Form N 342 PDF Details

The Form N-342 is a crucial document for residents and business owners in Hawaii seeking to leverage state tax incentives for installing renewable energy technologies. Specifically tailored for systems installed and in service on or after July 1, 2009, this form facilitates the claim for income tax credits for solar and wind-powered systems. Eligibility criteria, calculation methods, and the amount of credit available differ based on the type of system, its location, and its primary use, making it essential for applicants to meticulously fill each section. Notably, the form includes provisions for systems primarily used to heat water for household use, offering varying credit limits for installations on single-family, multi-family, and commercial properties. Likewise, it caters to non-water heating systems, emphasizing incentive structures that encourage broader adoption of renewable energy technologies. Additionally, the form addresses scenarios for claiming distributive shares of tax credits, electing refundable tax credits, and carrying over unused credits, showcasing the state's comprehensive approach to fostering a sustainable energy future. With the attachment requirement to other form types like F-1 and N-11, among others, and the specification for separate forms for each system and credit carryover, precision and thorough understanding of the outlined instructions are paramount for claimants.

QuestionAnswer
Form NameForm N 342
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesappeal against penalties, hmrc self assessment penalty appeal, hmrc appeal against, hmrc sa370

Form Preview Example

FORM

STATE OF HAWAII DEPARTMENT OF TAXATION

TAX

RENEWABLE ENERGY TECHNOLOGIES

N-342

YEAR

INCOME TAX CREDIT

20__

(REV. 2020)

(FOR SYSTEMS INSTALLED AND PLACED IN SERVICE ON OR AFTER JULY 1, 2009)

 

 

Or fiscal year beginning __________________, 20______ and ending ____________________, 20______

 

 

 

ATTACH TO FORM F-1, N-11, N-15, N-20, N-30, N-35, N-40, OR N-70NP

Name

SSN or FEIN

•Use a separate form for each eligible system and for carryover credits.

•If you are only claiming your distributive share of a tax credit from Form N-342A, skip lines 1 through 39 and begin on line 40.

Physical Property Address Where the System Was Installed and Placed In Service — If claiming a carryover of credits, enter “CARRYOVER” on the address line and continue to line 47.

Address (Number and Street)

City or Town

 

ZIP Code

 

 

 

 

Enter the date system was installed and placed in service

..................................................................................................

 

For “Other Solar Energy Systems” enter the Total Output Capacity (See instructions)

 

 

 

 

 

 

 

SOLAR ENERGY SYSTEM

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 No. Go to line 15.

 

SYSTEM PRIMARILY USED TO HEAT WATER FOR HOUSEHOLD USE (lines 5 - 14)

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

6

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 __________ )

11

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

13

14.

Add lines 6, 11, and 13, and enter result (but not less than zero)

14

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

18

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 __________ )

23

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

25

26.

Add lines 18, 23, and 25, and enter result (but not less than zero)

26

 

N342_I 2020A 01 VID01

ID NO 01

FORM N-342

Form N-342 (Rev. 2020)

Page 2

 

 

WIND-POWERED ENERGY SYSTEM

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.

Line 27 minus line 28. This is the actual cost of the wind-powered energy system

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

31

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 __________ )

36

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

38

39.

Add lines 31, 36, and 38, and enter result (but not less than zero)

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

REFUNDABLE TAX CREDIT To elect to claim the tax credit as a refundable tax credit, complete this section. Otherwise, skip to line 47.

Note: The election to claim the credit as refundable 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. I understand that the amount of the tax credit will be reduced by 30%. (Continue on line 43)

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). (Continue on line 46)

43.

If you have checked box 42(a), enter the amount from line 14, 26, or 40

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 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.Total New Credit Claimed — Enter the amount from line 14, 26, 39, 40, or 41. Also include this amount on Schedule CR

 

in Column (a) of the appropriate line for this tax credit

48

49.

Enter the amount from line 47 or line 48. You MUST use a separate form for each eligible system or carryover credit

49

50.

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

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

51

52. Line 50 minus line 51. This represents your remaining tax liability. If the result is zero or less than zero, enter zero

52

53.Total Credit Applied — Enter the smaller of line 49 or line 52. This is your nonrefundable renewable energy technologies income tax credit applied for the year. Also, enter this amount on Schedule CR in Column (b) of the appropriate line for

this tax credit or Form F-1, Schedule H; whichever is applicable

53

54.Unused Credit to Carryover — Line 49 minus line 53. 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 income 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

54

FORM N-342

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hmrc self assessment penalty appeal completion process outlined (portion 1)

2. When this section is done, go to type in the relevant information in all these - singlefamily residential property, Enter of line or whichever is, Enter the amount from line that, multifamily residential property, Divide the total square feet of, residential property Enter the, Actual per unit cost of the solar, Enter of line or whichever is, Multiply line by the number of, is applicable Number of units you, Enter the amount from line that, on commercial property, Enter of line or whichever is, Add lines and and enter result, and SYSTEM NOT PRIMARILY USED TO HEAT.

How to fill out hmrc self assessment penalty appeal portion 2

3. The following segment focuses on Multiply line by the number of, is applicable Number of units you, Enter the amount from line that, on commercial property, Enter of line or whichever is, Add lines and and enter result, NI A VID, ID NO, and FORM N - type in all of these fields.

hmrc self assessment penalty appeal conclusion process shown (portion 3)

4. Filling out Enter your total cost of the, service in Hawaii See instructions, Enter the amount of consumer, rebate if any received for the, Line minus line This is the, Enter the amount from line that, singlefamily residential property, Enter of line or whichever is, Enter the amount from line that, multifamily residential property, Divide the total square feet of, residential property Enter the, Actual per unit cost of the, enter result, and Enter of line or whichever is is crucial in this next step - be certain to don't hurry and be attentive with each blank!

How you can fill in hmrc self assessment penalty appeal step 4

5. This last step to finalize this form is critical. Make sure to fill out the displayed blank fields, which includes Check the appropriate box, a I elect to treat the tax credit, tax credit will be reduced by, income is exempt from Hawaii, If you have checked box a enter, Multiply line by, Line minus line This is your, rounded to the nearest dollar on, Stop here Do not complete the rest, If you checked the box on line b, energy technologies income tax, Schedule CR Stop here Do not, NONREFUNDABLE TAX CREDIT, Carryover of unused renewable, and or after July from prior years, prior to using the file. If not, it might result in an incomplete and probably incorrect form!

Filling out part 5 in hmrc self assessment penalty appeal

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