Form N-324 - Ethanol Facility Tax Credit General Instructions printable pdf download

Form N-324 - Ethanol Facility Tax Credit General Instructions

GENERAL INSTRUCTIONS

(3) If nameplate capacity is over 2,000,000, but not over 3,000,000, the

investment tax credit is the lesser of thirty per cent of the investment

Section 235-110.3, Hawaii Revised Statutes, provides that each year

or $600,000;

during the credit period, there shall be allowed to each taxpayer subject to

Hawaii income taxes, an ethanol investment tax credit that shall be applied

(4) If nameplate capacity is over 3,000,000, but not over 4,000,000, the

to the taxpayer’s net income tax liability, if any, for the taxable year in which

investment tax credit is the lesser of thirty per cent or $900,000;

the credit is properly claimed. The maximum annual credit allowable for the

(5) If nameplate capacity is over 4,000,000, but not over 5,000,000, the

investment in a qualified ethanol facility that is in production on or before

investment tax credit is the lesser of thirty per cent or $1,200,000;

January 1, 2012, shall be determined in accordance with the following

(6) If nameplate capacity is over 5,000,000, but not over 6,000,000, the

schedule:

investment tax credit is the lesser of thirty per cent or $1,500,000;

(1) If nameplate capacity is at least 500,000 but not over 1,000,000, the

(7) If nameplate capacity is over 6,000,000, but not over 7,000,000, the

investment tax credit is the lesser of thirty per cent of the investment,

investment tax credit is the lesser of thirty per cent or $1,800,000;

or $150,000;

(2) If nameplate capacity is over 1,000,000, but not over 2,000,000, the

(Continued on back)

investment tax credit is the lesser of thirty per cent of the investment,

or $300,000;

Form N-324 - Ethanol Facility Tax Credit General Instructions