Form N-314 - Hotel Construction And Remodeling Tax Credit - 2004 Page 2
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2FORM N-314
(REV. 2004)
PAGE 2
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 12.
11. Enter the qualifying construction or renovation costs incurred during the taxable year
for qualified hotel facility(ies) located in Hawaii .................................................................................................
11
12. 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 18...........................................................................
12
13. Add lines 11 and 12 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 14. ....................
13
14. Tax credit percentage .......................................................................................................................................
14
4%
15. Hotel Construction and Remodeling Tax Credit — Multiply line 13 by line 14 and enter result here and on
Schedule CR, line 16; or enter the estate’s or trust’s share on Form N-40, Schedule F,
line 3 (rounded to the nearest dollar for individual taxpayers)............................................................................
15
PART III - OWNER-MEMBER’S SHARE OF QUALIFYING COSTS
16. Owner-member’s name _________________________________________________________________
17. Owner-member’s identification number _____________________________________________________
18. Owner-member’s share of qualifying construction or renovation costs incurred during the taxable year..........
18
CAUTION:
The receipt of this form by an owner-member (member) of an association of apartment owners or a timeshare owners association
does not imply that the member qualifies for the Hotel Construction and Remodeling Tax Credit. The member must be subject to
Hawaii’s net income tax and transient accommodations tax on income received from hotel operations of the constructed or
renovated property to claim the credit on the member’s Hawaii income tax return.
SEE SEPARATE INSTRUCTIONS
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