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Hawaii Free Printable Form N-312, Rev. 2019, Capital Goods Excise Tax Credit for 2020 Hawaii Capital Goods Excise Tax Credit

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Capital Goods Excise Tax Credit
Form N-312, Rev. 2019, Capital Goods Excise Tax Credit

Clear Form STATE OF HAWAII—DEPARTMENT OF TAXATION CAPITAL GOODS EXCISE TAX CREDIT SEE SEPARATE INSTRUCTIONS BEFORE COMPLETING THIS FORM. FORM (REV. 2019) N-312 2019 Or fiscal year beginning ______________________, 2019, and ending ___________________ , 20    ATTACH THIS SCHEDULE TO FORM F-1, N-11, N-15, N-20, N-30, N-35, N-40, OR N-70NP SSN OR FEIN Name Hawaii Tax Identification Number CAUTION: The deadline to claim the credit, including amended claims, is 12 months after the close of your taxable year. An extension of time for filing a return does not extend the time for claiming the credit. The taxpayer shall treat the amount of the credit allowable and claimed as a taxable income item for the taxable year in which it is properly recognized under the method of accounting used to compute taxable income. Alternatively, the basis of eligible property for depreciation purposes for State income taxes shall be reduced by the amount of the credit allowable and claimed. No credit may be claimed for property for which the Motion Picture, Digital Media, and Film Production Income Tax Credit is claimed. In addition, no credit may be claimed for any cost that is used to claim the Renewable Energy Technologies Income Tax Credit. PART I COMPUTATION OF TAX CREDIT (a) Description of Property — Attach a separate sheet if more space is needed 1. (b) Date property was placed in service (c) Cost of qualifying property Hawaii purchases 2a. Purchases from out-of-state sellers 2b. Was 4% Use Tax paid on these purchases?      Yes       No       Some   3. Total qualifying cost of eligible property. Add amounts in column (c), lines 1 and 2. (Estates, trusts, and cooperatives, see Instructions) .......................................................................................................................... 3 4. Tax credit percentage. .............................................................................................................................................. 4 4% 5. 6. Multiply line 3 by line 4 and enter result here ........................................................................................................... Amount of sales or use taxes paid to another state or jurisdiction for which a credit was claimed under section 238-3(i), Hawaii Revised Statutes. (see Instructions)................................................................................... Capital Goods Excise Tax Credit — Line 5 minus line 6. Enter difference (> zero) rounded to the nearest dollar for individual taxpayers and enter on Form F-1, Schedule I, line 1 or Schedule CR, line 21.................................... 5 7. 6 7 Yes A. Was a deduction taken under Internal Revenue Code Section 179 (regarding an election to expense certain depreciable business assets) on any property listed on lines 1 or 2a? B. Was any property listed on lines 1 or 2a acquired from a related company or person? C. Is any property listed on lines 1 or 2a subject to the limitation on capital goods excise tax credit and the depreciation deduction under Internal Revenue Code Section 280F? D. Is any property listed on lines 1 or 2a an integral part of a building or structure? E. Does any of the property listed on lines 1 or 2a have a useful life of less than 3 years? If you answered “Yes” to any question above, please attach an explanation as to how the qualifying basis was determined and identify the property involved on lines 1 or 2a, Part I using the applicable letter(s) for the description above. N312_I 2019A 01 VID01 ID NO 01 No FORM N-312 FORM N-312 (REV. 2019) PAGE 2 PART II — RECAPTURE OF CAPITAL GOODS EXCISE TAX CREDIT Name(s) as shown on return or of individual or entity for whom this statement is being prepared. FEIN or SSN Name of pass-through entity. FEIN or SSN Properties Description of property. (Attach a separate sheet if more space is needed.) A B C D E Properties RECAPTURE COMPUTATION: A B C D E (See Specific Instructions) 1. Original rate of credit (4%). ............... 1 4% 4% 4% 4% 2. Date recapture period begins (see Instructions). .............................. 2 3. Date property ceased to be eligible capital goods excise tax credit property. (see Instructions) ............... 3 4. Number of full years between the date on line 2 and the date on line 3. ................... 4 5. Original apportioned cost of qualifying property. Use this amount on line a of the worksheet in the Instructions for Part II, line 9 of Form N-312. ........................ 5 6. Original apportioned amount of the deduction allowed under IRC section 179. Use this amount on line d of the worksheet for Part II, line 9 of Form N-312. ......... 6 7. Original apportioned sales or use tax credit claimed under section 238-3(i), HRS. Use this amount on line h of the worksheet for Part II, line 9 of Form N-312.... 7 8. Original or previously recomputed credit claimed. (see Instructions) ................. 8 9. Recomputed credit. (see Instructions) .......... 9 10. Decrease in credit due to disposition. (Line 8 minus line 9.) .................................... 10 11. Recapture percentage. (from 100% 100% 100% 100% Instructions) ...................................... 11 12. Recapture tax. (Line 10 multiplied by line 11.).......................................... 12 13. Total increase in tax. (Add line 12 columns A through E.) Round this amount to the nearest dollar and enter on the appropriate form listed below. ................................... 13 4% 100% Enter or include the amount on line 13 above on Form F-1, line 64; Form N-11, line 27; Form N-15, line 44; Form N-30, Schedule J, line 17; Form N-40, Schedule G, line 1; or Form N-70NP, line 11.
Extracted from PDF file 2019-hawaii-form-n-312.pdf, last modified October 2003

More about the Hawaii Form N-312 Corporate Income Tax Tax Credit TY 2019

We last updated the Capital Goods Excise Tax Credit in March 2020, so this is the latest version of Form N-312, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form N-312 directly from TaxFormFinder. You can print other Hawaii tax forms here.

Other Hawaii Corporate Income Tax Forms:

TaxFormFinder has an additional 164 Hawaii income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form N-342 Renewable Energy Technologies Income Tax Credit
Form A-6 Tax Clearance Application
Form N-848 Power of Attorney
Form N-323 Carryover of Tax Credit (Rev. 2016)
Form N-301 Application for Automatic Extension of Time to File Hawaii Corporation Income Tax Return

Download all HI tax forms View all 165 Hawaii Income Tax Forms


Form Sources:

Hawaii usually releases forms for the current tax year between January and April. We last updated Hawaii Form N-312 from the Department of Taxation in March 2020.

Show Sources >

Form N-312 is a Hawaii Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Hawaii Form N-312

We have a total of eight past-year versions of Form N-312 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form N-312

Form N-312, Rev. 2019, Capital Goods Excise Tax Credit

2018 Form N-312

Form N-312 Instructions, Rev. 2018, Instructions for Form N-312 Capital Goods Excise Tax Credit

2017 Form N-312

Form N-312, Rev. 2017, Capital Goods Excise Tax Credit

2016 Form N-312

Form N-312, Rev. 2016, Capital Goods Excise Tax Credit

Forms 2014 2015 Form N-312

Form N-312, Rev. 2014, Capital Goods Excise Tax Credit

Forms 2014 2014 Form N-312

Form N-312, Rev. 2014, Capital Goods Excise Tax Credit

Forms 2012 2012 Form N-312

Form N312, Rev. 2012, Capital Goods Excise Tax Credit

Forms 2011 2011 Form N-312

Form N312, Rev. 2011, Capital Goods Excise Tax Credit


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