Instructions for Form N-586 Tax Credit for Low-Income Housing - Hawaii

Form N-586 Tax Credit for Low-Income Housing - Hawaii

This document contains official instructions for Form N-586 , Tax Credit for Low-Income Housing - a form released and collected by the Hawaii Department of Taxation. An up-to-date fillable Form N-586 is available for download through this link.

FAQ

Q: What is Form N-586?
A: Form N-586 is a tax form used by individuals in Hawaii to claim the Low-Income Housing Tax Credit.

Q: Who can use Form N-586?
A: Form N-586 can be used by individuals in Hawaii who meet the eligibility requirements for the Low-Income Housing Tax Credit.

Q: What is the Low-Income Housing Tax Credit?
A: The Low-Income Housing Tax Credit is a tax credit available to individuals who invest in low-income housing projects.

Q: How do I qualify for the Low-Income Housing Tax Credit?
A: To qualify for the Low-Income Housing Tax Credit, you must meet certain income and residency requirements set by the state of Hawaii.

Q: What information do I need to complete Form N-586?
A: To complete Form N-586, you will need information about the low-income housing project in which you invested, as well as your own personal information.

Q: When is the deadline to file Form N-586?
A: The deadline to file Form N-586 is usually April 20th of the following year.

Q: What happens after I file Form N-586?
A: After you file Form N-586, the Hawaii Department of Taxation will review your application and determine if you are eligible for the Low-Income Housing Tax Credit.

Q: Are there any other tax credits available in Hawaii?
A: Yes, Hawaii offers other tax credits such as the Solar Energy Tax Credit and the Renewable Energy Technologies Tax Credit.