Hawaii Recapture of the Tax Credit for Flood Victims

Recapture of the Tax Credit for Flood Victims
Form N-338, Rev 2018, Recapture of Tax Credit for Flood VictimsClear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION

		

		
	
	
	

RECAPTURE OF TAX CREDIT
FORM	
FOR FLOOD VICTIMS
20__
N-338		
(Rev. 2018)

Or fiscal year beginning ___________________ , 20_____, and ending ____________________, 20   

	ATTACH THIS SCHEDULE TO FORM N-11, N-15, N-20, N-30, N-35, N-40, OR N-70NP
Name	

SSN or FEIN

COMPUTATION OF RECAPTURE OF TAX CREDIT FOR FLOOD VICTIMS
1.	 Amount of expenses utilized to calculate the credit subsequently recovered, e.g., reimbursed by
insurance or other disaster relief payments from government agencies or non-profit organizations.... 	
2.	 Tax credit percentage............................................................................................................................ 	
3.	 Credit Recapture — Multiply line 1 by line 2 and enter the result (rounded to the nearest dollar for
individual taxpayers) here. Add this amount to your tax liability for the tax year in which the
recapture occurred................................................................................................................................ 	

1
2	10%

3

GENERAL INSTRUCTIONS

SPECIFIC INSTRUCTIONS

If at any time after claiming the tax credit, the taxpayer no
longer qualifies for the credit because the taxpayer subsequently
is reimbursed by insurance or other disaster relief payments for
expenses utilized to calculate the credit, the credits claimed shall be
recaptured. The recapture shall be equal to 100% of the tax credits
that were subsequently ineligible as a result of later recovery. The
amount of the recaptured tax credit shall be added to the taxpayer’s
tax liability for the taxable year in which the recapture occurs.

Line 1 — Enter the amount of expenses utilized to calculate
the credit subsequently recovered, e.g., reimbursed by insurance
or other disaster relief payments from government agencies or nonprofit organization.
Line 3 — This is your credit recapture. Add this amount to your
tax liability for the tax year in which the recapture occurred.

		
N338_I 2018A 01 VID01

ID NO 01

FORM N-338

Extracted from PDF file 2023-hawaii-form-n-338.pdf, last modified August 2003

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More about the Hawaii Form N-338 Corporate Income Tax Tax Credit TY 2023

We last updated the Recapture of the Tax Credit for Flood Victims in February 2024, so this is the latest version of Form N-338, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form N-338 directly from TaxFormFinder. You can print other Hawaii tax forms here.

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Other Hawaii Corporate Income Tax Forms:

TaxFormFinder has an additional 164 Hawaii income tax forms that you may need, plus all federal income tax forms.

Form Code	Form Name
Form N-342	Renewable Energy Technologies Income Tax Credit Tax Credit
Form N-40 Sch. K1	Beneficiary's Share of Income, Deductions, Credits, etc Tax Credit
Form A-6	Tax Clearance Application
Form F-1	Franchise Tax Return
Form N-301	Application for Automatic Extension of Time to File Hawaii Corporation Income Tax Return Tax Return

Download all HI tax forms View all 165 Hawaii Income Tax Forms

Form Sources:

Hawaii usually releases forms for the current tax year between January and April. We last updated Hawaii Form N-338 from the Department of Taxation in February 2024.

Show Sources >

Form N-338 is a Hawaii Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Hawaii Form N-338

We have a total of twelve past-year versions of Form N-338 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form N-338

Form N-338, Rev 2018, Recapture of Tax Credit for Flood Victims

2022 Form N-338

Form N-338, Rev 2018, Recapture of Tax Credit for Flood Victims

2021 Form N-338

Form N-338, Rev 2018, Recapture of Tax Credit for Flood Victims

2020 Form N-338

Form N-338, Rev 2018, Recapture of Tax Credit for Flood Victims

2019 Form N-338

Form N-338, Rev 2018, Recapture of Tax Credit for Flood Victims

2018 Form N-338

Form N-338, Rev 2018, Recapture of Tax Credit for Flood Victims

2017 Form N-338