Hawaii Capital Goods Excise Tax Credit

Capital Goods Excise Tax Credit 
Form N-312, Rev. 2020, Capital Goods Excise Tax Credit
Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION

		
		

CAPITAL GOODS
EXCISE TAX CREDIT
SEE SEPARATE INSTRUCTIONS BEFORE COMPLETING THIS FORM.	

FORM	
	
	
	
	 (REV. 2020)	

N-312

20__

Or fiscal year beginning ______________________, 20  , and ending _________________ , 20   

	
   ATTACH TO FORM F-1, N-11, N-15, N-20, N-30, N-35, N-40, OR N-70NP

SSN OR FEIN

Name(s) as shown on tax return	

Hawaii Tax Identification Number

CAUTION:	
The deadline to claim the credit, including amended claims, is 12 months after the close of your taxable year. An
extension of time for filing a return does not extend the time for claiming the credit. The taxpayer shall treat the amount of the credit
allowable and claimed as a taxable income item for the taxable year in which it is properly recognized under the method of accounting
used to compute taxable income. Alternatively, the basis of eligible property for depreciation purposes for State income taxes shall be
reduced by the amount of the credit allowable and claimed. No credit may be claimed for property for which the Motion Picture,
Digital Media, and Film Production Income Tax Credit is claimed. In addition, no credit may be claimed for any cost that is used
to claim the Renewable Energy Technologies Income Tax Credit.
PART I	 COMPUTATION OF TAX CREDIT
(a) Description of Property — Attach a
separate sheet if more space is needed
1.	

(b) Date property was
placed in service

(c) Cost of qualifying
property

Hawaii purchases

2a.	 Purchases from out-of-state sellers

2b.	 Was 4% Use Tax paid on these purchases?      Yes       No       Some  
3.	 Total qualifying cost of eligible property. Add amounts in column (c), lines 1 and 2. (Estates, trusts,
and cooperatives, see Instructions) ..........................................................................................................................	

3

4.	

Tax credit percentage. ..............................................................................................................................................	

4	4%

5.	
6.	

Multiply line 3 by line 4 and enter result here ...........................................................................................................	
Amount of sales or use taxes paid to another state or jurisdiction for which a credit was claimed under
section 238-3(i), Hawaii Revised Statutes. (see Instructions)...................................................................................	
Capital Goods Excise Tax Credit — Line 5 minus line 6. Enter difference (> zero) rounded to the nearest dollar
for individual taxpayers and enter on Form F-1, Schedule I, or Schedule CR, of the appropriate line for this credit	

5

7.	

6
7

	Yes	
A.	

Was a deduction taken under Internal Revenue Code Section 179 (regarding an election
to expense certain depreciable business assets) on any property listed on lines 1 or 2a?

B.	

Was any property listed on lines 1 or 2a acquired from a related company or person?

C.	

Is any property listed on lines 1 or 2a subject to the limitation on capital goods excise tax
credit and the depreciation deduction under Internal Revenue Code Section 280F?

D.	

Is any property listed on lines 1 or 2a an integral part of a building or structure?

E.	

Does any of the property listed on lines 1 or 2a have a useful life of less than 3 years?

If you answered “Yes” to any question above, please attach an explanation as to how the
qualifying basis was determined and identify the property involved on lines 1 or 2a, Part
I using the applicable letter(s) for the description above.
		
N312_I 2020A 01 VID01

ID NO 01

No

FORM N-312

FORM N-312
(REV. 2020)		

PAGE 2

PART II — RECAPTURE OF CAPITAL GOODS EXCISE TAX CREDIT
Name(s) as shown on return or of individual or entity for whom this statement is being prepared.		

FEIN or SSN

Name of pass-through entity.		

FEIN or SSN

	 Properties	

Description of property. (Attach a separate sheet if more space is needed.)

A
B
C
D
E
Properties
RECAPTURE COMPUTATION:	

A	 B	C	D	E

(See Specific Instructions)
1.	 Original rate of credit (4%). ............... 	1	
4%	
4%	
4%	
2.	 Date recapture period begins
(see Instructions). ......................................... 	2
3.	 Date property ceased to be eligible
capital goods excise tax credit
property. (see Instructions) ............... 	3
4.	 Number of full years between the date
on line 2 and the date on line 3. ................... 	4
5.	 Original apportioned cost of qualifying
property. Use this amount on line a of
the worksheet in the Instructions for
Part II, line 9 of Form N-312. ........................ 	5
6.	 Original apportioned amount of the
deduction allowed under IRC section 179.
Use this amount on line d of the worksheet for Part II, line 9 of Form N-312. ......... 	6
7.	 Original apportioned sales or use tax
credit claimed under section 238-3(i),
HRS. Use this amount on line h of the
worksheet for Part II, line 9 of Form N-312.... 	7
8.	 Original or previously recomputed
credit claimed. (see Instructions) ................. 	8
9.	 Recomputed credit. (see Instructions) .......... 	9
10.	 Decrease in credit due to disposition.
(Line 8 minus line 9.) .................................... 	10
11.	 Recapture percentage. (from
100%
100%
100%
Instructions) .................................................. 	11
12.	 Recapture tax. (Line 10 multiplied
by line 11.)..................................................... 	12
13.	 Total increase in tax. (Add line 12 columns A through E.)
Round this amount to the nearest dollar and enter on the appropriate form listed below.				

4%	

4%

100%

100%

13

Enter or include the amount on line 13 above, to the recapture line of the capital goods excise tax credit or the line for tax on Form F-1;
Form N-11; Form N-15; Form N-30, Schedule J; Form N-40, Schedule G; or Form N-70NP.