Form N-314 - Hotel Construction And Remodeling Tax Credit - 2003

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STATE OF HAWAII—DEPARTMENT OF TAXATION
HOTEL CONSTRUCTION AND
TAX YEAR
REMODELING TAX CREDIT
FORM
20 _ _
N-314
(Rev. 2003)
Or fiscal year beginning _____________________, 20 ____ and ending ________________________, 20 ____
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 Ident. Number
PART I — COMPUTATION OF TAX CREDIT FOR COSTS INCURRED AFTER NOVEMBER 1, 2001, BUT BEFORE JULY 1, 2003
Note: If you are only claiming the tax credit from a flow-through entity, start on line 2.
1.
Enter the qualifying construction or renovation costs incurred during the taxable year before 7/1/03
for qualified hotel facility(ies) located in Hawaii ..................................................................................................
1
2.
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 Schedule K-1 (Form N-35), line 12l(1)................................
o
b Partner — enter total from Schedule K-1 (Form N-20), line 22a ................................................................
o
c Beneficiary — enter total from Schedule K-1 (Form N-40), line 10 (before 7/1/03 costs)...........................
o
d Member — enter total from Form N-314, Part III, line 20. ..........................................................................
2
3.
Add lines 1 and 2 and enter result here. This represents the total qualifying construction or renovation
costs incurred during the taxable year before 7/1/03 for qualified hotel facility(ies) located in Hawaii.
For N-20, N-35, N-40 filers, stop here and see instructions before proceeding to line 4 ....................................
3
4.
Tax credit percentage ........................................................................................................................................
4
10%
5.
Multiply line 3 by line 4 ........................................................................................................................................
5
6.
Carryover of unused hotel construction and remodeling tax credit from prior year. (See Instructions.) ............
6
7.
Add lines 5 and 6 and enter result here. This represents your tentative current year hotel construction
and remodeling tax credit ...................................................................................................................................
7
Tax Liability Limitations (Not to be completed by Form N-20 and Form N-35 filers)
8.
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 ................................
8
9.
Complete the credit worksheet in the instructions and enter the total here. .......................................................
9
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. ..................................................................................................................
10
11. Total credit allowed — Enter the smaller of line 7 or line 10. 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...............................................................................................................................................
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.....
12
(Continued on back)
FORM N-314

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