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This version of the form is not currently in use and is provided for reference only. Download this version of
Form N-340
for the current year.
Form N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit - Hawaii
What Is Form N-340?
This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. Check the official instructions before completing and submitting the form.
FAQ
Q: What is the N-340 Motion Picture, Digital Media, and Film Production Income Tax Credit?
A: The N-340 is a tax credit offered by the state of Hawaii for motion picture, digital media, and film production activities.
Q: Who is eligible for the N-340 tax credit?
A: Eligibility for the N-340 tax credit is limited to motion picture and digital media production companies that meet certain criteria set by the state of Hawaii.
Q: What types of expenses can be claimed for the N-340 tax credit?
A: The N-340 tax credit can be claimed for qualified production costs incurred in Hawaii, including wages, salaries, and other compensation paid to residents of Hawaii.
Q: How much is the N-340 tax credit?
A: The amount of the N-340 tax credit varies depending on the type and nature of the production, with maximum credits ranging from 20% to 25% of qualifying expenses.
Q: What is the application process for the N-340 tax credit?
A: To apply for the N-340 tax credit, production companies must submit an application to the Hawaii Department of Taxation, along with supporting documentation and a non-refundable application fee.
Q: Is there a deadline to apply for the N-340 tax credit?
A: Yes, applications for the N-340 tax credit must be submitted by the end of the production year in which the expenses were incurred.
Q: Are there any limitations or restrictions on the N-340 tax credit?
A: Yes, there are certain limitations and restrictions on the N-340 tax credit, including limits on the total amount of credits that can be claimed and restrictions on the type of productions that qualify.
Q: Are there any other tax incentives available for film production in Hawaii?
A: Yes, in addition to the N-340 tax credit, there are other tax incentives available in Hawaii, including the Act 88 and Act 221 tax credits.
Form Details:
- Released on January 1, 2020;
- The latest edition provided by the Hawaii Department of Taxation;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form N-340 by clicking the link below or browse more documents and templates provided by the Hawaii Department of Taxation.
