Form N-342 - Renewable Energy Technologies Income Tax Credit - 2009 Page 2

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Form N-342

(2009)

Page 2

24. Enter the portion of line 3 that is installed and placed in service in Hawaii on commercial

property. ....................................................................................................................................

25. Enter 35% of line 24 or $500,000, whichever is less. .................................................................................................................

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



Enter date system was installed and placed in service

____/____/____

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.). ......................

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

29. Actual cost of the wind-powered energy system (Subtract line 28 from line 27 and enter result.). ........

30. Enter the portion of line 29 that is installed and placed in service in Hawaii on single-family

residential property. .................................................................................................................

31. Enter 20% of line 30 or $1,500, whichever is less. .....................................................................................................................

32. Enter the portion of line 29 that is installed and placed in service in Hawaii on multi-family

residential property. .................................................................................................................

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.). ......

34. Actual per unit cost of the wind-powered energy system. (Multiply line 32 by line 33 and

enter result.). .............................................................................................................................

35. Enter 20% of line 34 or $200, whichever is less .......................................................................

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 __________ ). .............................................................................................................

37. Enter the portion of line 29 that is installed and placed in service in Hawaii on commercial

property. ....................................................................................................................................

38. Enter 20% of line 37 or $500,000, whichever is less. .................................................................................................................

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

DISTRIBUTIVE SHARE OF TAX CREDIT

40. Distributive share of solar energy tax credit from attached Form N-342A. ................................................................................

41. Distributive share of wind-powered energy tax credit from attached Form N-342A. ..................................................................

REFUNDABLE TAX CREDIT

42. If you are making an election to treat the tax credit as refundable, check the appropriate box. Otherwise, go to line 47.



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 under a public retirement system or received in the form of a pension for past services, or my

adjusted gross income is $20,000 or less ($40,000 or less if filing jointly).

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

44. Multiply line 43 by 30% (.30). .....................................................................................................................................................

45. Line 43 minus line 44. This is your refundable renewable energy technologies income tax credit. Enter this amount,

rounded to the nearest dollar for individual taxpayers, on the appropriate line on Schedule CR; Form N-13; Form N-40,

Schedule F; or Form F-1, Schedule I; whichever is applicable. ..................................................................................................

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 for individual taxpayers, on the

appropriate line on Schedule CR; Form N-13; Form N-40, Schedule F; or Form F-1, Schedule I; whichever is applicable. ......

Do not complete this section if you claimed the refundable tax credit.

NONREFUNDABLE TAX CREDIT

47. Enter the amount from line 14, 26, 39, 40, or 41. .......................................................................................................................

Tax Liability Limitations

48. a. Individuals — Enter tax liability amount from Form N-11, Form N-13, or Form N-15. ...........................................................

b. Corporations — Enter tax liability from Form N-30. ..............................................................................................................

c. Other filers — Enter your tax liability, before credits, from the applicable form. ....................................................................

49. 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. ..................................................................

50. Line 48 minus line 49. This represents your tax liability, as adjusted. If the result is zero or less than zero, enter zero. ............

51. Total credit allowed — Enter the smaller of line 47 or line 50. This is your nonrefundable renewable energy technologies

income tax credit allowable for the year. Enter this amount, rounded to the nearest dollar for individual taxpayers, on the

appropriate line on Schedule CR; Form N-13; Form N-40, Schedule E; or Form F-1, Schedule H; whichever is applicable. ....

52. Line 47 minus line 51. 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. ..............................................

FORM N-342