Form N-342 - Renewable Energy Technologies Income Tax Credit - 2011 Page 2
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2Form N-342
(REV. 2011)
Page 2
24. Enter the amount from line 3 that is installed and placed in service in Hawaii on commercial property. ...............
24
25. Enter 35% of line 24 or $500,000, whichever is less. .................................................................................................................
25
26. Add lines 18, 23, and 25, and enter result (but not less than zero). ...........................................................................................
26
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
27
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. ..................................
28
29. Actual cost of the wind-powered energy system (Subtract line 28 from line 27 and enter result.). ........
29
30. Enter the amount from line 29 that is installed and placed in service in Hawaii on
single-family residential property. ..........................................................................................
30
31. Enter 20% of line 30 or $1,500, whichever is less. .....................................................................................................................
31
32. Enter the amount from line 29 that is installed and placed in service in Hawaii on multi-family
residential property. .................................................................................................................
32
33. Divide the total square feet of your unit by the total square feet of all units in the multi-family
33
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
34
enter result.). .............................................................................................................................
35. Enter 20% of line 34 or $200, whichever is less .......................................................................
35
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 __________ ). .............................................................................................................
36
37. Enter the amount from line 29 that is installed and placed in service in Hawaii on commercial property. .............
37
38. Enter 20% of line 37 or $500,000, whichever is less. .................................................................................................................
38
39. Add lines 31, 36, and 38, and enter result (but not less than zero). ...........................................................................................
39
DISTRIBUTIVE SHARE OF TAX CREDIT
40. Distributive share of solar energy tax credit from attached Form N-342A. ................................................................................
40
41. Distributive share of wind-powered energy tax credit from attached Form N-342A. ..................................................................
41
REFUNDABLE TAX CREDIT
42. If you are making an irrevocable election to treat the tax credit as refundable, check the appropriate box. Otherwise, go to
line 48.
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. ........................................................................
43
44. Multiply line 43 by 30% (.30). .....................................................................................................................................................
44
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,
45
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. ......
46
Do not complete this section if you claimed the refundable tax credit.
NONREFUNDABLE TAX CREDIT
47. Carryover of unused renewable energy technologies income tax credit (for systems installed and placed in service on or
after July 1, 2009) from prior years ............................................................................................................................................
47
48. Enter the amount from line 14, 26, 39, 40, 41, or 47. .................................................................................................................
48
Adjusted tax liability
49. a. Individuals — Enter the amount from Form N-11, line 34; Form N-13, line 23; or Form N-15, line 50. .................................
b. Corporations — Enter the amount from Form N-30, line 13. ................................................................................................
c. Other filers — Enter the amount from Form F-1, line 71; Form N-40, Schedule G, line 3; or Form N-70NP, line 18. ...........
49
50. If you are claiming other nonrefundable 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
51. Line 49 minus line 50. This represents your tax liability, as adjusted. If the result is zero or less than zero, enter zero. ............
51
52. Total credit allowed — Enter the smaller of line 48 or line 51. 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
53. Line 48 minus line 52. 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. ..............................................
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FORM N-342
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