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Instructions for Form N-354
for the current year.
Instructions for Form N-354 Organic Foods Production Tax Credit - Hawaii
This document contains official instructions for Form N-354 , Organic Foods Production Tax Credit - a form released and collected by the Hawaii Department of Taxation. An up-to-date fillable Form N-354 is available for download through this link.
FAQ
Q: What is Form N-354?
A: Form N-354 is a tax form used in Hawaii to claim the Organic Foods Production Tax Credit.
Q: Who can claim the Organic Foods Production Tax Credit in Hawaii?
A: Farmers in Hawaii who are engaged in the production of organic foods can claim the tax credit.
Q: What is the purpose of the Organic Foods Production Tax Credit?
A: The tax credit is intended to help promote the production of organic foods in Hawaii.
Q: What expenses are eligible for the Organic Foods Production Tax Credit?
A: Expenses related to the production and certification of organic foods, as well as certain equipment and infrastructure costs, may be eligible for the tax credit.
Q: How much is the Organic Foods Production Tax Credit in Hawaii?
A: The amount of the tax credit is 40% of the eligible expenses, up to a maximum of $50,000 per taxpayer per year.
Q: How do I claim the Organic Foods Production Tax Credit?
A: To claim the tax credit, you must file Form N-354 with your Hawaii state tax return.
Q: Are there any deadlines for claiming the Organic Foods Production Tax Credit?
A: Yes, the deadline for filing Form N-354 is the same as the deadline for filing your Hawaii state tax return, which is typically April 20th.
Q: Can the Organic Foods Production Tax Credit be carried forward or refunded?
A: No, the tax credit cannot be carried forward to future years or refunded if it exceeds your tax liability.
Q: Are there any additional requirements or documentation needed to claim the Organic Foods Production Tax Credit?
A: Yes, you may need to provide documentation such as receipts, invoices, or certification documents to support your claim for the tax credit.
Instruction Details:
- This 2-page document is available for download in PDF;
- Actual and applicable for the current year;
- Complete, printable, and free.
Download your copy of the instructions by clicking the link below or browse hundreds of other forms in our library of forms released by the Hawaii Department of Taxation.
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