334: Credit for Motion Picture Production Costs (2024)
Arizona · Arizona DOR · Used for tax years 2024
Arizona Form 334 reports the 2024 Credit for Motion Picture Production Costs, including Arizona Commerce Authority post-approved amounts, credits passed through from partnerships or S corporations, and credit recapture. It also records an S corporation’s election to claim the cre
Who files this form
Use 2024 Arizona Form 334 to report the Credit for Motion Picture Production Costs you are entitled to claim for the taxable year, including credits passed through from partnerships or S corporations. The form also reports credit recapture.
The form includes reporting instructions for individuals, C corporations, S corporations, partnerships, and exempt organizations with unrelated business taxable income (UBTI).
Partnerships and limited liability companies taxed as partnerships that pass the credit to partners must complete Form 334-P for each partner. S corporations and limited liability companies taxed as S corporations that pass the credit to shareholders must complete Form 334-S for each shareholder.
What you'll need
- Your completed Form 334 and the Arizona Commerce Authority Post-Approval, both of which must be included with your return.
- Post-Approval information for each production: program calendar year, production name, priority placement number, and post-approved tax credit amount.
- Additional schedules if you have more than two motion pictures.
- Form 334-P or Form 334-S information if you received a passed-through credit or have a passed-through credit subject to recapture.
- For recapture, the priority placement number, recapture date, amounts being recaptured, and taxable years when the credits were claimed. Include a schedule if more than one credit has been recaptured.
How to file
Include the completed Form 334 and the Arizona Commerce Authority Post-Approval with your tax return.
If a partnership passes the credit to partners, complete Form 334-P for each partner. If an S corporation passes the credit to shareholders, complete Form 334-S for each shareholder. Provide each recipient with a completed copy, include a copy of each with the tax return, and keep copies for your records.
The supplied form does not give a mailing address or e-file instructions.
Common mistakes
- Leaving out the Arizona Commerce Authority Post-Approval. The form says to include it with your completed Form 334 and return.
- Listing more than two motion pictures without additional schedules. The form requires additional schedules in that case.
- Checking both S corporation election boxes. Part 4 says to check only one: claim the credit or pass it through to shareholders. The election is irrevocable for the stated taxable year.
- Forgetting copies of Forms 334-P or 334-S. Pass-through entities must provide copies to recipients, include copies with their return, and keep copies for their records.
Questions people ask
Where do I report credits passed through to me?
Enter credits passed through from partnerships on Part 1, line 4, using Form 334-P, Part 1, line 3c. Enter credits passed through from S corporations on Part 1, line 5, using Form 334-S, Part 1, line 3c.
Can an S corporation claim the credit instead of passing it through?
Yes. Part 4 lets an S corporation, or an LLC taxed as an S corporation, elect to claim the credit or pass it through to shareholders. Check only one box. The election is irrevocable for the stated taxable year.
What goes on line 16 if the entity passes the credit through?
Partnerships enter “0.” S corporations electing to pass the credit through to individual shareholders also enter “0.”
What if more than one credit has been recaptured?
Enter the total amount of all recaptured credits on Part 2, line 9, and include a schedule. Part 5 also asks for the taxable years for which you claimed credits that are subject to recapture.