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Hawaii Free Printable Instructions for Form N-323, 2018 for 2019 Hawaii Carryover of Tax Credit (Rev. 2016)

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Carryover of Tax Credit (Rev. 2016)
Instructions for Form N-323, 2018

Clear Form INSTRUCTIONS FORM N-323 (REV. 2018) STATE OF HAWAII __ DEPARTMENT OF TAXATION INSTRUCTIONS FOR FORM N-323 CARRYOVER OF TAX CREDITS GENERAL INSTRUCTIONS The energy conservation and residential construction and remodeling tax credits expired on June 30, 2003. You may claim the tax credit(s) only if you have a carryover of the tax credit(s) from a prior year and a proper claim of the credit(s) was made in the applicable prior year. See Form N-342, Renewable Energy Technologies Income Tax Credit for Systems Placed in Service on or After July 1, 2009, for the credit available for current system installations. For systems installed and placed in service before July 1, 2009, you may claim the credit only if you have a carryover of the tax credit from a prior year. The individual development account contribution tax credit expired on December 31, 2004. You may claim the credit only if you have a carryover of the credit from a prior year and a proper claim of the credit was made in the applicable prior year. Each taxpayer subject to Hawaii’s net income tax and transient accommodations tax was able to claim a hotel construction and remodeling tax credit for a qualified hotel facility located in Hawaii. A nonrefundable tax credit of 10 percent was available for qualified construction or renovation costs incurred after November 1, 2001, but before July 1, 2003. The credit changed to a refundable 4 percent credit for qualified construction or renovation costs incurred after June 30, 2003 through December 31, 2005. See Department of Taxation Announcement No. 2001-20. The hotel construction and remodeling tax credit is not available for taxable years beginning after December 31, 2005. However, you may claim the credit only if you have a carryover of the credit for costs incurred after November 1 2001, but before July 1, 2003, and a proper claim of the credit was made in the applicable prior year. The technology infrastructure renovation tax credit expired on December 31, 2010. You may claim the credit only if you have a carryover of the credit from a prior year and a proper claim of the credit was made in the applicable prior year. The high technology business investment tax credit expired on December 31, 2010. You may claim the credit only if you have a carryover of the credit from a prior year and a proper claim of the credit was made in the applicable prior year. SPECIFIC INSTRUCTIONS Note: This form must be filed every year whether or not an amount of carryover credit is utilized. Part I: Adjusted Tax Liability Line 1 — Enter your adjusted tax liability from the appropriate line of your tax return. Part II: Carryover of the Credit for Energy Conservation ENERGY CONSERVATION TAX CREDIT WORKSHEET Tax Credit Amount a. Income Taxes Paid to Another State or Foreign Country................................... b. Enterprise Zone Tax Credit..... c. Add lines a through b. Enter the amount here and on line 2. Part III: Carryover of the Hotel Construction and Remodeling Tax Credit Line 7 — The law requires that ALL other credits offset a taxpayer’s tax liability BEFORE allowing a hotel construction and remodeling tax credit. Complete the Hotel Construction and Remodeling Tax Credit Worksheet below and enter the result on line 7. Line 9 — This line is for the carryover of any unused hotel construction and remodeling tax credit. Line 10 — Compare the amounts on lines 8 and 9. Enter the smaller of line 8 or 9 here, rounded to the nearest dollar. This is your maximum credit allowed for this taxable year. Line 11 — This represents your carryover of unused hotel construction and remodeling tax credit which exceed your net income tax liability and may be used as a credit against your net income tax liability in subsequent years until exhausted. HOTEL CONSTRUCTION AND REMODELING TAX CREDIT WORKSHEET Tax Credit Amount a. Income Taxes Paid to Another State or Foreign Country........ b. Enterprise Zone Tax Credit..... c. Carryover of the Energy Conservation Tax Credit.......... d. Credit for Employment of Vocational Rehabilitation Referrals................................. e. Carryover of the Individual Development Account Contribution Tax Credit........... f. Credit for School Repair and Maintenance........................... g. Carryover of the Renewable Energy Technologies Income Tax Credit (For Systems Installed and Placed In Service Before July 1, 2009)........... Line 2 — The law requires that ALL other credits offset a taxpayer’s tax liability BEFORE allowing a hotel construction and h. Renewable Energy Technologies remodeling tax credit. Complete the Energy Conservation Tax Income Tax Credit (Nonrefundable)... Credit Worksheet on this page and enter the result on line 2. i. Cesspool Upgrade, Conversion, or Connection Income Tax Credit......... Line 4 — This line is for the carryover of any unused energy conservation tax credit. j. Earned Income Tax Credit.............. Line 5 — Compare the amounts on lines 3 and 4. Enter the k. Low-Income Housing Tax Credit...... smaller of line 3 or 4 here, rounded to the nearest dollar. This is l. Carryover of the High your maximum credit allowed for this taxable year. Technology Business Line 6 — This represents your carryover of unused energy Investment Tax Credit............. conservation tax credit which exceed your net income tax liability m. Carryover of the Technology and may be used as a credit against your net income tax liability in Infrastructure Renovation Tax Credit... subsequent years until exhausted. (Continued on next page) Page 2 Instructions for Form N-323 (Rev. 2018) HOTEL CONSTRUCTION AND REMODELING TAX CREDIT WORKSHEET (Continued) RESIDENTIAL CONSTRUCTION AND REMODELING TAX CREDIT WORKSHEET Tax Credit n. Carryover of the Residential Construction and Remodeling Tax Credit................................ Amount a. Income Taxes Paid to Another State or Foreign Country........ o. Add lines a through n. Enter the amount here and on line 7. b. Enterprise Zone Tax Credit..... c. Carryover of the Energy Conservation Tax Credit.......... Part IV: Carryover of the Individual Development Account Contribution Tax Credit d. Credit for Employment of Vocational Rehabilitation Referrals................................. Line 12 — The law requires that ALL other credits offset a taxpayer’s tax liability BEFORE allowing a hotel construction and remodeling tax credit. Complete the Individual Development Account Contribution Tax Credit Worksheet below and enter the result on line 12. Line 14 — This line is for the carryover of any unused individual development account contribution tax credit. Line 15 — Compare the amounts on lines 13 and 14. Enter the smaller of line 13 or 14 here, rounded to the nearest dollar. This is your maximum credit allowed for this taxable year. Line 16 — This represents your carryover of unused individual development account contribution tax credit which exceed your net income tax liability and may be used as a credit against your net income tax liability in subsequent years until exhausted. e. Carryover of the Individual Development Account Contribution Tax Credit........... f. Credit for School Repair and Maintenance........................... g. Carryover of the Renewable Energy Technologies Income Tax Credit (For Systems Installed and Placed In Service Before July 1, 2009)........... h. Renewable Energy Technologies Income Tax Credit (Nonrefundable)... i. Cesspool Upgrade, Conversion, or Connection Income Tax Credit......... j. Earned Income Tax Credit.............. k. Low-Income Housing Tax Credit...... INDIVIDUAL DEVELOPMENT ACCOUNT CONTRIBUTION TAX CREDIT WORKSHEET Tax Credit Amount l. Carryover of the High Technology Business Investment Tax Credit............. a. Income Taxes Paid to Another State or Foreign Country........ m. Carryover of the Technology Infrastructure Renovation Tax Credit... b. Enterprise Zone Tax Credit..... n. Add lines a through m. Enter the amount here and on line 17....... c. Carryover of the Energy Conservation Tax Credit.......... Part VI: Carryover of the Renewable Energy Technologies Income Tax Credit (For Systems Installed and Placed In Service Before July 1, 2009) d. Credit for Employment of Vocational Rehabilitation Referrals................................. e. Add lines a through d. Enter the amount here and on line 12....... Part V: Carryover of the Residential Construction and Remodeling Tax Credit Line 17 — The law requires that ALL other credits offset a taxpayer’s tax liability BEFORE allowing a residential construction and remodeling tax credit. Complete the Residential Construction and Remodeling Tax Credit Worksheet on this page and enter the result on line 17. Line 19 — This line is for the carryover of any unused residential construction and remodeling tax credit. Line 20 — Compare the amounts on lines 18 and 19. Enter the smaller of line 18 or 19 here, rounded to the nearest dollar. This is your maximum credit allowed for this taxable year. Line 21 — This represents your carryover of unused residential construction and remodeling tax credit which exceed your net income tax liability and may be used as a credit against your net income tax liability in subsequent years until exhausted. Line 22 — The law requires that ALL other credits offset a taxpayer’s tax liability BEFORE allowing a renewable energy technologies income tax credit (for systems installed and placed in service before July 1, 2009). Complete the Renewable Energy Technologies Income Tax Credit (For Systems Installed and Placed In Service Before July 1, 2009) Worksheet on next page and enter the result on line 22. Line 24 — This line is for the carryover of any unused renewable energy technologies income tax credit (for systems installed and placed in service before July 1, 2009). Line 25 — Compare the amounts on lines 23 and 24. Enter the smaller of line 23 or 24 here, rounded to the nearest dollar. This is your maximum credit allowed for this taxable year. Line 26 — This represents your carryover of unused renewable energy technologies income tax credit (for systems installed and placed in service before July 1, 2009) which exceed your net income tax liability and may be used as a credit against your net income tax liability in subsequent years until exhausted. (Continued on next page) Instructions for Form N-323 (Rev. 2018) Page 3 RENEWABLE ENERGY TECHNOLOGIES INCOME TAX CREDIT (FOR SYSTEMS INSTALLED AND PLACED IN SERVICE BEFORE JULY 1, 2009) TAX CREDIT WORKSHEET Tax Credit Amount a. Income Taxes Paid to Another State or Foreign Country........ d. Credit for Employment of Vocational Rehabilitation Referrals................................. g. Add lines a through f. Enter the amount here and on line 22....... Part VII: Carryover of the Technology Infrastructure Renovation Tax Credit Line 27 — The law requires that ALL other credits offset a taxpayer’s tax liability BEFORE allowing a technology infrastructure renovation tax credit. Complete the Technology Infrastructure Renovation Tax Credit Worksheet on this page and enter the result on line 27. Line 29 — This line is for the carryover of any unused technology infrastructure renovation tax credit. Line 30 — Compare the amounts on lines 28 and 29. Enter the smaller of line 28 or 29 here, rounded to the nearest dollar. This is your maximum credit allowed for this taxable year. Line 31 — This represents your carryover of unused technology infrastructure renovation tax credit which exceed your net income tax liability and may be used as a credit against your net income tax liability in subsequent years until exhausted. TECHNOLOGY INFRASTRUCTURE RENOVATION TAX CREDIT WORKSHEET c. Carryover of the Energy Conservation Tax Credit.......... d. Credit for Employment of Vocational Rehabilitation Referrals................................. e. Carryover of the Individual Development Account Contribution Tax Credit........... f. Credit for School Repair and Maintenance........................... g. Carryover of the Renewable Energy Technologies Income Tax Credit (For Systems Installed and Placed in Service Before July 1, 2009)........... h. Renewable Energy Technologies Income Tax Credit (Nonrefundable)... j. Earned Income Tax Credit.............. Carryover of the High Technology Business Investment Tax Credit............. Part VIII: Carryover of the High Technology Business Investment Tax Credit Credit for School Repair and Maintenance........................... b. Enterprise Zone Tax Credit..... Cesspool Upgrade, Conversion, or Connection Income Tax Credit......... Amount m. Add lines a through l. Enter the amount here and on line 27....... e. Carryover of the Individual Development Account Contribution Tax Credit........... a. Income Taxes Paid to Another State or Foreign Country........ i. l. c. Carryover of the Energy Conservation Tax Credit.......... Tax Credit Tax Credit k. Low-Income Housing Tax Credit...... b. Enterprise Zone Tax Credit..... f. TECHNOLOGY INFRASTRUCTURE RENOVATION TAX CREDIT WORKSHEET (Continued) Amount Line 32 — The law requires that ALL other credits offset a taxpayer’s tax liability BEFORE allowing a high technology business investment tax credit. Complete the High Technology Business Investment Tax Credit Worksheet on this page and enter the result on line 32. Line 34 — This line is for the carryover of any unused high technology business investment tax credit. Line 35 — Compare the amounts on lines 33 and 34. Enter the smaller of line 33 or 34 here, rounded to the nearest dollar. This is your maximum credit allowed for this taxable year. Line 36 — This represents your carryover of unused high technology business investment tax credit which exceed your net income tax liability and may be used as a credit against your net income tax liability in subsequent years until exhausted. HIGH TECHNOLOGY BUSINESS INVESTMENT TAX CREDIT WORKSHEET Tax Credit a. Income Taxes Paid to Another State or Foreign Country........ b. Enterprise Zone Tax Credit..... c. Carryover of the Energy Conservation Tax Credit.......... d. Credit for Employment of Vocational Rehabilitation Referrals................................. e. Carryover of the Individual Development Account Contribution Tax Credit........... f. Credit for School Repair and Maintenance........................... g. Carryover of the Renewable Energy Technologies Income Tax Credit (For Systems Installed and Placed in Service Before July 1, 2009)........... h. Renewable Energy Technologies Income Tax Credit (Nonrefundable)... i. Cesspool Upgrade, Conversion, or Connection Income Tax Credit......... j. Earned Income Tax Credit.............. k. Low-Income Housing Tax Credit...... l. Add lines a through k. Enter the amount here and on line 32....... Amount
Extracted from PDF file 2018-hawaii-form-n-323.pdf, last modified December 2009

More about the Hawaii Form N-323 Corporate Income Tax Tax Credit TY 2018

We last updated the Carryover of Tax Credit (Rev. 2016) in February 2019, so this is the latest version of Form N-323, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form N-323 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 A-6 Tax Clearance Application
Form N-342 Renewable Energy Technologies Income Tax Credit
Form P-64A Conveyance Tax Certificate
Sch. GE General Excise / Use Tax Schedule of Exemptions and Deductions
Form TA-2 Transient Accommodations Tax Annual 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-323 from the Department of Taxation in February 2019.

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Form N-323 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-323

We have a total of seven past-year versions of Form N-323 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form N-323

Instructions for Form N-323, 2018

2017 Form N-323

Form N-323, 2014, Carryover of Tax Credits

2016 Form N-323

Form N-323, 2014, Carryover of Tax Credits

Forms 2014 2015 Form N-323

Form N-323, 2014, Carryover of Tax Credits

Forms 2014 2014 Form N-323

Form N-323, 2014, Carryover of Tax Credits

PDF Form Pack generated by formuPack 2012 Form N-323

PDF Form Pack

Forms 2011 2011 Form N-323

Form N-323, 2011, Carryover of Tax Credits


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