), whichever is applicable  .................................................................................................................................... 15

                                                                                                                                                                                    FORM N-340