HAR § 18-235-17-05 — Claim for credit; costs incurred in more than one calendar year

(a) The credit under section 235-17, HRS, is based on the qualified production costs incurred during each calendar year. A taxpayer with qualified production costs for one production that incurs qualified production costs in more than one calendar year must submit a production report as described in section 18-235-17-03(b) to the Hawaii film office for each calendar year in which qualified production costs are incurred. (b) If a qualified production incurs qualified production costs in two separate calendar years, then the credit under section 235-17, HRS, for each taxable year will be based upon the qualified production costs incurred in each respective calendar year.