Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION
HOTEL CONSTRUCTION AND
TAX YEAR
REMODELING TAX CREDIT
FORM
2004
N-314
(Rev. 2004)
Or fiscal year beginning _____________________, 2004 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
Note: If you are claiming the Ethanol Facility Tax Credit, no other credit can be claimed for the taxable year. Skip
lines 1 through 3 and begin on line 4.
1.
Flow through of qualifying costs incurred before 7/1/03 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 2003 Schedule K-1 (Form N-35), line 12l(1) and/or 2004
Schedule K-1(Form N-35), line 23.............................................................................................................
o
b Partner — enter total from 2003 Schedule K-1 (Form N-20), line 22a and/or 2004 Schedule K-1 (Form
N-20), line 32.............................................................................................................................................
o
c Beneficiary — enter total from 2003 Schedule K-1 (Form N-40), line 10 (before 7/1/03 costs) and/or
2004 Schedule K-1 (Form N-40), line 10 (before 7/1/03 costs) .................................................................
1
For N-20, N-35, and N-40 filers, stop here and see the instructions before proceeding to line 2
2.
Tax credit percentage .......................................................................................................................................
2
10%
3.
Multiply line 1 by line 2 .......................................................................................................................................
3
4.
Carryover of unused hotel construction and remodeling tax credit from prior year. (See Instructions)..............
4
5.
Add lines 3 and 4 and enter result here. This represents your tentative current year hotel construction
and remodeling tax credit ..................................................................................................................................
5
Tax Liability Limitations (Not to be completed by Form N-20 and Form N-35 filers)
6.
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 ................................
6
7.
If you are claiming other credits, complete the credit worksheet in the instructions and enter the total here. ....
7
8.
Line 6 minus line 7. This represents your income tax liability, as adjusted. If the result is zero or
less than zero, enter zero on line 8. ...................................................................................................................
8
9.
Total credit allowed — Enter the smaller of line 5 or line 8. 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..............................................................................................................................................
9
10. Line 5 minus line 9. 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. ....
10
(Continued on back)
FORM N-314