Form N-342 - Renewable Energy Technologies Income Tax Credit - 2012

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STATE OF HAWAII
DEPARTMENT OF TAXATION
__
TAX
RENEWABLE ENERGY TECHNOLOGIES
FORM
YEAR
N-342
INCOME TAX CREDIT
2012
(FOR SYSTEMS INSTALLED AND PLACED IN SERVICE ON OR AFTER JULY 1, 2009)
(REV. 2012)
Note: Use a separate form for each eligible system.
Or fiscal year beginning __________________, 2012, and ending ____________________, 20______
ATTACH THIS SCHEDULE TO YOUR FORM F-1, N-11, N-13, N-15, N-30, N-40, OR N-70NP
Name
SSN or FEIN
PHYSICAL PROPERTY ADDRESS WHERE THE SYSTEM WAS INSTALLED AND PLACED IN SERVICE:
Address (Number and Street)
City or Town
Postal/ZIP Code
COMPUTATION OF TAX CREDIT
Note: If you are only claiming your distributive share of a tax credit distributed from an S corporation, a partnership, an estate, or a trust (Form N-342A), skip
lines 1 through 39 and begin on line 40.
SOLAR ENERGY SYSTEM
Enter date system was installed and placed in service
____/____/____
1. Enter your total cost of the qualified solar energy system installed and placed in service in
Hawaii (See instructions if there are multiple owners of the system.). ......................................
1
2. Enter the amount of consumer incentive premiums, costs used for other credits, and utility
rebate, if any, received for the qualifying solar energy system. .................................................
2
3. Actual cost of the solar energy system. (Subtract line 2 from line 1 and enter result.). ............
3
4. Is this solar energy system primarily used to heat water for household use?
Yes. Go to line 5. SYSTEM PRIMARILY USED TO HEAT WATER FOR HOUSEHOLD USE (lines 5 - 14)
No. Go to line 15.
5. Enter the amount from line 3 that is installed and placed in service in Hawaii on single-family
residential property. .................................................................................................................
5
6. Enter 35% of line 5 or $2,250, whichever is less. .......................................................................................................................
6
7. Enter the amount from line 3 that is installed and placed in service in Hawaii on multi-family
residential property. .................................................................................................................
7
8. Divide the total square feet of your unit by the total square feet of all units in the multi-family
residential property. Enter the decimal (rounded to 2 decimal places). (See instructions.). ......
8
9. Actual per unit cost of the solar energy system. (Multiply line 7 by line 8 and enter result.). ....
9
10. Enter 35% of line 9 or $350, whichever is less. .........................................................................
10
11. Multiply line 10 by the number of units you own to which the allocated unit cost on line 9
is applicable. (Number of units you own __________ ). .............................................................................................................
11
12. Enter the amount from line 3 that is installed and placed in service in Hawaii on commercial
property. ....................................................................................................................................
12
13. Enter 35% of line 12 or $250,000, whichever is less. .................................................................................................................
13
14. Add lines 6, 11, and 13, and enter result (but not less than zero). .............................................................................................
14
SYSTEM NOT PRIMARILY USED TO HEAT WATER FOR HOUSEHOLD USE (lines 15 - 26)
15. Enter the amount from line 3 that is installed and placed in service in Hawaii on single-family
residential property. .................................................................................................................
15
16. Enter 35% of line 15 or $5,000, whichever is less. ....................................................................
16
17. Was this system used as a substitute for a solar water heating system that is required for
new single-family residential property constructed on or after January 1, 2010?
Yes. Enter 35% of line 15 or $2,250, whichever is less.
No. Enter zero. ..............................................................................................................
17
18. Line 16 minus line 17. ................................................................................................................................................................
18
19. Enter the amount from line 3 that is installed and placed in service in Hawaii on multi-family
residential property. .................................................................................................................
19
20. Divide the total square feet of your unit by the total square feet of all units in the multi-family
residential property. Enter the decimal (rounded to 2 decimal places). (See instructions.). ......
20
21. Actual per unit cost of the solar energy system. (Multiply line 19 by line 20 and enter result.).
21
22. Enter 35% of line 21 or $350, whichever is less. .......................................................................
22
23. Multiply line 22 by the number of units you own to which the allocated unit cost on line 21
is applicable. (Number of units you own __________ ). .............................................................................................................
23
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
(Continued on back)
FORM N-342

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