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 used in Hawaii to apply for the Capital Goods Excise Tax Credit.

Q: Who is eligible for the Capital Goods Excise Tax Credit?
A: Any taxpayer in Hawaii who has purchased eligible capital goods may be eligible for the credit.

Q: What are eligible capital goods?
A: Eligible capital goods include tangible personal property used in a business activity that has a useful life of more than one year and contributes directly to the production, manufacture, or assembly of other tangible personal property.

Q: How to complete Form N-312?
A: Follow the instructions provided on the form to accurately complete the required sections. Be sure to provide all necessary supporting documentation.

Q: What is the deadline to file Form N-312?
A: The form must be filed no later than the 20th day of the fourth calendar month following the close of the taxable year in which the credit is claimed.

Q: Can I claim the Capital Goods Excise Tax Credit for previous years?
A: No, the credit can only be claimed for the taxable year in which the eligible capital goods were purchased.

Q: What is the purpose of the Capital Goods Excise Tax Credit?
A: The credit is designed to incentivize businesses in Hawaii to invest in capital goods that contribute to the local economy.