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INSTRUCTIONS: ARIZONA MOTION PICTURE CREDITS INSTRUCTIONS (Form 334)

 

To receive tax credits for motion pictures shot in Arizona, a form 334 must be filed. This article discusses the instruction booklet for completing this form. Both the form and the instructions booklet are separately available on the website maintained by the Arizona Department of Revenue.

 

Arizona Motion Picture Credits Instructions 334 Step 1: The top of the left column on the first page provides contact information for further assistance in completing form 334. Note that this concerns information concerning both the Arizona Department of Revenue and the Arizona Commerce Authority.

 

Arizona Motion Picture Credits Instructions 334 Step 2: The remainder of the left column provides general information about obtaining credit for motion pictures shot in Arizona.

 

Arizona Motion Picture Credits Instructions 334 Step 3: The right column on the first page provides additional general information about obtaining credit for motion pictures shot in Arizona, as well as receiving credit for motion picture infrastructure projects and the beginning of instructions for completing form 334-1, which allows you to document credit transfers.

 

Arizona Motion Picture Credits Instructions 334 Step 4: The left column on the second page provides information about completing form 334-E and 334-O, which serve as a notice of transfer. This column also provides information about the credit carryover period.

 

Arizona Motion Picture Credits Instructions 334 Step 5: The right column on the second page provides additional information about the carryover period, as well as performing a credit recapture.

 

Arizona Motion Picture Credits Instructions 334 Step 6: The left column on the third page provides specific instructions for completing Part I, which documents the individual responsible for maintaining records of expenditures in Arizona. This column also discusses completing lines 1 through 4 of Part II, which concern listing postapproved productions.

 

Arizona Motion Picture Credits Instructions 334 Step 7: The right column on the third page discusses completing Part III, which includes lines 5 through 8 and concerns S Corporation Credit Election and the Shareholder's Share of Credit. This column also discusses Part IV, which includes lines 9 through 11 and documents each partner's share of the credit.

 

Arizona Motion Picture Credits Instructions 334 Step 8: The fifth page contains instructions about completing Part V, which includes lines 21 through 20. This section concerns available credit carryovers concerning motion picture production costs.