Instructions for Form N-354 Organic Foods Production Tax Credit - Hawaii

Form N-354 Organic Foods Production Tax Credit - Hawaii

This document contains official instructions for Form N-354 , Organic Foods Production Tax Credit - a form released and collected by the Hawaii Department of Taxation. An up-to-date fillable Form N-354 is available for download through this link.

FAQ

Q: What is Form N-354?
A: Form N-354 is a tax form used in Hawaii to claim the Organic FoodsProduction Tax Credit.

Q: What is the Organic Foods Production Tax Credit?
A: The Organic Foods Production Tax Credit is a credit available to farmers in Hawaii who produce organic food.

Q: Who can claim the Organic Foods Production Tax Credit?
A: Farmers in Hawaii who produce organic food can claim the Organic Foods Production Tax Credit.

Q: How do I qualify for the Organic Foods Production Tax Credit?
A: To qualify for the Organic Foods Production Tax Credit, you must meet the requirements specified by the Hawaii Department of Agriculture.

Q: When is the deadline to file Form N-354?
A: The deadline to file Form N-354 is the same as the deadline for filing your Hawaii income tax return, typically April 20th.

Q: What supporting documents do I need to submit with Form N-354?
A: You may need to submit documents such as organic certification documents or proof of organic food sales.

Q: How do I calculate the amount of the credit?
A: The credit amount is calculated based on the net income derived from the sale of organic food products.

Q: Can I carry forward any unused credit?
A: Yes, any unused credit can be carried forward for up to five years.

Q: What if I made a mistake on my Form N-354?
A: If you made a mistake on your Form N-354, you can file an amended return to correct the error.