Form N-314 - Hotel Construction And Remodeling Tax Credit - 2005
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STATE OF HAWAII—DEPARTMENT OF TAXATION
HOTEL CONSTRUCTION AND
TAX YEAR
REMODELING TAX CREDIT
FORM
2005
N-314
(Rev. 2005)
Or fiscal year beginning _____________________, 2005 and ending __________________________, 20 ____
ATTACH THIS SCHEDULE TO FORM N-11, N-12, N-15, N-20, N-30, N-35, N-40, OR N-70NP
Name
SSN or FEIN
PART I — COMPUTATION OF TAX CREDIT FOR COSTS INCURRED AFTER NOVEMBER 1, 2001, BUT BEFORE JULY 1, 2003
1.
Carryover of unused hotel construction and remodeling tax credit from prior year (see Instructions). This
represents your tentative current year hotel construction and remodeling tax credit .........................................
1
Tax Liability Limitations (Not to be completed by Form N-20 and Form N-35 filers)
2.
a Individuals — Enter tax liability amount from Form N-11, Form N-12, or, if applicable, Form N-15 .........................
b Corporations — Enter tax liability from Form N-30 ........................................................................................
c Other filers — Enter your income tax liability, before credits, from the applicable form ................................
2
3.
If you are claiming other credits, complete the credit worksheet in the instructions and enter the total here. ....
3
4.
Line 2 minus line 3. This represents your income tax liability, as adjusted. If the result is zero or
less than zero, enter zero on line 4. ...................................................................................................................
4
5.
Total credit allowed — Enter the smaller of line 1 or line 4. This is your hotel construction
and remodeling tax credit allowable for the year. Enter this amount also, rounded to the nearest dollar for
individual taxpayers, on Schedule CR, Part I, line 10; or enter the estate’s or trust’s share on Form N-40,
Schedule E, line 10..............................................................................................................................................
5
6.
Line 1 minus line 5. 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 income tax liability in subsequent years until exhausted. ....
6
PART II — COMPUTATION OF TAX CREDIT FOR COSTS INCURRED AFTER JUNE 30, 2003, BUT BEFORE JANUARY 1, 2006
Note: If you are claiming the Ethanol Facility Tax Credit, you cannot claim this credit.
Note: If you are only claiming the tax credit from a flow-through entity, start on line 8.
7.
Enter the qualifying construction or renovation costs incurred during the taxable year
for qualified hotel facility(ies) located in Hawaii .................................................................................................
7
8.
Flow through of qualifying costs incurred after 6/30/03 received from other entities, if any. Check box below.
Name and Federal Employer I.D. No. of entity
____________________________________________________________________________________
o
a S corporation shareholder — enter total from Schedule K-1 (Form N-35), line 12k ...................................
o
b Partner — enter total from Schedule K-1 (Form N-20), line 21..................................................................
o
c Beneficiary — enter total from Schedule K-1 (Form N-40), line 10 (after 6/30/03 costs)............................
o
d Member — enter total from Form N-314, Part III, line 14...........................................................................
8
9.
Add lines 7 and 8 and enter the result here. This represents the total qualifying construction or renovation
costs incurred during the taxable year for qualified hotel facility(ies) located in Hawaii.
For N-20, N-35, and N-40 filers, stop here and see the instructions before proceeding to line 10. ....................
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(Continued on back)
FORM N-314
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