Article: 50221
Overview
Form N-340 is used to calculate and claim Hawaii’s refundable income tax credit for certified motion picture, digital media, and film production expenses. This credit encourages production activities in Hawaii by offering financial incentives for qualified expenses.
Eligibility Criteria
To qualify for the credit, a production must:
- Be a qualified production with at least $100,000 in Hawaii production costs.
- Pre-register with the Hawaii Film Office before shooting.
- Provide Hawaii promotion (e.g., screen credit), demonstrate local hiring, support workforce development, and use local vendors where feasible.
- Not claim the Section 179 deduction or any credit under HRS § 235-110.9 (Act 221) on the same costs.
Add Form N-340
To add the Form N-340:
- Go to State Taxes.
- Click Review.
- Click I’d like to see the forms I’ve filled out or search for a form.
- From the drop list, select Hawaii.
- Go to the Credits tab.
- Locate and click on N-340 – Motion Picture, Digital Media, and Film Production Credit to open the screen.
- Enter your information and click Save.
Further Information
Refer to the Form N340 Instructions for more information.