Form N-756 - Enterprise Zone Tax Credit - Attach To Form N-11, N-12, N-15, N-30, Or N-70np

STATE OF HAWAII — DEPARTMENT OF TAXATION

FORM

20__

ENTERPRISE ZONE TAX CREDIT

N-756

SEE INSTRUCTIONS BEFORE COMPLETING THIS FORM.

(Rev. 2000)

Or fiscal year beginning _______________ , 20 _____ , and ending _______________ , 20 _____

SSN OR FEIN

ATTACH THIS SCHEDULE TO FORM N-11, N-12, N-15, N-30, or N-70NP

Name

Hawaii G.E./Use Identification Number

Complete Parts I and II if your 7-year cycle began at the start of your taxable year.

Complete Parts I and III if your 7-year cycle began during your taxable year rather than at the start of your taxable year.

In order to claim the enterprise zone tax credit, ALL of the following MUST be attached to your tax return:

1. Form N-756, Enterprise Zone Tax Credit

2. Form N-756A, Information Statement, if you are a partner of a partnership or a shareholder of an S corporation

3. A copy of the certification issued by the Department of Business, Economic Development & Tourism

Part I - Computation of Tax and Unemployment Insurance Premiums Attributable to Zone Activity

1. Total tax liability..........................................................................................................................................................................

1

2a

2. a. Total gross income within the zone .......................................................................................

2b

b. Total gross income within Hawaii..........................................................................................

c. Percentage of business within the zone. Divide line 2a by line 2b ........................................................................................

2c

3. Multiply line 1 by line 2c .............................................................................................................................................................

3

4. Total unemployment insurance premiums paid..........................................................................................................................

4

5a

5. a. Total payroll for employees employed within the zone..........................................................

5b

b. Total payroll for employees employed within Hawaii ............................................................

c. Percentage of unemployment insurance premiums paid on the payroll of employees

employed within the zone. Divide line 5a by line 5b ..............................................................................................................

5c

6

6. Multiply line 4 by line 5c .............................................................................................................................................................

7. Add lines 3 and 6 .......................................................................................................................................................................

7

Part II - Computation of Tax Credit When the 7-Year Cycle Began at the Start of the Taxable Year

8. Enter the cycle year ____________________

9

9. Enter the percentage from the table below that applies to your cycle year ................................................................................

Cycle Year

Applicable Percentage

Cycle Year

Applicable Percentage

1................................... 80%

5................................... 40%

2................................... 70%

6................................... 30%

3................................... 60%

7................................... 20%

4................................... 50%

10. Enterprise zone tax credit allowable for the year. Multiply line 7 by line 9. Enter this amount on Form N-11, line 29 or

10

Schedule CR, line 3 (for Form N-12, N-15, N-30, and N-70NP filers), whichever is applicable .................................................

Part III - Computation of Tax Credit When the 7-Year Cycle Began During the Taxable Year

11. Enter the 2 cycle years contained in the taxable year. (Note: If the taxable year contains only your first or last cycle year,

you only need to complete lines 11a, 12a-12e, and 14.)

a. Cycle year ________________

b. Cycle year____________________

12. Cycle year referred to on line 11a

a. Enter the number of months during the taxable year attributable to the cycle year

referred to on line 11a ............................................................................................................

12a

b. Divide line 12a by 12 ...............................................................................................................

12b

c. Enter the percentage applicable to the cycle year referred to on line 11a. (See line 9

for percentage table) ..............................................................................................................

12c

d. Multiply line 12b by line 12c ....................................................................................................

12d

12e

e. Multiply line 7 by line 12d .......................................................................................................................................................

13. Cycle year referred to on line 11b

a. Enter the number of months during the taxable year attributable to the cycle year

referred to on line 11b ............................................................................................................

13a

b. Divide line 13a by 12 ...............................................................................................................

13b

c. Enter the percentage applicable to the cycle year referred to on line 11b. (See line 9

for percentage table) ..............................................................................................................

13c

d. Multiply line 13b by line 13c ....................................................................................................

13d

13e

e. Multiply line 7 by line 13d .......................................................................................................................................................

14. Enterprise zone tax credit allowable for the year. Add lines 12e and 13e. Enter this amount on Form N-11, line 29 or

14

Schedule CR, line 3 (for Form N-12, N-15, N-30, and N-70NP filers), whichever is applicable .................................................

FORM N-756