Instructions for Form N-312 Capital Goods Excise Tax Credit - Hawaii

Form N-312 Capital Goods Excise Tax Credit - Hawaii

This document contains official instructions for Form N-312 , Capital Goods Excise Tax Credit - a form released and collected by the Hawaii Department of Taxation. An up-to-date fillable Form N-312 is available for download through this link.

FAQ

Q: What is Form N-312?
A: Form N-312 is a tax form for claiming the Capital Goods Excise Tax Credit in Hawaii.

Q: What is the Capital Goods Excise Tax Credit?
A: The Capital Goods Excise Tax Credit is a tax credit in Hawaii for the purchase of capital goods.

Q: How do I qualify for the Capital Goods Excise Tax Credit?
A: To qualify for the Capital Goods Excise Tax Credit, you must purchase and place into service qualifying capital goods in Hawaii.

Q: What are qualifying capital goods?
A: Qualifying capital goods include machinery, equipment, and certain other property used in a trade or business in Hawaii.

Q: How much is the Capital Goods Excise Tax Credit?
A: The amount of the Capital Goods Excise Tax Credit is equal to 4% of the cost of the qualifying capital goods.

Q: How do I claim the Capital Goods Excise Tax Credit?
A: You can claim the Capital Goods Excise Tax Credit by completing Form N-312 and attaching it to your Hawaii income tax return.

Q: Is there a deadline for claiming the Capital Goods Excise Tax Credit?
A: Yes, the deadline for claiming the Capital Goods Excise Tax Credit is the same as the deadline for filing your Hawaii income tax return.