334-P: Credit for Motion Picture Production Costs – Distribution to Partners (2024)
Arizona · Arizona DOR · Used for tax years 2024
Arizona Form 334-P reports a partner’s share of a partnership’s Credit for Motion Picture Production Costs, approved production expenses, and any credit recapture. Partners use the reported amounts to complete their own Form 334 and add back their share of production expenses whe
Who files this form
Partnerships distributing the Credit for Motion Picture Production Costs must complete a separate Form 334-P for each partner, except trust or estate partners.
If a partnership share is owned by a grantor trust that is disregarded for federal income tax purposes, the share is treated as owned by the grantor. The grantor may claim their share of the credit.
Partners use the completed Form 334-P to complete their own Form 334 and include Form 334-P with their return.
What you'll need
To complete Form 334-P, have:
- The partnership’s name, employer identification number (EIN), and Priority Placement Number.
- The partner’s name, taxpayer identification number (TIN), and ownership percentage.
- The partnership’s Form 334, including the credit amount from Part 1, line 6.
- The partnership’s approved motion picture production expenses.
- The Post-Approval received from the Arizona Commerce Authority.
For a credit recapture, you also need the recaptured credit’s Priority Placement Number, the date it was recaptured, and the amount from the partnership’s Form 334, Part 2, line 12.
How to file
Partnerships: Provide each partner with a copy of their completed Form 334-P and the Post-Approval received from the Arizona Commerce Authority. Include a copy of each completed Form 334-P with the partnership return, and keep copies for your records.
Partners: Use Form 334-P to complete your own Form 334. Include the completed Form 334-P and a copy of the Post-Approval with your return. Keep copies of both for your records.
Common mistakes
- Claiming the credit in the wrong year: If you file on a calendar-year basis but the partnership files on a fiscal-year basis, claim the credit for the year in which the partnership’s fiscal year ends.
- Leaving out required attachments: Partners must include the completed Form 334-P and a copy of the Arizona Commerce Authority Post-Approval with their return. Partnerships must include a copy of each completed Form 334-P with the partnership return.
- Forgetting the expense addback: Partners must add the amount on line 4b back when calculating Arizona taxable income.
Questions people ask
How is my share of the credit calculated?
The partnership multiplies its credit amount on line 3a by your ownership percentage on line 3b. The result on line 3c is your share of the credit.
Where do I report my share of the credit?
Enter the amount from Form 334-P, line 3c, on Part 1, line 4 of your own Form 334.
What do I do with the production expenses shown on line 4b?
Line 4b is your share of the partnership’s approved motion picture production expenses. Add this amount back when calculating your Arizona taxable income.
What if part of the credit must be recaptured?
Part 3 reports your share of credit determined to be incorrect. The partnership multiplies the recapture amount on line 5c by your ownership percentage on line 3b. Enter the resulting amount from line 5d on line 10 of your own Form 334.