Hawaii Franchise Tax Return

Franchise Tax Return
Form F-1, Rev 2023, Franchise Tax Return Banks, Other Financial Corporations, and Small Business Investment Companies
		
STATE OF HAWAII — DEPARTMENT OF TAXATION

FORM	

	

F-1
		 (REV.
2023)
	

THIS SPACE FOR DATE RECEIVED STAMP

FRANCHISE TAX RETURN

Clear Form

BANKS, OTHER FINANCIAL CORPORATIONS, AND
SMALL BUSINESS INVESTMENT COMPANIES

CALENDAR YEAR 2024 OR FISCAL YEAR BEGINNING IN 2024

(Based on income for calendar year 2023 or fiscal year beginning on _________________ , 2023 and ending
F1_I 2023A 01 VID01
__________________ , 20 ____ ) (First year, Second year, & Final return filers, see Instructions)

IRS Adjustment

PRINT OR TYPE

	 AMENDED Return (Attach Sch. AMD)	NOL Carryback

Federal Employer I.D. No.

Hawaii Tax I.D. Number

Name

Main Business Activity

DBA (if any)

Date Business Began in Hawaii

Mailing Address (number and street)

Date of Incorporation

City, State, and Postal/ZIP Code

State or Foreign Country of Incorporation

CHECK BOX, IF APPLICABLE:
	

	

First year return	

Second year return	

Final return (Business end date ___________________ , 20 _____ )

Election to pay via the installment payment method

A COPY OF ALL PAGES OF YOUR FEDERAL RETURN MUST ACCOMPANY THIS RETURN.

Amended
Return

TAX

GROSS INCOME

If this is a consolidated return, attach copy of Hawaii Forms N-304 and N-303 for each subsidiary.
Gross Receipts 	
Less: Returns and allowances	
1
Less: Cost of goods sold and/or operations (Attach schedule) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
2
Gross Profit (line 1 minus line 2) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
3
Dividends (Schedule C). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	
4
Gross Amount of Interest
Less: Amortizable Bond Premium
	 5.	 Interest on government obligations.  .  . 	
5
	 6.	 Other interest.  .  .  .  .  .  .  .  .  .  .  .  .  .	
6
	 7.	 (a)	Rents	
Plus 7(b) Royalties	
, Sum †	7(c)
	 8.	 (a)	Net capital gains (from federal Schedule D) (See Instructions).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 8(a)
		(b)	Ordinary gain or loss (from federal Schedule 4797) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 8(b)
	 9.	 Other income (Attach schedule) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
9
	10.	 TOTAL INCOME — Add lines 3 through 9. Enter here and on page 2, line 10(a).  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 10
	69.	 TOTAL TAX from page 3, line 68.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 69
	70.	 Total Refundable Credits. Enter the result from page 4, Schedule I, line 3 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 70
	71.	 Adjusted Tax Liability (Line 69 minus line 70. If line 71 is zero or less, see Instruction XVI) .  .  .  .  .  .  .  . 	 71
	72.	 Total Nonrefundable Credits from Schedule H, line 6 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 72
	73.	 Carryover of the Capital Infrastructure Tax Credit (Attach Form N-348) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 73
	74.	 Line 71 minus the sum of lines 72 and 73 (See Instructions XVII).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 74
75.		 Payment with extension (Attach Form N-755).  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 75
	76.	 Tax installment payments (See Instruction XV).  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 76
	77.	 Add lines 75 and 76 and enter result.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 77
	78.	 TAX DUE (Line 74 minus line 77. If line 77 is greater than line 74, skip line 79 and go to line 80) .  .  .  .  .  . 	 78
	79.	 Enter amount paid with this return.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 79
	80.	 OVERPAYMENT (If line 77 is larger than line 74) (See Instruction XIX).  .  .  . enter AMOUNT OVERPAID †	 80
	81.	 Enter amount of line 80 you want Credited to 2025 installment payments . † 81
	82.	 Amount to be REFUNDED TO YOU (line 80 minus line 81) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .REFUND †	82
	
83.	 Amount paid (overpaid) on original return—AMENDED RETURN ONLY (See Instructions. Attach Sch. AMD)	 83
	84.	 BALANCE DUE (REFUND) with amended return (See Instructions. Attach Sch. AMD).  .  .  .  .  .  .  .  .  .  .	 84
	
	
	
	

1.	
2.	
3.	
4.	

Please
Sign
Here
Paid
Preparer’s
Information

I declare, under the penalties set forth in section 231-36, HRS, that this return (including any accompanying schedules or statements) has been examined by me and, to the best of
my knowledge and belief, is a true, correct, and complete return, made in good faith, for the taxable year stated, pursuant to the Hawaii Income Taxation of Banks and Other Financial
Corporations, Chapter 241, HRS.

†

	

Signature of officer	

†

Date	

Title

	
Date			PTIN
Preparer’s Signature, and
Check if
		
Print Preparer’s Name   
		
self-employed	

†

†

Federal
Firm’s name (or yours		
E.I. No.
if self-employed),  
		
address, and Postal/ZIP Code		
Phone No.

FRN1E3T4

†

†

ID NO 01

†

FORM F-1 (REV. 2023)

FORM F-1 (REV. 2023)	

Page 2
Name as shown on return	

Federal Employer Identification Number

F1_I 2023A 02 VID01

	10.	(a)	TOTAL INCOME — from page 1, line 10 . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 10(a)
DEDUCTIONS
	11.	 Compensation of officers (Schedule E). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	12.	 Salaries and wages (not deducted elsewhere). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	13.	 Repairs (Do not include cost of improvements or capital expenditures) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	14.	 (a)	Bad debts (Schedule F)	
Plus 14(b) Rents	
, Sum †	
	15.	(a)	Taxes (Attach schedule)	
Plus 15(b) Interest	
, Sum †	
	16.	 Contributions or gifts paid (Attach schedule). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	17.	 Amortization (Attach schedule). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	18.	 Depletion . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	19.	 Depreciation (from federal Form 4562)   . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	20.	 Advertising.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
	21.	 Amounts contributed under: 	 (a)	Pension, profit-sharing, stock bonus, annuity plans (Attach schedule).  .  . 	
				
(b)	Other employee benefit plans (Attach schedule). .  .  .  .  .  .  .  .  .  .  .  .  .	
	22.	 Other deductions (Attach schedule) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
	23.	 TOTAL DEDUCTIONS — Add lines 11 through 22. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	24.	 Net income before Hawaii adjustments (line 10(a) minus line 23) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
STATE ADJUSTMENTS
ADD:
	25.	 Taxable dividends from Schedule C, line 10 . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	26.	 (a)	 Interest on obligations of the United States or its possessions or on securities issued under an
	 Act of Congress.  (See instruction VI(a)(1)) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
		(b)	Interest on state, territorial, municipal, county, or other bonds or securities, including Hawaiian issues,
	 not included on line 6.  (See instruction VI(a)(2)). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	27.	 Amount of deduction for bad debts taken on line 14(a).  (See Instructions IV(b) and VII) . .  .  .  .  .  .  .  .  .  .	
	28.	 Other additions required by law — submit schedule.  (See Instruction IV(b)) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
	29.	 Total of lines 24 through 28. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
DEDUCT:
	30.	 Entire dividends as reported on page 1, line 4 . .  .  .  .  .  .  .  .  .  .  .  .  .  .	 30
	31.	 Bad debt deduction allowed by section 241-4(b)(3), HRS. (See Instruction VII(c)).  .  .  .  . 	 31
	32.	 Other deductions authorized by law—submit schedule. (See Instructions VI(b) and X(b)). 	 32
	33.	 Total of lines 30 through 32. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
	34.	 Net income after Hawaii adjustments (line 29 minus line 33). . . . . . . . . . . . . . . . . . . . . . . . . 	
		Note: If you do not need to apportion your income, skip lines 35 through 56, enter the amount on
	
line 34 on line 57, and continue with line 58. Otherwise, continue with line 35.

11
12
13
14(c)
15(c)
16
17
18
19
20
21(a)
21(b)
22
23
24

25
26(a)
26(b)
27
28
29

33
34

ADJUSTMENTS TO ARRIVE AT APPORTIONABLE BUSINESS INCOME SUBJECT TO TAX
DEDUCT:
	35.	 Nonbusiness dividends included on page 1, line 4, and included
on line 24 above .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 35
	36.	 Nonbusiness interest (Attach schedule) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 36
	37.	 Royalties from nonbusiness assets (Attach schedule). .  .  .  .  .  .  .  .  .  .	 37
	38.	 Net profit from nonbusiness rental property .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 38
	39.	 Net gain from nonbusiness assets (Attach schedule) .  .  .  .  .  .  .  .  .  .  . 	 39
	40.	 Other adjustments (Attach schedule). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 40
	41.	 Total (lines 35 to 40, inclusive) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 41
	42.	 Balance (line 34 minus line 41). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 42
ADD:
	43.	 Net loss from nonbusiness rental property. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 43
	44.	 Net loss from nonbusiness assets (Attach schedule). . . . . . . . . . . 	 44
	45.	 Total of lines 43 and 44. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 45
	46.	 Business income from sources within and without Hawaii (line 42 plus line 45). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 46
	47.	 Allocate__________% (from Schedule P, line 8), as apportionable income attributable to Hawaii and
subject to tax.  (Multiply line 46 by the %) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 47

FRN2E3T4

ID NO 01

FORM F-1 (REV. 2023)

FORM F-1 (REV. 2023)	

Page 3
Name as shown on return	

Federal Employer Identification Number

F1_I 2023A 03 VID01

CLASSIFICATION OF APPORTIONABLE BUSINESS INCOME SUBJECT TO TAX
Enter the portion of the amount on line 47 that is ordinary income. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 48
Enter the portion of the amount on line 47 that is net capital gain.  Also, enter on line 60. .  .  .  .  .  .  .  .  .  .	 49
Total (lines 48 and 49). This total must be equal to the amount on line 47. . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 50
INCOME WHOLLY ATTRIBUTABLE TO HAWAII SUBJECT TO TAX
	51.	 Gain (or loss) from sale of real estate and other tangible assets located in Hawaii . .  .  . 	 51
	52.	 Royalties from property located in Hawaii .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 52
	53.	 Net profit (or loss) from nonbusiness rental property within Hawaii .  .  .  . 	 53
	54.	 Net gain from sale of nonbusiness assets located in or having tax
situs in Hawaii:
		(a)	Net short-term capital gain .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 54(a)
		(b)	Net capital gain attributable to Hawaii. (This amount, if any, also
	 should be entered on line 60). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 54(b)
		(c)	Net gain (or loss) from sale or exchange of property other than
	 capital assets . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 54(c)
	55.	 Income from intangible personal property. Include entire income
(or loss) of intangibles which, because of domicile of the corporation
or business situs of intangibles, are located in Hawaii. Add back
Hawaii allocated, nonbusiness income and dividends.
		(a)	Dividends included on line 35 above (Attach schedule) .  .  .  .  .  .  .  . 	 55(a)
		(b)	Interest .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 55(b)
		(c)	All other income from intangibles (Attach schedule) .  .  .  .  .  .  .  .  .  . 	 55(c)
	56.	 Total income wholly attributable to Hawaii (lines 51 to 55(c)). . . . . . . . . . . . . . . . . . . . . . . . . 	 56
	57.	 Total of lines 47 and 56 (or the amount from line 34 if you did not need to apportion your income). .  .  .  .  .	 57
	58.	 Net operating loss deduction—submit schedule. (See instruction XI). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 58
	59.	 Net income (or loss) for Hawaii tax purposes (line 57 minus line 58) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 59
TAX COMPUTATION
	60.	 Enter the amount of net capital gains as shown on page 1, line 8(a). (If you apportioned your income,
enter the amounts from lines 49 and 54(b), if any, instead) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 60
	61.	 Line 59 minus line 60 (If less than zero, enter zero). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . †	 61
	62.	(a)	Tax on capital gain — 4% of amount on line 60. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 62(a)
		(b)	Tax on net income — 7.92% of amount on line 61 . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 62(b)
		(c)	Total of lines 62(a) and 62(b) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 62(c)
		(d)	Using the 7.92% rate, compute tax on all taxable income using amount from line 59.  .  .  .  .  .  .  .  .  .  . 	 62(d)
	63.	 Total tax (enter lesser of line 62(c) or 62(d)) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 63
	64.	 Recapture of Capital Goods Excise Tax Credit from Form N-312, Part II. 	 64
	65.	 Recapture of Low-Income Housing Tax Credit from Form N-586, Part III. 	 65
	66.	 Recapture of Capital Infrastructure Tax Credit from Form N-348, Part II.  . 	 66
	67.	 Total recapture of tax credits (Add lines 64, 65, and 66) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	 67
	68.	 Total tax (Add lines 63 and 67). Enter here and on page 1, line 69 . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . †	68
48.		
49.		
50.		

Schedule C

INCOME FROM DIVIDENDS (Classified for Hawaii Purposes)

1. Name of declaring corporation

	 6.	
	 7.	
	 8.	
	 9.	
	 10.	

2. National Banking
Associations

3. Received from an
4. Received by a small
affiliate (including foreign) business investment co.
as IRC section 243(b)
operating under Small
qualifying dividend
Business Investment Act

5. All other dividends

Total dividends (Add amounts in columns 2, 3, 4, and 5). Enter here and on page 1, line 4 . .  .  .  .  .  .  .  .  .  .  .  .  .  .
Dividends qualifying for the 70% dividends received deduction (Total of amounts in column 5) .  .  .  .  .  .  .  .  .  .  .  .  .
Multiply line 7 by .30 (30%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxable mutual funds dividends.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Total taxable dividends (Add lines 8 and 9). Enter here and on page 2, line 25. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

FRN3E3T4

ID NO 01

FORM F-1 (REV. 2023)

FORM F-1 (REV. 2023)	

Page 4
Name as shown on return	

Federal Employer Identification Number

F1_I 2023A 04 VID01

Schedule E

COMPENSATION OF OFFICERS

1. Name and address of officer

3. Time
devoted to
business

2. Official title

Percent of corporation
stock owned
4. Common 5. Preferred

6. Amount of
compensation

Total compensation of officers (Enter here and on page 2, line 11). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

Schedule F

1. Last 3
Prior
and
Current
Taxable
Years

20
20
20
20

Schedule H
	
	
	
	

1.	
2.	
3.	
4.	

	 5.	
	 6.	

	 3.	

3. Taxable
(or Net)
Income
Reported

4. Sales on Account

If Corporation Carries An Allowance

5. Bad Debts of
Corpora­tion if No
Allowance
Is Carried
on Books

6. Gross Amount
Added to Allowance

7. Amount Charged
Against Allowance

NONREFUNDABLE CREDITS

Carryover of the Credit for Energy Conservation (Attach Form N-323) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
Low-income Housing Tax Credit (Attach Form N-586). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
Carryover of the High Technology Business Investment Tax Credit (Attach Form N-323). .  .  .  .  .  .  .  .  .  .	
Carryover of the Renewable Energy Technologies Income Tax Credit (for systems installed and placed in
service before July 1, 2009) (Attach Form N-323) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
Renewable Energy Technologies Income Tax Credit for Systems Placed in Service on or after July 1, 2009
(Attach Form N-342) Check the type of energy system:     Solar     Wind .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
Total Nonrefundable Credits. Add lines 1 through 5. (Enter here and on page 1, line 72) .  .  .  .  .  .  .  .  . †	

1
2
3

Capital Goods Excise Tax Credit (Attach Form N-312). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .	
Renewable Energy Technologies Income Tax Credit for Systems Placed in Service on or after July 1, 2009
(Attach Form N-342) (Note: The refundable credit applies only to solar energy systems and not to wind powered energy systems). 	
Total Refundable Credits. Add lines 1 and 2. (Enter here and on page 1, line 70) . .  .  .  .  .  .  .  .  .  .  .  . †	

1

Schedule I
	1.	
	 2.	

BAD DEBTS

2. Amount of Notes
and Accounts
Receivable
Outstanding at
End of Year

Schedule P

REFUNDABLE CREDITS

COMPUTATION OF APPORTIONMENT FACTORS
In Hawaii

Property — (use original cost)

Beginning of taxable year

FRN4E3T4

4
5
6

2
3

Total Everywhere
End of taxable year

Beginning of taxable year

Land 	
Buildings 	
Loans 	
Credit card receivables	
Leasehold interests*	
Rented Property*	
Other Property 	
	
Total 	
* Enter net annual rent X 8.
	
A. In Hawaii	
B.  Everywhere	
	 1		 Property values (average value of property above)
	 2		 Property factor (line 1, col. A divided by line 1, col. B). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	 3		 Total compensation
	 4		 Payroll factor (line 3, col. A divided by line 3, col. B). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	 5		 Total Sales
	 6		 Sales factor (line 5, col. A divided by line 5, col. B) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	 7		 Total of factors (add lines 2, 4, and 6).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	 8		 Average of factors (divide line 7 by 3). Enter here and on page 2, line 47 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
** Compute all percentages to 5 decimal places (.00000%).

8. Balance of
Allowance

ID NO 01

End of taxable year

Percent in Hawaii**
	

%

	

%

	
	
	

%
%
%
FORM F-1 (REV. 2023)