Hawaii Renewable Energy Technologies Income Tax Credit

Renewable Energy Technologies Income Tax Credit
Form N-342, 2020, Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or After July 1, 2009
Clear Form
STATE OF HAWAII DEPARTMENT OF TAXATION

FORM

N-342
(REV. 2020)

TAX
YEAR

RENEWABLE ENERGY TECHNOLOGIES
INCOME TAX CREDIT

(FOR SYSTEMS INSTALLED AND PLACED IN SERVICE ON OR AFTER JULY 1, 2009)
Or fiscal year beginning __________________, 20______ and ending ____________________, 20______

20__

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

SSN or FEIN

•	 Use a separate form for each eligible system and for carryover credits.
•	 If you are only claiming your distributive share of a tax credit from Form N-342A, skip lines 1 through 39 and begin on line 40.
Physical Property Address Where the System Was Installed and Placed In Service — If claiming a carryover of credits, enter “CARRYOVER” on the
address line and continue to line 47.
Address (Number and Street)	

City or Town		

ZIP Code

Enter the date system was installed and placed in service ................................................................................................... 
For “Other Solar Energy Systems” enter the Total Output Capacity (See instructions) ...................................................... 

	
	

SOLAR ENERGY SYSTEM
1.	

Enter your total cost of the qualified solar energy system installed and placed in service in
Hawaii (See instructions if there are multiple owners of the system.)...................................... 	
1
2.	 Enter the amount of consumer incentive premiums, costs used for other credits, and utility
2
rebate, if any, received for the qualifying solar energy system................................................. 	
3.	 Actual cost of the solar energy system. (Subtract line 2 from line 1 and enter result.)............ 	
3
4.	 Is this solar energy system primarily used to heat water for household use?
    Yes. Go to line 5     No. Go to line 15.
SYSTEM PRIMARILY USED TO HEAT WATER FOR HOUSEHOLD USE (lines 5 - 14)
5.	 Enter the amount from line 3 that is installed and placed in service in Hawaii on
single-family residential property........................................................................................... 	
5
6.	 Enter 35% of line 5 or $2,250, whichever is less.......................................................................................................................	
7.	 Enter the amount from line 3 that is installed and placed in service in Hawaii on
multi-family residential property............................................................................................. 	
7
8.	 Divide the total square feet of your unit by the total square feet of all units in the multi-family
residential property. Enter the decimal (rounded to 2 decimal places). (See instructions.)...... 	
8
9.	 Actual per unit cost of the solar energy system. (Multiply line 7 by line 8 and enter result.)..... 	
9
10.	 Enter 35% of line 9 or $350, whichever is less......................................................................... 	 10
11.	 Multiply line 10 by the number of units you own to which the allocated unit cost on line 9
is applicable. (Number of units you own __________ ).............................................................................................................	
12.	 Enter the amount from line 3 that is installed and placed in service in Hawaii
on commercial property........................................................................................................... 	 12
13.	 Enter 35% of line 12 or $250,000, whichever is less.................................................................................................................	
14.	 Add lines 6, 11, and 13, and enter result (but not less than zero).............................................................................................	
SYSTEM NOT PRIMARILY USED TO HEAT WATER FOR HOUSEHOLD USE (lines 15 - 26)
15.	 Enter the amount from line 3 that is installed and placed in service in Hawaii on
single-family residential property........................................................................................... 	 15
16.	 Enter 35% of line 15 or $5,000, whichever is less.................................................................... 	 16
17.	 Was this system used as a substitute for a solar water heating system that is required for
new single-family residential property constructed on or after January 1, 2010?
    Yes. Enter 35% of line 15 or $2,250, whichever is less.     No. Enter zero........... 	 17
18.	 Line 16 minus line 17.................................................................................................................................................................	
19.	 Enter the amount from line 3 that is installed and placed in service in Hawaii on
multi-family residential property............................................................................................. 	 19
20.	 Divide the total square feet of your unit by the total square feet of all units in the multi-family
residential property. Enter the decimal (rounded to 2 decimal places). (See instructions.)...... 	 20
21.	 Actual per unit cost of the solar energy system. (Multiply line 19 by line 20 and enter result.).	 21

6

11

13
14

18

22.	 Enter 35% of line 21 or $350, whichever is less....................................................................... 	 22
23.	 Multiply line 22 by the number of units you own to which the allocated unit cost on line 21
is applicable. (Number of units you own __________ ).............................................................................................................	 23
24.	 Enter the amount from line 3 that is installed and placed in service in Hawaii
on commercial property......................................................................................................... 	 24
25.	 Enter 35% of line 24 or $500,000, whichever is less.................................................................................................................	 25
26.	 Add lines 18, 23, and 25, and enter result (but not less than zero)...........................................................................................	 26
		
FORM N-342
N342_I 2020A 01 VID01
ID NO 01

Form N-342 (Rev. 2020)		

Page 2

WIND-POWERED ENERGY SYSTEM
27.	 Enter your total cost of the qualified wind-powered energy system installed and placed in
service in Hawaii (See instructions if there are multiple owners of the system.)...................... 	 27
28.	 Enter the amount of consumer incentive premiums, costs used for other credits, and utility
rebate, if any, received for the qualifying wind-powered energy system................................... 	 28
29.	 Line 27 minus line 28. This is the actual cost of the wind-powered energy system.................. 	 29
30.	 Enter the amount from line 29 that is installed and placed in service in Hawaii on
single-family residential property........................................................................................... 	 30
31.	 Enter 20% of line 30 or $1,500, whichever is less.....................................................................................................................	
32.	 Enter the amount from line 29 that is installed and placed in service in Hawaii on
multi-family residential property............................................................................................. 	 32
33.	 Divide the total square feet of your unit by the total square feet of all units in the multi-family
residential property. Enter the decimal (rounded to 2 decimal places). (See instructions.)...... 	 33
34.	 Actual per unit cost of the wind-powered energy system. (Multiply line 32 by line 33 and
enter result.)............................................................................................................................. 	 34
35.	 Enter 20% of line 34 or $200, whichever is less....................................................................... 	 35
36.	 Multiply line 35 by the number of units you own to which the allocated unit cost on line 34
is applicable. (Number of units you own __________ ).............................................................................................................	
37.	 Enter the amount from line 29 that is installed and placed in service in Hawaii
on commercial property........................................................................................................... 	 37
38.	 Enter 20% of line 37 or $500,000, whichever is less.................................................................................................................	
39.	 Add lines 31, 36, and 38, and enter result (but not less than zero)...........................................................................................	

31

36

38
39

DISTRIBUTIVE SHARE OF TAX CREDIT
40.	 Distributive share of solar energy tax credit from attached Form N-342A.................................................................................	40
41.	 Distributive share of wind-powered energy tax credit from attached Form N-342A..................................................................	 41
STOP HERE IF YOU ARE FILING FORM N-20 OR FORM N-35
REFUNDABLE TAX CREDIT
To elect to claim the tax credit as a refundable tax credit, complete this section. Otherwise, skip to line 47.
	Note: The election to claim the credit as refundable cannot be revoked or amended.
42.	 Check the appropriate box:
	 a.	 I elect to treat the tax credit for a solar energy system as refundable. I understand that the amount of the
tax credit will be reduced by 30%. (Continue on line 43)
b.	 I elect to treat the tax credit for a solar energy system or a wind-powered energy system as refundable. ALL of my
	
income is exempt from Hawaii taxation under a public retirement system or received in the form of a pension for past
services or my Hawaii adjusted gross income is $20,000 or less ($40,000 or less if filing jointly). (Continue on line 46)
43.	 If you have checked box 42(a), enter the amount from line 14, 26, or 40..................................................................................	
44.	 Multiply line 43 by 30% (0.30)....................................................................................................................................................	
45.	 Line 43 minus line 44. This is your refundable renewable energy technologies income tax credit. Enter this amount,
rounded to the nearest dollar, on the appropriate line on Schedule CR or Form F-1, Schedule I; whichever is applicable.
(Stop here. Do not complete the rest of the form.)...................................................................................................................	
46.	 If you checked the box on line 42(b), enter the amount from line 14, 26, 39, 40, or 41. This is your refundable renewable
energy technologies income tax credit. Enter this amount, rounded to the nearest dollar, on the appropriate line on
Schedule CR. (Stop here. Do not complete the rest of the form.)............................................................................................	
NONREFUNDABLE TAX CREDIT
47.	 Carryover of unused renewable energy technologies income tax credit (for systems installed and placed in service on
or after July 1, 2009) from prior years. (See instructions.).........................................................................................................	
48.	 Total New Credit Claimed — Enter the amount from line 14, 26, 39, 40, or 41. Also include this amount on Schedule CR
in Column (a) of the appropriate line for this tax credit.............................................................................................................	
49.	 Enter the amount from line 47 or line 48. You MUST use a separate form for each eligible system or carryover credit............	
50.	 Adjusted Tax Liability (Not to be completed by Form N-20 and Form N-35 filers)
Enter your adjusted tax liability from the applicable Form F-1, N-11, N-15, N-30, N-40 or N-70NP............................................	
51.	 If you are claiming other credits, including the nonrefundable renewable energy technologies income tax credit for
another system, complete the credit worksheet in the instructions and enter the total here.....................................................	
52.	 Line 50 minus line 51. This represents your remaining tax liability. If the result is zero or less than zero, enter zero................	
53.	 Total Credit Applied — Enter the smaller of line 49 or line 52. This is your nonrefundable renewable energy technologies
income tax credit applied for the year. Also, enter this amount on Schedule CR in Column (b) of the appropriate line for
this tax credit or Form F-1, Schedule H; whichever is applicable..............................................................................................	

43
44

45

46

47
48
49
50
51
52

53

54.	 Unused Credit to Carryover — Line 49 minus line 53. This represents your current year’s carryover of unused credit.
The amount of any unused tax credit may be carried over and used as a credit against your income tax liability in
subsequent years until exhausted. If this amount is more than zero, also enter it on Schedule CR in Column (c) of
the appropriate line for this tax credit........................................................................................................................................	 54
		
FORM N-342