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Hawaii Free Printable Form TA-42, Rev 2018, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value for 2024 Hawaii Transient Accommodations Tax - Time Share Occupancy Registration

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Transient Accommodations Tax - Time Share Occupancy Registration
Form TA-42, Rev 2018, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

Clear Form FORM TA-42 (REV. 2018) STATE OF HAWAII — DEPARTMENT OF TAXATION TIME SHARE OCCUPANCY WORKSHEET — CALCULATION OF TOTAL FAIR MARKET RENTAL VALUE (Do NOT file this worksheet with the Department of Taxation.  Keep it for your records.) PLAN MANAGER: PLAN NAME: HAWAII TAX I.D. NO. : TA _ _ _-_ _ _-_ _ _ _-_ _ UNIT #: PERIOD OF: A. OWNER’S NAME B. TIME INTERVAL PERIOD (Ex. 1/1 - 1/14) C. NUMBER OF DAYS Occupied (1) Not Occupied (2) Rented (3) D. DAILY FAIR MARKET RENTAL VALUE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 TOTAL. Add lines 1 through 30 of Column E.  Enter here and include total in the applicable district on Form TA-1, Part II, lines 5 through 8. E. TOTAL FAIR MARKET RENTAL VALUE FOR PERIOD (Col. C(1) x Col. D) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 FORM TA-42 FORM TA-42 INSTRUCTIONS (REV. 2018) GENERAL INSTRUCTIONS Section 237D-2, Hawaii Revised Statutes, provides that the transient accommodations tax on time share occupancy is levied on the occupant of a resort time share vacation unit at the following rates on the unit’s fair market rental value: (1) 7.25% until December 31, 2015; (2) 8.25% beginning on January 1, 2016, to December 31, 2016; (3) 9.25% beginning on January 1, 2017, to December 31, 2017; and (4) 10.25% beginning on January 1, 2018, to December 31, 2030. The time share plan manager shall be liable for and pay to the State the transient accommodations tax on time share occupancy. The plan manager should not file this worksheet with the Department of Taxation. The plan manager is required to maintain this worksheet and to produce it upon request by the Department of Taxation. SPECIFIC INSTRUCTIONS Note: Use this worksheet to calculate the amount of the total fair market rental value to report on your monthly, quarterly, or semi-annual transient accommodations — time share occupancy tax return. Use a separate worksheet for each unit in the time share plan. At the top of the worksheet, write:  Your name,  Your Hawaii Tax I.D. Number,  The month, quarter, or semiannual period and year covered by the worksheet,  The name of the time share plan, and  The time share unit number. Column A — Enter the name of the owner. “Owner” means any person who owns a resort time share vacation interest; provided that to the extent and for those purposes provided in an agreement of sale, the vendee under the agreement of sale shall be considered the owner of the resort time share vacation interest. Column B — Enter the time interval period. Column C(1) — Enter the number of days that the resort time share vacation unit was (1) occupied by the owner of the time share unit, or (2) occupied by some other person. Do not include the number of days that the time share unit was occupied by some other person who rented the time share unit from the owner. These days will be included in Column C(3). Column C(2) — Enter the number of days that the resort time share vacation unit was not occupied. Column C(3) — Enter the number of days that the resort time share vacation unit was rented by the owner to some other person. Example: A is the owner of a resort time share vacation unit for the time interval period 1/1/2019 — 1/14/2019. During the period from 1/1/2019 — 1/3/2019, A occupied the time share unit. During the period from 1/4/2019 — 1/14/2019, A decided not to stay at his time share unit. Instead, A let his friend B stay at the time share unit for the period 1/4/2019 — 1/5/2019. During the period from 1/6/2019 — 1/7/2019, the time share unit was not occupied. During the period from 1/8/2019 — 1/14/2019, A rented the time share unit to C. The number of days that should be entered in Column C(1), days occupied, is 5. This includes the 3 days that A occupied the time share unit and the 2 days that B occupied the time share unit. The number of days that should be entered in Column C(2), days not occupied, is 2. The number of days that should be entered in Column C(3), days rented, is 7. Column D — Enter the daily fair market rental value of the unit. Fair market rental value is defined as an amount equal to one-half of the gross daily maintenance fees that are paid by the owner and are attributable to the time share unit located in Hawaii. Gross daily maintenance fees include maintenance costs, operational costs, insurance, repair costs, administrative costs, taxes, other than transient accommodations taxes, resort fees, and other costs including payments required for reserves or sinking funds. Amounts paid for optional goods and services such as food and beverage services or beach chair or umbrella rentals shall be excluded from fair market rental value. Example: The gross maintenance fees that are paid by A for his time interval period 1/1/2019 — 1/14/2019 is $700. The daily fair market rental value that should be entered in Column D is $25, calculated as follows: (1) Divide the gross maintenance fees for the time interval period 1/1/2019 — 1/14/2019 by 14 to obtain the daily gross maintenance fee ($700 / 14 days = $50). (2) Divide the daily gross maintenance fee by 2 to obtain one-half the gross daily maintenance fee ($50 / 2 = $25). Column E — Multiply Column C(1) by Column D and enter the result. Line 31 — Add lines 1 through 30 of Column E and enter the total on line 31. Also include this amount in the applicable district on Form TA-1, Part II. WHERE TO GET INFORMATION AND FORMS Taxpayer Services Branch 830 Punchbowl Street Honolulu, HI 96813-5094 Tel. No.: 808-587-4242 Toll-Free: 1-800-222-3229 Telephone for the Hearing Impaired: 808-587-1418 1-800-887-8974 (toll-free) Tax information on the Internet: tax.hawaii.gov FORM TA-42
Extracted from PDF file 2023-hawaii-form-ta-42.pdf, last modified September 2010

More about the Hawaii Form TA-42 Corporate Income Tax TY 2023

We last updated the Transient Accommodations Tax - Time Share Occupancy Registration in February 2024, so this is the latest version of Form TA-42, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form TA-42 directly from TaxFormFinder. 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-301 Application for Automatic Extension of Time to File Hawaii Corporation Income Tax Return
Form EFT-1 (Obsolete) Authorization for Electronic Funds Transfer
Form N-318 (Obsolete) High Technology Business Investment Tax Credit
Form N-342 Renewable Energy Technologies Income Tax Credit
Form A-6 Tax Clearance Application

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 TA-42 from the Department of Taxation in February 2024.

Show Sources >

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 TA-42

We have a total of ten past-year versions of Form TA-42 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form TA-42

Form TA-42, Rev 2018, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

2022 Form TA-42

Form TA-42, Rev 2018, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

2021 Form TA-42

Form TA-42, Rev 2018, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

2020 Form TA-42

Form TA-42, Rev 2018, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

2019 Form TA-42

Form TA-42, Rev 2018, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

2018 Form TA-42

Form TA-42, Rev 2018, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

2017 Form TA-42

Form TA-42, Rev 2016, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

2016 Form TA-42

Form TA-42, Rev 2016, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

Forms 2015 2015 Form TA-42

Form TA-42, Rev 2015, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value

Forms 2013 2014 Form TA-42

Form TA-42, Rev 2013, Time Share Occupancy Worksheet - Calculation of Total Fair Market Rental Value


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