Form N-348 Capital Infrastructure Tax Credit - Hawaii

What Is Form N-348?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form N-348?
A: Form N-348 is the tax form used to claim the Capital Infrastructure Tax Credit in Hawaii.

Q: What is the Capital Infrastructure Tax Credit?
A: The Capital Infrastructure Tax Credit is a tax credit offered in Hawaii to incentivize investments in capital infrastructure projects.

Q: Who is eligible to claim the Capital Infrastructure Tax Credit?
A: Eligible entities that can claim this tax credit include corporations, financial institutions, insurance companies, and other qualified taxpayers.

Q: What types of projects qualify for the Capital Infrastructure Tax Credit?
A: Projects related to capital infrastructure in Hawaii, such as construction, renovation, or improvement of residential or nonresidential real property, transportation facilities, and water and wastewater facilities, may qualify for this tax credit.

Q: How much is the Capital Infrastructure Tax Credit worth?
A: The amount of the tax credit is equal to 20% of the qualified costs incurred by the taxpayer for the eligible project.

Q: How do I claim the Capital Infrastructure Tax Credit?
A: To claim the tax credit, you must complete and file Form N-348 along with your Hawaii state tax return.

Q: Are there any limitations or restrictions on the Capital Infrastructure Tax Credit?
A: Yes, there are certain limitations and restrictions on this tax credit, such as a cap on the total amount of credits that can be claimed in a calendar year and a requirement to obtain preliminary certification from the Hawaii Department of Taxation.