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 form used to claim 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 provided by the state of Hawaii for certain capital good purchases.

Q: Who is eligible for the Capital Goods Excise Tax Credit?
A: Businesses in Hawaii that purchase qualified capital goods may be eligible for the tax credit.

Q: What is a qualified capital good?
A: A qualified capital good is a tangible personal property that is used for business purposes and has a useful life of at least five years.

Q: How much is the tax credit?
A: The tax credit is 4% of the cost of the qualified capital good.

Q: How do I claim the tax credit?
A: To claim the tax credit, you need to complete and file Form N-312 with the Hawaii Department of Taxation.

Q: Are there any limitations on the tax credit?
A: Yes, there are limitations on the tax credit, including a maximum credit amount and a phase-out for high-income taxpayers.

Q: Can I carry forward unused tax credits?
A: Yes, unused tax credits can be carried forward for up to 10 years.

Q: Is there a deadline for filing Form N-312?
A: Yes, Form N-312 must be filed by the due date of your Hawaii income tax return, including extensions.