Instructions for Form N-342 Renewable Energy Technologies Income Tax Credit - Hawaii

Form N-342 Renewable Energy Technologies Income Tax Credit - Hawaii

This document contains official instructions for Form N-342 , Renewable Energy Technologies Income Tax Credit - a form released and collected by the Hawaii Department of Taxation. An up-to-date fillable Form N-342 is available for download through this link.

FAQ

Q: What is Form N-342?
A: Form N-342 is a state tax form used in Hawaii to claim the Renewable Energy Technologies Income Tax Credit.

Q: What is the Renewable Energy Technologies Income Tax Credit?
A: The Renewable Energy Technologies Income Tax Credit is a tax incentive offered in Hawaii to individuals or businesses that install and operate renewable energy systems.

Q: Who can claim the tax credit?
A: Both individuals and businesses in Hawaii can claim the Renewable Energy Technologies Income Tax Credit.

Q: What types of renewable energy systems are eligible for the tax credit?
A: Eligible systems include solar energy systems, wind-powered energy systems, ocean thermal energy conversion systems, and geothermal energy systems.

Q: What expenses can be claimed for the tax credit?
A: Expenses such as the purchase and installation costs of eligible systems, as well as costs for permits, inspections, and professional services directly related to the installation, can be claimed.

Q: How much is the tax credit?
A: The tax credit amount is based on a percentage of the total amount of expenses incurred for the eligible systems. The percentage varies depending on the type of system and the date it was placed into service.

Q: When is the deadline to file Form N-342?
A: The deadline to file Form N-342 is usually April 20th of the year following the tax year in which the expenses were incurred.