Form N-332 - Residential Construction And Remodeling Tax Credit

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STATE OF HAWAII—DEPARTMENT OF TAXATION

RESIDENTIAL CONSTRUCTION

TAX YEAR

AND REMODELING TAX CREDIT

FORM

20 _ _

N-332

(REV. 2003)

Or fiscal year beginning _____________________, 20 ____ and ending ________________________, 20 ____

Caution: The credit is applicable to costs incurred before July 1, 2003; the credit cannot be claimed for costs incurred after that date.

SSN OR FEIN

ATTACH THIS SCHEDULE TO FORM N-11, N-12, N-15, N-20, N-30, N-35, N-40, OR N-70NP

Name

Hawaii G.E./Use ID. Number

PART I — COMPUTATION OF TAX CREDIT

NOTE: If you are only claiming the tax credit from a flow-through entity, start on line 2.

Enter the qualifying construction or remodeling costs incurred during the taxable year for a residential

unit located in Hawaii. Do not enter more than $250,000, in the aggregate, for each unit.

See instructions before completing this line........................................................................................................

Flow through of qualifying costs received from other entities, if any. Check box below.

Name and Federal Employer I.D. No. of entity

____________________________________________________________________________________

a S corporation shareholder — enter total from Schedule K-1 (Form N-35), line 12o ...................................

b Partner — enter total from Schedule K-1 (Form N-20), line 27 ..................................................................

c Beneficiary — enter total from Schedule K-1 (Form N-40), line 10.............................................................

d Member — enter total from Form N-332, Part II, line 3. .............................................................................

Add lines 1 and 2 and enter result here. This represents the total qualifying construction

or remodeling costs incurred during the taxable year for residential units located in

Hawaii. For N-20, N-35, N-40 filers, stop here and see instructions before proceeding to line 4. .....................

Tax credit percentage ........................................................................................................................................

Multiply line 3 by line 4 ........................................................................................................................................

Carryover of unused residential construction and remodeling tax credit from prior year. See instructions. .......

Add lines 5 and 6 and enter result here. This represents your tentative current year residential construction

and remodeling tax credit...................................................................................................................................

Tax Liability Limitations (Not to be completed by Form N-20 and Form N-35 filers)

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

Complete the credit worksheet on the back of this form and enter the total here. ..............................................

10. Line 8 minus line 9. This represents your income tax liability, as adjusted. If the result is zero or

less than zero, enter zero on line 10. ..................................................................................................................

11. Total credit allowed — Enter the smaller of line 7 or line 10. This is your residential 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 11; or enter the estate’s or trust’s share on Form N-40,

Schedule E, line 11...............................................................................................................................................

12. Line 7 minus line 11. 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..................................................

(Continued on back)

FORM N-332