Instructions For Form N-314 - Hotel Construction And Remodeling Tax Credit - State Of Hawaii Department Of Taxation - 2001 Page 2
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1
2INSTRUCTIONS
FORM N-314
(2001)
PAGE 2
otherwise continue to line 9. All others, continue
net income tax liability may be used as credit
Line 19. — Member’s identification number.
to line 9. Identify this amount as post 11/1/01
against the taxpayer’s net income tax liability in
Enter the member’s social security number or
costs.
subsequent years until exhausted.
federal employer identification number.
Part III - Owner-member’s Share of
Line 11 — For 2002, this space is reserved for
Line 20. — Member’s share of qualifying
the carryover of unused hotel construction and
costs incurred prior to 11/2/01. Enter the mem-
Qualifying Costs
remodeling tax credit from 2001.
ber’s share of the total qualifying construction or
Part III is for associations of apartment own-
renovation costs incurred by the association
Line 12 — Add lines 10 and 11. This is your
ers and timeshare owners associations to pro-
prior to 11/2/01.
tentative current year hotel construction and re-
vide information to the associations’ owner-mem-
modeling tax credit.
Line 21. — Member’s share of qualifying
bers regarding the members’ share of the associ-
costs incurred after 11/1/01. Enter the member’s
ations’ qualifying construction or renovation
Tax Liability Limitations
share of the total qualifying construction or reno-
costs. Each member must qualify for the credit
vation costs incurred by the association after
Line 13 — Enter the tax liability before any cred-
on its own. The fact that this information is pro-
11/1/01.
its from the appropriate line of your tax return.
vided to a member does not qualify that member
to take the credit.
Instructions for Members
Line 14 — The law requires that ALL other cred-
its offset a taxpayer's tax liability BEFORE allow-
Any association of apartment owners or
If you have received this form from your associa-
ing a residential construction and remodeling tax
timeshare owners association which has in-
tion, you may, or may not, qualify for the credit.
credit. Complete the Credit Offset Worksheet
curred qualifying construction or renovation costs
See the General Instructions of this form to de-
in these instructions and enter the result on line
for a qualified hotel facility located in Hawaii shall
termine if you qualify to take this credit. If you
14.
provide to its members a statement of the mem-
qualify to take the credit, enter the amount in Part
ber's share of those qualifying costs on this form.
Line 16 — Compare the amounts on lines 12
III, line 10 or 11 of the Form N-314 you received
and 15. Enter the smaller of line 12 or 15 here.
from your association of apartment owners or
Name of association — The association’s
This is your maximum credit allowed for this tax-
timeshare owners on line 2 of Part I or line 7 of
name is to appear in the name space near the top
able year.
Part II respectively and check box d of the Form
of the form.
N-314 you will use to compute your credit and file
Tax credit to be deducted from income tax
Line 18. — Member’s name - Enter the mem-
with your return.
liability. Tax credits which exceed the taxpayer’s
ber's name on this line.
CREDIT OFFSET WORKSHEET
Tax Credit
Amount
a. Income Taxes Paid to another
state or foreign country · · · · · ·
b. Enterprise Zone Tax Credit · · ·
c.
Credit from a regulated
investment company · · · · · · · ·
d. Credit for Low-Income
Household Renters · · · · · · · · ·
e. Credit for Child and Dependent
Care Expenses · · · · · · · · · · · ·
f.
Fuel Tax Credit for Commercial
Fishers· · · · · · · · · · · · · · · · · · ·
g. Credit for Child Passenger
Restraint Systems · · · · · · · · · ·
h. Capital Goods Excise Tax
Credit· · · · · · · · · · · · · · · · · · · ·
I.
Motion Picture and Film
Production Income Tax
Credit· · · · · · · · · · · · · · · · · · · ·
j.
Low-Income Refundable Tax
Credit· · · · · · · · · · · · · · · · · · · ·
k.
Tax Credit for Research
Activities · · · · · · · · · · · · · · · · ·
l.
Add lines a through k. Enter
the amount here and on
line 14 · · · · · · · · · · · · · · · · · · ·
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