Form N-342 - Renewable Energy Technologies Income Tax Credit - 2016 Page 2
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2Form N-342
(REV. 2016)
Page 2
WIND-POWERED ENERGY SYSTEM
Enter date system was installed and placed in service
____/____/____ (Leave blank if claiming carryover credit(s).)
27. Enter your total cost of the qualified wind-powered energy system installed and placed in
27
service in Hawaii (See instructions if there are multiple owners of the system.). ......................
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. Actual cost of the wind-powered energy system (Subtract line 28 from line 27 and enter result.). ........
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
33
residential property. Enter the decimal (rounded to 2 decimal places). (See instructions.). ......
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
36
is applicable. (Number of units you own __________ ). .............................................................................................................
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
HOW TO TREAT THE TAX CREDIT
THIS SECTION MUST BE COMPLETED (Form N-20 & N-35 filers Do Not complete lines 42 thru 55.)
42. I elect to treat the tax credit as: (check only one box)
Note: Refundable election cannot be revoked or amended.
a. Refundable. (Go to line 43 and complete lines 43 through 47; skip lines 48 through 55.)
b. Nonrefundable. (Go to line 48 and complete lines 48 through 55; skip lines 43 through 47.)
REFUNDABLE TAX CREDIT
Complete this section if you checked the box on line 42a.
43. Check the appropriate box:
a. I elect to treat the tax credit for a solar energy system as refundable. The amount of the tax credit will be reduced by 30%.
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).
44. If you checked the box on line 43(a), enter the amount from line 14, 26, or 40, (If you checked the box on line 43(b), go to line 47.) ....
44
45. Multiply line 44 by 30% (.30). .....................................................................................................................................................
45
46. Line 44 minus line 45. 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; Form N-40, Schedule F; or Form F-1, Schedule I;
whichever is applicable. (Stop here. Do not complete the rest of the form.)...............................................................................
46
47. If you checked the box on line 43(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.) ..............................................................................................
47
NONREFUNDABLE TAX CREDIT
Complete this section if you checked the box on line 42b.
48. Carryover of unused renewable energy technologies income tax credit (for systems
48
installed and placed in service on or after July 1, 2009) from prior years. (See instructions.) ..
49. Enter the amount from line 14, 26, 39, 40, or 41. ......................................................................
49
50. Add lines 48 and 49 and enter result .........................................................................................................................................
50
Adjusted tax liability
51. a. Individuals — Enter the amount from Form N-11, line 34; or Form N-15, line 51. ................................................................
b. Corporations — Enter the amount from Form N-30, line 13. ................................................................................................
c. Other filers — Enter the amount from Form F-1, line 71; Form N-40, Schedule G, line 3; or Form N-70NP, line 18. ...........
51
52. 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. .....................................................
52
53. Line 51 minus line 52. This represents your tax liability, as adjusted. If the result is zero or less than zero, enter zero. ............
53
54. Total credit allowed — Enter the smaller of line 50 or line 53. This is your nonrefundable renewable energy technologies
income tax credit allowable for the year. Enter this amount, rounded to the nearest dollar, on the appropriate line on
54
Schedule CR; Form N-40, Schedule E; or Form F-1, Schedule H; whichever is applicable. ......................................................
55. Line 50 minus line 54. 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 tax liability in subsequent years until exhausted. ..............................................
55
FORM N-342
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