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The partnership should give you a description

your share of the credit on Form N-340. Refer to

Caution: The amount shown on lines 28b(1) and

and the amount of your share for each of these

Form N-340 for further information.

(2) includes only investment income and expens-

items.

es included on lines 5 through 9 and 14 of this

Line 22. High Technology Business Invest-

Schedule K-1. The partnership should attach a

ment Tax Credit.—Your share of the partner-

Credits

schedule which shows the amount of any invest-

ship’s High Technology Business Investment Tax

ment income and expenses included in any other

Credit is shown on this line. Figure your credit on

Note: Credits must be claimed on or before the

lines of this Schedule K-1. Use these amounts, if

Form N-318.

end of the twelfth month following the close of the

any, to adjust lines 28b(1) and 28b(2) to deter-

taxable year for which the credits may be

Line 23. Credit for School Repair and Mainte-

mine your total investment income and total in-

claimed.

nance.—Your share of the Credit for School Re-

vestment expenses from this partnership. Com-

pair and Maintenance is shown on line 23. Figure

Line 16. Total cost of qualifying property for

bine these totals with investment income and ex-

your credit on Form N-330.

the Capital Goods Excise Tax Credit.—Figure

penses from all other sources to determine the

Line 24. Ethanol Facility Tax Credit.—A credit

your credit on Form N-312.

amount to enter in Part II of Form N-158.

is allowable for the investment in a qualified etha-

Line 17. Fuel Tax Credit for Commercial Fish-

nol facility that is in production on or before Janu-

Recapture of Tax Credits

ers.—Figure your credit on Form N-163.

ary 1, 2017. See Form N-324 for more informa-

Line 18. Enterprise Zone Tax Credit.—A quali-

Line 29. Recapture of Hawaii Low-Income

tion.

fied enterprise zone business is eligible to claim

Housing Tax Credit.—Report your pro rata

Line 25. Renewable Energy Technologies In-

a credit for a percentage of taxes due to the State

share of recapture of the Hawaii Low-Income

come Tax Credit.—There should be attached to

attributable to the conduct of business within a

Housing Tax Credit from section 42(j)(5) partner-

this Schedule K-1 (Form N-20) a copy of Form

zone and a percentage of the amount of unem-

ships and other sources. Complete Form N-586,

N-342A. If the form is not attached, contact your

ployment insurance premium paid based on the

Part III. See Form N-587, Low-Income Housing

partnership as you will need to attach a copy of

payroll of employees employed at the business

Credit Disposition Bond, for an alternative to

the form to the Hawaii net income tax return you

firm establishments in the zone. The applicable

credit recapture.

file in order to receive the credit. Use Form N-342

percentage is 80% the first year; 70% the second

Line 30. Capital Goods Excise Tax Credit

to claim this credit.

year; 60% the third year; 50% the fourth year;

Properties.— You should receive a completed

Line 26. Important Agricultural Land Qualified

40% the fifth year; 30% the sixth year; and 20%

copy of Form N-312, Part II from the partnership.

Agricultural Cost Tax Credit.—Figure your

the seventh year. This credit is not refundable

Use this information to determine the amount of

credit on Form N-344.

and any unused credit may NOT be carried for-

credit recapture on Form N-312.

ward.

Line 27. Credit for Income Tax Withheld on

Line 31. Recapture of the High Technology

Form N-288.—Enter your share of taxes with-

Your partnership should attach a statement

Business Investment Tax Credit.—Report your

held on the disposition of Hawaii real property

(Form N-756A) to your Schedule K-1(Form N-20)

share of the recapture of the High Technology

interests, net of refunds, on Schedule CR, line

showing your share of the partnership’s amounts

Business Investment Tax Credit on Form N-318,

21a or on Form N-20, Schedule K, line 27 if the

needed to claim the credit. Figure your credit on

Part III.

partner is a partnership.

Form N-756.

Line 32. Recapture of the Tax Credit for Flood

Line 19. Low-Income Housing Tax Credit.—

Victims.—Report your share of the recapture of

Investment Interest

Hawaii’s low-income housing tax credit is equal

the Tax Credit for Flood Victims on Form N-338.

If the partnership paid or accrued interest on

to 50% of the tax credit allocated by the Housing

Line 33. Recapture of the Important Agricul-

debts it incurred to buy or hold investment prop-

and Community Development Corporation of Ha-

tural Land Qualified Agricultural Cost Tax

erty, the amount of interest you can deduct may

waii for qualified buildings located in the State of

Credit.—Report your share of the recapture of

be limited.

Hawaii.

the Important Agricultural Land Qualified Agricul-

For more information and the special provi-

Your share of the partnership’s tax credit is

tural Cost Tax Credit on Form N-344.

sions that apply to investment interest expense,

shown on this line. Figure your credit on Form

see Form N-158, Investment Interest Expense

N-586.

Other

Deduction, and federal Publication 550, Invest-

Line 20. Credit for Employment of Vocational

Line 34.—Amounts included on the statement for

ment Income and Expenses.

Rehabilitation Referrals.—The amount of the

this line are other amounts not included else-

Line 28a. Interest expense on investment

tax credit for the taxable year shall be equal to

where such as:

debts.—Enter this amount on line 1 of Form

20% of the qualified first-year wages for that year.

a. Taxes paid on undistributed capital gains by

N-158 along with your investment interest ex-

The amount of the qualified first-year wages

a regulated investment company. Enter your

pense from other sources. Form N-158 will help

which may be taken into account with respect to

share of these taxes on Schedule CR, line

you determine how much of your total investment

any individual shall not exceed $6,000 per year.

21b and add the words “Form N-20.”

interest is deductible.

Your share of the partnership’s tax credit is

b. Any other information you may need to file

Lines 28b(1) and (2). Investment income and

shown on this line. Figure your credit on Form

your return that is not shown elsewhere on

investment expenses.—Use the amounts on

N-884.

Schedule K-1.

these lines to determine the amount to enter in

Line 21. Motion Picture, Digital Media, and

The partnership should give you a description

Part II of Form N-158.

Film Production Income Tax Credit.—Enter

and the amount of your share for each of these

items.

Page 4

Partner'S Instructions For Schedule K-1 (Form N-20) - Partnership'S Income, Credits, Deductions, Etc. - 2012 Page 4

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