Hawaii Information Statement Concerning Renewable Energy

Information Statement Concerning Renewable Energy 
Form N-342A, 2020, Information Statement Concerning Renewable Energy Technologies Income Tax Credit For Systems Installed and Placed in Service On or 
Clear Form
STATE OF HAWAII__DEPARTMENT OF TAXATION

TAX
YEAR

CONCERNING RENEWABLE ENERGY TECHNOLOGIES INCOME TAX CREDIT
FOR SYSTEMS INSTALLED AND PLACED IN SERVICE ON OR AFTER JULY 1, 2009

20__

FORM

N-342A
(REV. 2020)

INFORMATION STATEMENT

(TO BE CLAIMED BY INDIVIDUAL OR CORPORATE SHAREHOLDERS OF S CORPORATIONS, MEMBERS OF PARTNERSHIPS,
BENEFICIARIES OF ESTATES OR TRUSTS, OR CONDOMINIUM APARTMENT ASSOCIATIONS)

Or fiscal year beginning ____________, 20_____, and ending ____________, 20_____.
ATTACH THIS STATEMENT TO FORM N-342— Use the information provided on this Statement to complete the
Form N-342 used to claim your share of this tax credit. Attach both the Form N-342 and a copy of this Form to the return you file.
Name (S Corporation, Partnership, Estate, or Trust, or Condominium Apartment Association) 		

Number and Street

City or Town, State and Postal/ZIP Code

Name of individual or corporation for whom this statement is being prepared

Social Security Number or Fed. Employer I.D. Number

  S Corporation
   Partnership
   Estate or Trust
   Condominium Apartment Association

NOTE:	 Every Hawaii S corporation, partnership, estate, trust, or condominium apartment association is required to prepare this statement for each individual or
corporate shareholder, member, or beneficiary, respectively, in order that the prorated amount of such entity’s tax credit may be claimed by the individual
or corporate taxpayer. Use a separate form for each eligible system. Also attach a copy of this form as issued to each member to the return of the
S corporation, partnership, estate, trust, or condominium apartment association.
Physical Property Address Where the System was Installed and Placed in Service:
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 ............................................................................... 
SOLAR ENERGY SYSTEM
1.	

Enter your total cost of the qualified solar energy system installed and
placed in service in Hawaii....................................................................................................... 	
1
2.	 Enter the amount of consumer incentive premiums, costs used for other credits, and utility
rebate, if any, received for the qualifying solar energy system................................................. 	
2
3.	 Actual cost of the solar energy system. Line 1 minus line 2.................................................... 	
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.......................................................................................................................	
6
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.................................. 	
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 __________ ).............................................................................................................	 11
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.................................................................................................................	 13
14.	 Add lines 6, 11, and 13, and enter result (but not less than zero).............................................................................................	 14
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.................................................................................................................................................................	 18
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
		
ID NO 01
FORM N-342A
N342A_I 2020A 01 VID01

Form N-342A (Rev. 2020)		

Page 2

21.	 Actual per unit cost of the solar energy system. Multiply line 19 by line 20.............................. 	 21
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
WIND-POWERED ENERGY SYSTEM
27.	 Enter your total cost of the qualified wind-powered energy system installed and placed in
service in Hawaii....................................................................................................................... 	 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.	 Actual cost of the wind-powered energy system. Line 27 minus line 28................................... 	 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.....................................................................................................................	 31
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....................... 	 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 __________ ).............................................................................................................	 36
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.................................................................................................................	 38
39.	 Add lines 31, 36, and 38, and enter result (but not less than zero)...........................................................................................	 39
DISTRIBUTIVE SHARE OF TAX CREDIT
40.	 Distributive share of solar energy tax credit from another Form N-342A..................................................................................	40
41.	 Distributive share of wind-powered energy tax credit from another Form N-342A....................................................................	 41
TOTAL AND DISTRIBUTIVE SHARE OF RENEWABLE ENERGY TECHNOLOGIES INCOME TAX CREDIT
42.	 Total tax credit claimed. Enter the amount from lines 14, 26, or 39, and 40 and 41. ................................................................	 42
43.	 Distributive share of solar energy tax credit. Each shareholder, partner, member, or beneficiary
shall enter this amount on Form N-342, line 40........................................................................................................................	43
44.	 Distributive share of wind-powered energy tax credit. Each shareholder, partner, member, or beneficiary
shall enter this amount on Form N-342, line 41.........................................................................................................................	 44

GENERAL INSTRUCTIONS

For requirements for claiming the renewable energy technologies income
tax credit and definitions, see the Instructions for Form N-342.

SPECIFIC INSTRUCTIONS

    Total square feet of your unit
Total square feet of all units in the   x The actual cost
multi-family residential property
 of the system   

If the above per unit cost calculation does not fairly represent the owners’
Complete one Form N-342A for each individual and corporate shareholder,
contribution to the cost of the system, provide an alternative calculation.
partner, member, or beneficiary receiving a distributive share of the renewable
Line 43 — Distributive share of solar energy tax credit. Each individual
energy technologies income tax credit. Use a separate form for each eligible and corporate shareholder, partner, member, or beneficiary of an S corporation,
system. Attach a copy of the Forms N-342A as issued to each partner, member, partnership, estate, trust, or condominium apartment association receiving a
beneficiary, or shareholder to the return of the S corporation, partnership,
Form N-342A must enter this amount on Form N-342, line 40. Both the Form
estate, trust, or condominium apartment association.
N-342 and a copy of the Form N-342A must be attached to the individual or
Be sure to enter in the appropriate space (1) the physical property address
corporate income tax return on which the credit is claimed.
where the system was installed and placed in service, (2) the date the system
Line 44 — Distributive share of wind-powered energy tax credit. Each
was installed and placed in service, and (3) the Total Output Capacity, if the individual and corporate shareholder, partner, member, or beneficiary of an S
credit being claimed is for an “other solar energy system.”
corporation, partnership, estate, trust, or condominium apartment association
Lines 1 through 42 — Fill in the lines as they apply to your claim.
receiving a Form N-342A must enter this amount on Form N-342, line 41. Both
the Form N-342 and a copy of the Form N-342A must be attached to the
Lines 1 or 27 –– Enter the qualifying cost of the eligible renewable energy
individual or corporate income tax return on which the credit is claimed.
technology system installed and placed in service in Hawaii.
Lines 2 or 28 –– Enter the dollar amount of any consumer incentive COMPOSITE FILING OF FORM N-342A
premiums unrelated to the operation of the system or offered with the sale of
For taxable years that begin on or after January 1, 2011, any S corporation,
the system (such as “free solar powered products,” “free gifts,” offers to pay
partnership, estate, trust, or condominium apartment association that has
electricity bills, or rebates), costs for which another credit is claimed, and any
installed and placed in service 10 or more systems in a single taxable year
utility rebate received for the qualifying renewable energy technology system.
may file composite Form(s) N-342A. A composite Form N-342A, which is
designated with the word “COMPOSITE” printed in capital letters at the top of
These dollar amounts are to be deducted from the cost of the qualifying
the form, is used to report the total amounts from Form N-342B, Composite
system before determining the credit.
Information Statement for Form N-342A. For more information and instructions
Lines 8, 20, and 33 –– The per unit cost of a solar or wind-powered energy
on filing a composite Form N-342A, see Department of Taxation Announcement
system installed and placed in service in Hawaii in a multi-family residential
No. 2012-01 and the Instructions for Form N-342B.
property
may
be
determined
as
follows:
		
FORM N-342A