×
tax forms found in
Tax Form Code
Tax Form Name

Hawaii Free Printable Form N-586, Rev 2020, Tax Credit for Low-Income Housing for 2021 Hawaii Tax Credit for Low-Income Housing (Rev. 2016)

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2020-hawaii-form-n-586.pdf, and you can print it directly from your computer.

Tax Credit for Low-Income Housing (Rev. 2016)
Form N-586, Rev 2020, Tax Credit for Low-Income Housing

Clear Form STATE OF HAWAII—DEPARTMENT OF TAXATION TAX     FORM YEAR Or fiscal year beginning _________________, 20___, and ending __________________, 20____   (REV. 2020) Enter the start and end of your tax year in the space provided.   N-586 TAX CREDIT FOR LOW-INCOME HOUSING 20__ 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 tax return or on Form 314 Social Security Number NOTE: If you are only claiming the tax credit from a flow-through entity, start on line 5. 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 the appropriate amount from Schedule K-1 (Form N-35)  b Partner — enter the appropriate amount from Schedule K-1 (Form N-20)  c Beneficiary — enter the appropriate amount from Schedule K-1 (Form N-40)  d Patron — enter the amount from federal Form 1099-PATR............................................................. 6 7 Total New Credit Claimed — Add lines 4, 5 and 6. Also enter this amount on Schedule CR in Column (a) of the appropriate line for this tax credit.................................................................................. 7 Note: Pass-through entities and Form 314 filers, stop here and enter the amount from line 7 on the appropriate lines of your tax return. For Form N-40 filers who are reporting the trust or estate’s share, continue on to line 8. 8 Carryover of unused low-income housing tax credit from prior years......................................................... 9 Tentative current year low-income housing credit (Add lines 7 and 8)........................................................ Part II Tax Liability Limitations (Not to be completed by Form N-20, Form N-35, and Form 314 filers) 10 Adjusted Tax Liability — Enter your adjusted tax liability from the applicable line of Form N-11, N-15, N-30, N-40, or N-70NP...................................................................................................................... 11 If you are claiming other nonrefundable credits, complete the credit worksheet on page 2 and enter the total here. If you are not claiming other nonrefundable credits, enter zero. ................................. 12 Line 10 minus line 11. This represents your remaining tax liability. If the result is zero or less, enter zero.................................................................................................................................................... 13 Total Credit Applied — Enter the smaller of line 9 or 12, rounded to the nearest dollar. This is your low-income housing credit applied for the year. Also, enter this amount on Schedule CR in Column (b) of the appropriate line for this tax credit for Form N-11, N-15, N-30, N-40 and N-70NP filers or on Form F-1, Schedule H, whichever is applicable.................................................................................................... 14 Unused Credit to Carryover — Line 9 minus line 13. This represents your current year’s 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. If this amount is more than zero, also enter it on Schedule CR in Column (c) of the appropriate line for this tax credit....................................... 8 9 10 11 12 13 14 (Continue on back) FORM N-586 N586_I 2020A 01 VID01 ID NO 01 FORM N-586 (REV. 2020) 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. . . . . k. Historic Preservation Tax Credit. . . . . m. Add lines a through l. Enter the amount here and on line 11 . . . . . . . Amount TOTAL
Extracted from PDF file 2020-hawaii-form-n-586.pdf, last modified October 2003

More about the Hawaii Form N-586 Corporate Income Tax Tax Credit TY 2020

We last updated the Tax Credit for Low-Income Housing (Rev. 2016) in March 2021, so this is the latest version of Form N-586, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form N-586 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 Sch. AMD Explanation of Changes on Amended Return (2012)
Form N-342 Renewable Energy Technologies Income Tax Credit
Form A-6 Tax Clearance Application
Form N-40 Sch. D Capital Gains & Losses (Form N-40)
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-586 from the Department of Taxation in March 2021.

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 nine 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:


2020 Form N-586

Form N-586, Rev 2020, Tax Credit for Low-Income Housing

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


TaxFormFinder Disclaimer:

While we do our best to keep our list of Hawaii Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/hawaii/form-n-586