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Hawaii Free Printable Form N-586, Rev 2019, Tax Credit for Low-Income Housing for 2021 Hawaii Tax Credit for Low-Income Housing (Rev. 2016)

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Tax Credit for Low-Income Housing (Rev. 2016)
Form N-586, Rev 2019, Tax Credit for Low-Income Housing

Clear Form STATE OF HAWAII—DEPARTMENT OF TAXATION TAX     FORM YEAR Or fiscal year beginning _________________, 2019, and ending __________________, 20____   (REV. 2019) Enter the start and end of your tax year in the space provided.   N-586 TAX CREDIT FOR LOW-INCOME HOUSING 2019 ATTACH THIS SCHEDULE AND A COPY OF FEDERAL FORM 8586 TO FORM N-11, N-15, N-20, N-30, N-35, N-40, N-70NP, F-1 OR TO THE ANNUAL PREMIUM TAX RETURN (Form 314), WHICHEVER IS APPLICABLE. ATTACH A COPY OF FORMS 8609 AND 8609-A TO THIS SCHEDULE. Name(s) as shown on Form N-11, N-15, N-20, N-30, N-35, N-40, N-70NP, F-1, or Form 314 NOTE: If you are only claiming the tax credit from a flow-through entity, start on line 5. Social Security Number Federal Employer I.D. No. Part I Low-Income Housing Credit 1 Name and address of building(s) for which the credit is being claimed _________________________________________________________________________________________________ 2 Date building(s) placed in service (month, year)__________________________________________________________________ a Is this date after December 31, 2011?    Yes     No b If yes, did you elect to take the low-income housing tax credit loan?    Yes     No If “Yes,” you cannot claim this credit. Do not complete this form. 3 Enter the amount of the tax credit allocated by the HHFDC prior to January 1, 2017 to Hawaii property placed in service on or after July 1, 2005.................................................................................................... 3 4 Multiply the amount on line 3 by 50% and enter here................................................................................. 4 5 Enter the amount of the tax credit allocated by the HHFDC after December 31, 2016 to Hawaii property placed in service on or after January 1, 2017 (see Instructions)................................................................. 5 6 Flow through of Hawaii low-income housing credit received from other entities, if any: Check the applicable box below.  Enter the name and Federal Employer I.D. No. of Entity: __________________________________________________________________________________  a S corporation shareholder — enter total from Schedule K-1 (Form N-35), line 16d.......................  b Partner — enter amount from Schedule K-1 (Form N-20), line 19..................................................  c Beneficiary — enter amount from Schedule K-1 (Form N-40), line 7b............................................  d Patron — enter the amount from federal Form 1099-PATR............................................................. 6 7 Carryover of unused low-income housing tax credit from prior years......................................................... 7 8 Tentative current year low-income housing credit (Add lines 4, 5, 6, and 7)............................................... 8 Note:  Form N-20, Form N-35, and Form 314 filers stop here and enter the amount on line 8 on the appropriate lines of your tax return. Part II Tax Liability Limitations (Not to be completed by Form N-20, Form N-35, and Form 314 filers) 9 a Individuals — Enter the amount from Form N-11, line 34, Form N-15, line 51.................................... b Corporations — Enter the amount from Form N-30, line 13................................................................ c Other filers — Enter the amount from the applicable form................................................................... 10 If you are claiming other credits, complete the credit worksheet in the instructions and enter the total here..................................................................................................................................................... 11 Line 9 minus line 10. This represents your adjusted tax liability. If the result is zero or less than zero, enter zero here and on line 12.................................................................................................................... 12 Total credit allowed — Enter the smaller of line 8 or 11, rounded to the nearest dollar. This is your low-income housing credit allowable for the year. Enter this amount on Schedule CR, line 4 (for Form N-11, N-15, N-30, and N-70NP filers); Form N-40, Schedule E, line 4; Form F-1, Schedule H, line 2; or on Form 314, whichever is applicable......................................................................................................... 13 Line 8 minus line 12. 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 income tax liability in subsequent years until exhausted............................................................................................................................................ 9 10 11 12 13 (Continue on back) FORM N-586 N586_I 2019A 01 VID01 ID NO 01 FORM N-586 (REV. 2019) PART III Page 2 Recapture of Low-Income Housing Credit Building Date placed in service (from Form N-586) Address of Building (as shown on Form N-586) A B Building A B 1 Enter the amount of accelerated portion of tax credits recaptured, federal Form 8611, line 7................................................... 1 2 Enter the appropriate credit percentage (see Instructions)................... 2 3 Multiply line 1 by line 2 and enter result................................................ 3 4 Enter net recapture amount from flow-through entities, Schedule K-1 or federal Form 1099-PATR................................................................... 4 5 Enter the interest on line 4 recapture amount (see Instructions) ......... 5 6 IRC Section 42 (j)(5) Partnerships ONLY - Enter interest on line 3 recapture amount.................................................................... 6 Total recapture - Add lines 3, 4, 5, and 6.  Enter here and on proper line of your tax return ................................................................ 7 7 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 Tax Credit. . . . . . . . . . . . j. Earned Income Tax Credit . . . . . . . . k. Healthcare Preceptor Tax Credit. . . . l. Add lines a through k. Enter the amount here and on line 10. . . . . . . . . . . . . . . . . . . . . . . . Amount TOTAL
Extracted from PDF file 2019-hawaii-form-n-586.pdf, last modified October 2003

More about the Hawaii Form N-586 Corporate Income Tax Tax Credit

We last updated the Tax Credit for Low-Income Housing (Rev. 2016) in March 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Hawaii Department of Taxation. You can print other Hawaii tax forms here.


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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-848 Power of Attorney
Form A-6 Tax Clearance Application
Form N-342 Renewable Energy Technologies Income Tax Credit
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-586 from the Department of Taxation in March 2020.

Show Sources >

Form N-586 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-586

We have a total of eight past-year versions of Form N-586 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form N-586

Form N-586, Rev 2019, Tax Credit for Low-Income Housing

2018 Form N-586

Form N-586, Rev 2018, Tax Credit for Low-Income Housing

2017 Form N-586

Form N-586, Rev 2017, Tax Credit for Low-Income Housing

2016 Form N-586

Form N-586, Rev 2016, Tax Credit for Low-Income Housing

Forms 2015 - Web Fillable 2015 Form N-586

Form N-586, Rev 2015, Tax Credit for Low-Income Housing

Forms 2014 - Web Fillable 2014 Form N-586

Form N-586, Rev 2014, Tax Credit for Low-Income Housing

PDF Form Pack generated by formuPack 2012 Form N-586

PDF Form Pack

Forms 2011 - CD Fillable 2011 Form N-586

Form N-586, Rev 2011, Tax Credit for Low-Income Housing


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