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Hawaii Free Printable Form N-348, Rev. 2020, Capital Infrastructure Tax Credit for 2021 Hawaii Capital Infrastructure Tax Credit

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Capital Infrastructure Tax Credit
Form N-348, Rev. 2020, Capital Infrastructure Tax Credit

Clear Form STATE OF HAWAII—DEPARTMENT OF TAXATION FORM N-348 (REV. 2020) CAPITAL INFRASTRUCTURE TAX CREDIT TAX YEAR Or fiscal year beginning ________________, 2020, and ending _________________, 20____ 2020 ATTACH TO FORM F-1, N-11, N-15, N-20, N-30, N-35, N-40, OR N-70NP. Name(s) as shown on tax return SSN or FEIN Note: The Capital Infrastructure Tax Credit expired on December 31, 2019. You may claim the tax credit only if (1) you received a distributive share of renovation costs from a partnership, trust, estate, or S corporation whose fiscal year ended in 2020, OR (2) you have a carryover of the tax credit from a prior year. Part I TAX CREDIT RECEIVED FROM A FLOW-HROUGH ENTITY 1 Total New Credit Claimed — Flow through of capital infrastructure tax credit received from other entities, if any. Check the applicable box below. Enter the name and Federal Employer I.D. No. of Entity:   a  Partner — enter amount from Schedule K-1 (Form N-20), line 26..........................................................................   b  S corporation shareholder — enter amount from Schedule K-1 (Form N-35), line 16k...........................................   c  Beneficiary — enter amount from Schedule K-1 (Form N-40), line 9......................................................................   d  Patron — enter the amount from federal Form 1099-PATR..................................................................................... Also enter this amount on Schedule CR , line 22 in Column (a) ...................................................................................... Note: Form N-20 and Form N-35 filers, enter the amount on line 1 on the appropriate lines of Form N-20, Schedule K or Form N-35, Schedule K; skip lines 2 through 8; and continue to Parts III and IV. Form N-40 filers, see the Instructions. Part II APPLIED TAX CREDIT FOR 2020 AND CARRYOVER COMPUTATION 2 Carryover of unused capital infrastructure tax credit from prior year................................................................................. 3 Tentative current year capital infrastructure tax credit (Add lines 1 and 2)......................................................................... 4 Adjusted Tax Liability (Not to be completed by Form N-20 and Form N-35 filers) Enter your adjusted tax liability from the applicable Form F-1, N-11, N-15, N-30, N-40 or N-70NP..................................... 5 If you are claiming other nonrefundable credits, complete the credit worksheet in the instructions and enter the total here. If you are not claiming other nonrefundable credits, enter zero.................................................................. 6 Line 4 minus line 5. This represents your remaining tax liability. If the result is zero or less than zero, enter zero............ 7 Total Credit Applied — Enter the smaller of line 3 or line 6. This is your capital infrastructure tax credit applied for the year. Also, enter this amount on Schedule CR, line 22 in Column (b) or Form F-1, line 73, whichever is applicable....... 8 Unused Credit to Carryover — Line 3 minus line 7. This represents your current year’s carryover of unused credit which may be carried over and used as a credit against your tax liability in subsequent years until exhausted. If this amount is more than zero, also enter it on Schedule CR, line 22 in Column (c) .............................................................. Part III 2 3 4 5 6 7 8 RECAPTURE OF THE TAX CREDIT 1 Enter the amount of the credit claimed in tax years 2014 through 2019............................................................................ 2 Enter your share of the recapture of the credits as reported on Schedule K-1(s).............................................................. 3 Add lines 1 and 2. This represents the recapture of the credit. Enter or include this amount, rounded to the nearest dollar, on the applicable line of your tax return. (See Instructions)..................................................................................... Part IV 1 1 2 3 FLOW-THROUGH ENTITIES ALLOCATING THE CREDIT TO ITS PARTNERS, SHAREHOLDERS, OR BENEFICIARIES 1. Tax credit allocated to partners, shareholders, or beneficiaries. Enter the amount from Part II, line 3............................ $ 2. Allocation of the tax credit to its partners, shareholders, or beneficiaries as follows (if more space is needed, attach additional sheet(s)): (a) No. (b) Name and Address of Partner, Shareholder, or Beneficiary 1 ------------------------------------------------------------------------------------------------------------ 2 ------------------------------------------------------------------------------------------------------------ 3 ------------------------------------------------------------------------------------------------------------ 4 ------------------------------------------------------------------------------------------------------------ 5 ------------------------------------------------------------------------------------------------------------ (c) Identifying No. of Partner, Shareholder, or Beneficiary (d) Amount of Tax Credit Allocated 3. Total from additional sheet(s)..................................................................................................................................... 3 4. Total amounts allocated (Must equal Part IV, line 1 above.)....................................................................................... 4 N348_I 2020A 01 VID01 ID NO 01 FORM N-348 (REV. 2020) Form N-348 Instructions (REV. 2020) Note: The Capital Infrastructure Tax Credit expired on December 31, 2019. You may claim the credit only if (1) you received a distributive share of the capital infrastructure costs from a partnership, trust, estate, or S corporation whose fiscal year ended in 2020, or (2) you have a carryover of the tax credit from a previous year. GENERAL INSTRUCTIONS The capital infrastructure tax credit under section 235-17.5, Hawaii Revised Statutes, helps tenants who were displaced by the Kapalama container terminal project, is effective for taxable years beginning after December 31, 2013. The credit will not be available for taxable years beginning after December 31, 2019. The tax credit is the lesser of 50% of the capital infrastructure costs paid or incurred by a qualified infrastructure tenant during the taxable year or $2,500,000. This credit may not be claimed if the capital infrastructure costs are used to claim another credit. The deadline to claim the credit, including amended claims, is 12 months after the close of your taxable year. You cannot claim or amend the credit after the deadline. Credit Requirements To claim this credit, you must complete and attach to your Hawaii income tax or franchise tax return (1) Form N-348; (2) Schedule CR (Forms N-11, N-15, N-30, N-40 and N-70NP) and (3) Schedule K-1 (if reporting your distributive share). Even if you are not able to use this credit because your tax liability on line 6 is zero, file the forms listed above with your Hawaii tax return to claim and carryover your unused credit. If the forms are not attached you will lose your claim of the distributive share and lose any carryover of your unused credit. PAGE 2 instructions and enter the result on line 5. If you are not claiming other nonrefundable credits, enter zero. Part III, Recapture of the Tax Credit Line 1 — The recapture is 100% of the amount of the total tax credit claimed in the preceding five taxable years. Line 2 — Enter the total amount of recapture of the credit reported on all Schedule K-1(s) issued to you. Part IV, Flow-Through Entities Allocating the Credit to its Partners, Shareholders, or Beneficiaries Line 1 — Enter the amount from Part III, line 3, to be distributed to partners, S corporation shareholders, or beneficiaries. Line 2 — Column (b) – Partner, S corporation shareholder, or beneficiary’s name and address. Column (c) – Partner, S corporation shareholder, or beneficiary’s identifying number. For each partner, S corporation shareholder, or beneficiary, enter the social security number (SSN) for individuals, or the federal employer identification number (FEIN) for all other entities. For those partners, S corporation shareholders, or beneficiaries who file a joint return, enter the spouse’s SSN. Column (d) – Amount of the capital infrastructure tax credit allocated to partner, S corporation shareholder, or beneficiary. Line 3 — If you are allocating the capital infrastructure tax credit to more than 5 partners, S corporation shareholders, or beneficiaries, list the additional partners, S corporation shareholders, or beneficiaries on an attached sheet that follows the format of line 2. Enter on line 3 the total from the attached sheet(s). Line 4 — Total the amounts in line 2, column (d), and line 3. This amount must equal the amount entered in Part IV, line 1. CAPITAL INFRASTRUCTURE TAX CREDIT WORKSHEET Tax Credit Recapture of the Tax Credit a. Income Taxes Paid to Another State or Foreign Country........ Any credit claimed shall be recaptured following the close of the taxable year for which the credit is claimed if: b. Enterprise Zone Tax Credit..... (1) Within three years: (A) The qualified infrastructure tenant fails to continue the line of business it conducted as of July 1, 2014; or (B) The interest in the qualified infrastructure tenant, whether in whole or in part, has been sold, exchanged, withdrawn, or otherwise disposed of by the taxpayer claiming a credit; or (2) The qualified infrastructure tenant fails to relocate from the former Kapalama military reservation site to another location, pursuant to a lease with the Department of Transportation, within 90 days of the execution of the lease. The recapture shall be equal to 100% of the amount of the total tax credit claimed in the preceding five taxable years, and shall be added to the taxpayer’s tax liability for the taxable year in which the recapture occurs. SPECIFIC INSTRUCTIONS Part I, Tax Credit Received from a Flow-Through Entity Line 1 — Enter your share of the capital infrastructure tax credit from a partnership, S corporation, estate, or trust. Also enter the name and federal employer identification number of any flow-through entity who has passed the tax credit through to you. If additional space is needed, include the information on an attached schedule. Form N-20 filers, enter the amount on line 1 on Form N-20, Schedule K; skip lines 2 through 8; and continue to Parts III and IV. Form N-35 filers, enter the amount on line 1 on Form N-35, Schedule K; skip lines 2 through 8; and continue to Parts III and IV. Form N-40 filers, enter the distributive share amount on Form N-40, Schedule K-1, for each beneficiary, otherwise, continue to line 2. All others, continue to line 2. Part II, Applied Tax Credit for 2020 and Carryover Computation Line 2 — This line is for the carryover of unused capital infrastructure tax credit from the prior year. Line 3 — Add lines 1 and 2. This is your tentative current year capital infrastructure tax credit. Line 5 — The law requires that certain other credits offset a taxpayer’s tax liability before allowing a capital infrastructure tax credit. If you are claiming other nonrefundable credits, complete the Credit Worksheet in these Amount 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. Healthcare Preceptor Tax Credit...... l. Low-Income Housing Tax Credit...... m. Carryover of the High Technology Business Investment Tax Credit............. n. Carryover of the Technology Infrastructure Renovation Tax Credit... o. Carryover of the Residential Construction and Remodeling Tax Credit................................ p. Carryover of the Hotel Construction and Remodeling Tax Credit................................ q. Add lines a through p. Enter the amount here and on Part II, line 5.......................
Extracted from PDF file 2020-hawaii-form-n-348.pdf, last modified October 2014

More about the Hawaii Form N-348 Corporate Income Tax Tax Credit TY 2020

We last updated the Capital Infrastructure Tax Credit in March 2021, so this is the latest version of Form N-348, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form N-348 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 Sch. AMD Explanation of Changes on Amended Return (2012)
Form N-40 Sch. D Capital Gains & Losses (Form N-40)
Form A-6 Tax Clearance Application
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-348 from the Department of Taxation in March 2021.

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Form N-348 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-348

We have a total of seven past-year versions of Form N-348 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form N-348

Form N-348, Rev. 2020, Capital Infrastructure Tax Credit

2019 Form N-348

Form N-348, Rev. 2019, Capital Infrastructure Tax Credit

2018 Form N-348

Form N-348, Rev. 2018, Capital Infrastructure Tax Credit

2017 Form N-348

Form N-348, Rev. 2016, Capital Infrastructure Tax Credit

2016 Form N-348

Form N-348, Rev. 2016, Capital Infrastructure Tax Credit

Forms 2015 2015 Form N-348

Form N-348, Rev. 2015, Capital Infrastructure Tax Credit

Forms 2014 - Fillable 2014 Form N-348

Form N-348 (2014), Capital Infrastructure Tax Credit


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