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Hawaii Free Printable Form N-342, 2019, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009 for 2020 Hawaii Renewable Energy Technologies Income Tax Credit

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Renewable Energy Technologies Income Tax Credit
Form N-342, 2019, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009

Clear Form STATE OF HAWAII __ DEPARTMENT OF TAXATION FORM N-342 (REV. 2019) TAX YEAR RENEWABLE ENERGY TECHNOLOGIES INCOME TAX CREDIT 2019 (FOR SYSTEMS INSTALLED AND PLACED IN SERVICE ON OR AFTER JULY 1, 2009) Note: Use a separate form for each eligible system and for carryover credit(s).       Or fiscal year beginning __________________, 2019, and ending ____________________, 20______ ATTACH THIS SCHEDULE TO YOUR FORM F-1, N-11, N-15, N-20, N-30, N-35, N-40, OR N-70NP Name SSN or FEIN PHYSICAL PROPERTY ADDRESS WHERE THE SYSTEM WAS INSTALLED AND PLACED IN SERVICE: (Enter “CARRYOVER” if claiming carryover credit(s).) Address (Number and Street) City or Town Postal/ZIP Code COMPUTATION OF TAX CREDIT Note: If you are only claiming your distributive share of a tax credit distributed from an S corporation, partnership, estate, or trust (Form N-342A), skip lines 1 through 39 and begin on line 40. Note: If you are claiming carryover credit(s), skip lines 1 through 46 and begin on line 47. Note: Form N-20 and Form N-35 filers complete only lines 1 thru 41. Enter date system was installed and placed in service   ____/____/____ (Leave blank if claiming carryover credit(s).) SOLAR ENERGY SYSTEM Enter Total Output Capacity if credit is for an “other solar energy system” (See instructions)  ________ (Leave blank if claiming carryover credit(s).) 1. Enter your total cost of the qualified solar energy system installed and placed in service in Hawaii (See instructions if there are multiple owners of the system.)........................................ 1 2. Enter the amount of consumer incentive premiums, costs used for other credits, and utility rebate, if any, received for the qualifying solar energy system................................................... 2 3. Actual cost of the solar energy system. (Subtract line 2 from line 1 and enter result.).............. 3 4. Is this solar energy system primarily used to heat water for household use?     Yes. Go to line 5.  SYSTEM PRIMARILY USED TO HEAT WATER FOR HOUSEHOLD USE (lines 5 - 14)       No. Go to line 15. 5. Enter the amount from line 3 that is installed and placed in service in Hawaii on single-family residential property................................................................................................................... 5 6. Enter 35% of line 5 or $2,250, whichever is less......................................................................................................................... 7. Enter the amount from line 3 that is installed and placed in service in Hawaii on multi-family residential property................................................................................................................... 7 8. Divide the total square feet of your unit by the total square feet of all units in the multi-family residential property. Enter the decimal (rounded to 2 decimal places). (See instructions.)........ 8 9. Actual per unit cost of the solar energy system. (Multiply line 7 by line 8 and enter result.)...... 9 10. Enter 35% of line 9 or $350, whichever is less........................................................................... 10 11. Multiply line 10 by the number of units you own to which the allocated unit cost on line 9 is applicable. (Number of units you own __________ )............................................................................................................... 12. Enter the amount from line 3 that is installed and placed in service in Hawaii on commercial property............... 12 13. Enter 35% of line 12 or $250,000, whichever is less................................................................................................................... 14. Add lines 6, 11, and 13, and enter result (but not less than zero)............................................................................................... SYSTEM NOT PRIMARILY USED TO HEAT WATER FOR HOUSEHOLD USE (lines 15 - 26) 15. Enter the amount from line 3 that is installed and placed in service in Hawaii on single-family residential property................................................................................................................... 15 16. Enter 35% of line 15 or $5,000, whichever is less...................................................................... 16 17. Was this system used as a substitute for a solar water heating system that is required for new single-family residential property constructed on or after January 1, 2010?     Yes. Enter 35% of line 15 or $2,250, whichever is less.     No. Enter zero................................................................................................................ 17 18. Line 16 minus line 17.................................................................................................................................................................. 19. Enter the amount from line 3 that is installed and placed in service in Hawaii on multi-family residential property................................................................................................................... 19 20. Divide the total square feet of your unit by the total square feet of all units in the multi-family residential property. Enter the decimal (rounded to 2 decimal places). (See instructions.)........ 20 21. Actual per unit cost of the solar energy system. (Multiply line 19 by line 20 and enter result.).. 21 22. Enter 35% of line 21 or $350, whichever is less......................................................................... 22 23. Multiply line 22 by the number of units you own to which the allocated unit cost on line 21 is applicable. (Number of units you own __________ )............................................................................................................... 24. Enter the amount from line 3 that is installed and placed in service in Hawaii on commercial property................ 24 25. Enter 35% of line 24 or $500,000, whichever is less................................................................................................................... 26. Add lines 18, 23, and 25, and enter result (but not less than zero)............................................................................................. 6 11 13 14 18 23 25 26 (Continued on back) FORM N-342 N342_I 2019A 01 VID01 ID NO 01 Form N-342 (REV. 2019) WIND-POWERED ENERGY SYSTEM Page 2 Enter date system was installed and placed in service    ____/____/____ (Leave blank if claiming carryover credit(s).) 27. Enter your total cost of the qualified wind-powered energy system installed and placed in service in Hawaii (See instructions if there are multiple owners of the system.)........................ 27 28. Enter the amount of consumer incentive premiums, costs used for other credits, and utility rebate, if any, received for the qualifying wind-powered energy system.................................... 28 29. Actual cost of the wind-powered energy system (Subtract line 28 from line 27 and enter result.).......... 29 30. Enter the amount from line 29 that is installed and placed in service in Hawaii on single-family residential property............................................................................................ 30 31. Enter 20% of line 30 or $1,500, whichever is less....................................................................................................................... 32. Enter the amount from line 29 that is installed and placed in service in Hawaii on multi-family residential property................................................................................................................... 32 33. Divide the total square feet of your unit by the total square feet of all units in the multi-family residential property. Enter the decimal (rounded to 2 decimal places). (See instructions.)........ 33 34. Actual per unit cost of the wind-powered energy system. (Multiply line 32 by line 33 and enter result.)............................................................................................................................... 34 35. Enter 20% of line 34 or $200, whichever is less........................................................................ 35 36. Multiply line 35 by the number of units you own to which the allocated unit cost on line 34 is applicable. (Number of units you own __________ )............................................................................................................... 37. Enter the amount from line 29 that is installed and placed in service in Hawaii on commercial property.............. 37 38. Enter 20% of line 37 or $500,000, whichever is less................................................................................................................... 39. Add lines 31, 36, and 38, and enter result (but not less than zero)............................................................................................. 31 36 38 39 DISTRIBUTIVE SHARE OF TAX CREDIT 40. Distributive share of solar energy tax credit from attached Form N-342A.................................................................................. 40 41. Distributive share of wind-powered energy tax credit from attached Form N-342A.................................................................... 41 STOP HERE IF YOU ARE FILING FORM N-20 OR FORM N-35 To elect to claim the tax credit as a refundable tax credit, complete this section. Otherwise, skip to line 47. REFUNDABLE TAX CREDIT Note: Refundable election cannot be revoked or amended. 42. Check the appropriate box:  a. I elect to treat the tax credit for a solar energy system as refundable. The amount of the tax credit will be reduced by 30%.  b. I elect to treat the tax credit for a solar energy system or a wind-powered energy system as refundable. ALL of my income is .exempt from Hawaii taxation under a public retirement system or received in the form of a pension for past services or my Hawaii adjusted gross income is $20,000 or less ($40,000 or less if filing jointly). 43. If you checked the box on line 42(a), enter the amount from line 14, 26, or 40, (If you checked the box on line 42(b), go to line 46.)..... 43 44. Multiply line 43 by 30% (0.30)..................................................................................................................................................... 44 45. Line 43 minus line 44. This is your refundable renewable energy technologies income tax credit. Enter this amount, rounded to the nearest dollar, on the appropriate line on Schedule CR; Form N-40, Schedule F; or Form F-1, Schedule I; whichever is applicable. (Stop here. Do not complete the rest of the form.)............................................................................... 45 46. If you checked the box on line 42(b), enter the amount from line 14, 26, 39, 40, or 41. This is your refundable renewable energy technologies income tax credit. Enter this amount, rounded to the nearest dollar, on the appropriate line on Schedule CR. (Stop here. Do not complete the rest of the form.)............................................................................................... 46                   NONREFUNDABLE TAX CREDIT 47. Carryover of unused renewable energy technologies income tax credit (for systems installed and placed in service on or after July 1, 2009) from prior years. (See instructions.)... 47 48. Enter the amount from line 14, 26, 39, 40, or 41........................................................................ 48 49. Enter the amount from line 47 or line 48..................................................................................................................................... 49 Adjusted tax liability 50. a. Individuals — Enter the amount from Form N-11, line 34; or Form N-15, line 51.................................................................. b. Corporations — Enter the amount from Form N-30, line 13.................................................................................................. c. Other filers — Enter the amount from Form F-1, line 71; Form N-40, Schedule G, line 3; or Form N-70NP, line 18............. 50 51. If you are claiming other credits, including the nonrefundable renewable energy technologies income tax credit for another system, complete the credit worksheet in the instructions and enter the total here....................................................... 52. Line 50 minus line 51. This represents your tax liability, as adjusted. If the result is zero or less than zero, enter zero.............. 53. Total credit allowed — Enter the smaller of line 49 or line 52. This is your nonrefundable renewable energy technologies income tax credit allowable for the year. Enter this amount, rounded to the nearest dollar, on the appropriate line on Schedule CR; Form N-40, Schedule E; or Form F-1, Schedule H; whichever is applicable........................................................ 54. Line 49 minus line 53. This represents your carryover of unused credit. The amount of any unused tax credit may be carried over and used as a credit against your tax liability in subsequent years until exhausted................................................ 51 52 53 54 FORM N-342
Extracted from PDF file 2019-hawaii-form-n-342.pdf, last modified December 2009

More about the Hawaii Form N-342 Corporate Income Tax Tax Credit TY 2019

We last updated the Renewable Energy Technologies Income Tax Credit in February 2020, so this is the latest version of Form N-342, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form N-342 directly from TaxFormFinder. You can print other Hawaii tax forms here.

Related Hawaii Corporate Income Tax Forms:

TaxFormFinder has an additional 164 Hawaii income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Hawaii Form N-342.

Form Code Form Name
Form N-342A Information Statement Concerning Renewable Energy
Form N-342C Composite Schedule For Form N-342 (Rev. 2016)
Form N-342B Composite Schedule For Form N-342A (Rev. 2014)

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-342 from the Department of Taxation in February 2020.

Show Sources >

Form N-342 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-342

We have a total of eight past-year versions of Form N-342 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form N-342

Form N-342, 2019, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009

2018 Form N-342

Form N-342, 2013, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009

2017 Form N-342

Form N-342, 2013, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009

2016 Form N-342

Form N-342, 2013, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009

Forms 2013 - CD Fillable 2015 Form N-342

Form N-342, 2013, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009

Forms 2013 - CD Fillable 2014 Form N-342

Form N-342, 2013, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009

Forms 2012 - CD Fillable 2012 Form N-342

Form N-342, 2012, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009

Forms 2011 - CD Fillable 2011 Form N-342

Form N-342, 2011, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009


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