Hawaii Tax Credit for Low-Income Housing (Rev. 2016)

Tax Credit for Low-Income Housing (Rev. 2016)
Form N-586, Rev 2021, Tax Credit for Low-Income Housing
Clear Form
		

STATE OF HAWAII—DEPARTMENT OF TAXATION

			
TAX
    FORM
	
	YEAR
	
Or fiscal year beginning _________________, 20___, and ending __________________, 20____
   (REV. 2023)	
Enter the start and end of your tax year in the space provided.	

  N-586

TAX CREDIT FOR LOW-INCOME HOUSING

20__

ATTACH THIS SCHEDULE AND A COPY OF FEDERAL FORM 8586 TO FORM N-11, N-15,
N-20, N-30, N-35, N-40, N-70NP, F-1 OR TO THE ANNUAL PREMIUM TAX RETURN (Form 314), WHICHEVER IS APPLICABLE.
ATTACH A COPY OF FORMS 8609 AND 8609-A TO THIS SCHEDULE.
Name(s) as shown on tax return or on Form 314	

Social Security Number

	
NOTE: If you are only claiming the tax credit from a flow-through entity, start on line 5.

Federal Employer I.D. No.

Part I	
Low-Income Housing Credit
1	 Name and address of building(s) for which the credit is being
claimed _ ________________________________________________________________________________________________
2	 Date building(s) placed in service (month, year)_ _________________________________________________________________
	
a	 Is this date after December 31, 2011?     Yes    
No
	
b	 If yes, did you elect to take the low-income housing tax credit loan?     Yes    
No
	
	
If “Yes,” you cannot claim this credit.  Do not complete this form.
3	 Enter the amount of the tax credit allocated by the HHFDC prior to January 1, 2017 to Hawaii property
placed in service on or after July 1, 2005.................................................................................................... 	 3
4	 Multiply the amount on line 3 by 50% and enter here................................................................................. 	4
5	 Enter the amount of the tax credit allocated by the HHFDC after December 31, 2016 to Hawaii property
placed in service on or after January 1, 2017 (see Instructions)................................................................. 	 5
6	 Flow through of Hawaii low-income housing credit received from other entities, if any:
	
Check the applicable box below.  Enter the name and Federal Employer I.D. No. of Entity:
__________________________________________________________________________________
	
	 a	 S corporation shareholder — enter the appropriate amount from Schedule K-1 (Form N-35)
	
	 b	 Partner — enter the appropriate amount from Schedule K-1 (Form N-20)
	
	 c	 Beneficiary — enter the appropriate amount from Schedule K-1 (Form N-40)
	
	 d	 Patron — enter the amount from federal Form 1099-PATR............................................................ 	 6
7	 Total New Credit Claimed — Add lines 4, 5 and 6. Also enter this amount on Schedule CR in
Column (a) of the appropriate line for this tax credit.................................................................................. 	 7
Note: Pass-through entities and Form 314 filers, stop here and enter the amount from line 7 on the appropriate
lines of your tax return. For Form N-40 filers who are reporting the trust or estate’s share, continue on to line 8.

8	 Carryover of unused low-income housing tax credit from prior years......................................................... 	
9	 Tentative current year low-income housing credit (Add lines 7 and 8)........................................................ 	
Part II	
Tax Liability Limitations (Not to be completed by Form N-20, Form N-35, and Form 314 filers)
10	 Adjusted Tax Liability — Enter your adjusted tax liability from the applicable line of Form N-11,
N-15, N-30, N-40, or N-70NP...................................................................................................................... 	
11	 If you are claiming other nonrefundable credits, complete the credit worksheet on page 2 and
enter the total here. If you are not claiming other nonrefundable credits, enter zero. ................................ 	
12	 Line 10 minus line 11. This represents your remaining tax liability. If the result is zero or less,
enter zero.................................................................................................................................................... 	
13	 Total Credit Applied — Enter the smaller of line 9 or 12, rounded to the nearest dollar. This is your
low-income housing credit applied for the year. Also, enter this amount on Schedule CR in Column (b)
of the appropriate line for this tax credit for Form N-11, N-15, N-30, N-40 and N-70NP filers or on Form
F-1, Schedule H, whichever is applicable................................................................................................... 	
14	 Unused Credit to Carryover — Line 9 minus line 13. 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 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....................................... 	

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N586_I 2023A 01 VID01

ID NO 01

FORM N-586 (REV. 2023)

FORM N-586
(REV. 2023)		

PART III	
	

Page 2

Recapture of Low-Income Housing Credit

Building	

Date placed in service
(from Form N-586, Part I)

Address of Building (as shown on Form N-586, Part I)

A
B
Building		
		
	
A		 B

1	

Enter the amount of accelerated portion of tax credits
recaptured, federal Form 8611, line 7................................................... 	

1

2	

Enter the appropriate credit percentage (see Instructions)................... 	

2

3	

Multiply line 1 by line 2 and enter result................................................ 	

3

4	

Enter net recapture amount from flow-through entities, Schedule K-1
or federal Form 1099-PATR.................................................................. 	

4

5	

Enter the interest on line 4 recapture amount (see Instructions) ......... 	 5

6	

IRC Section 42 (j)(5) Partnerships ONLY - Enter interest
on line 3 recapture amount................................................................... 	

6

7	

Total recapture - Add lines 3, 4, 5, and 6.  Enter here and on
proper line of your tax return ................................................................ 	

7

CREDIT WORKSHEET
Tax Credit
a.	 Income Taxes Paid to Another State
or Foreign Country. . . . . . . . . . . . . . 
b.	 Enterprise Zone Tax Credit. . . . . . . . 
c.	 Pass-Through Entity Tax Credit . . . . 
d.	 Carryover of the Energy
Conservation Tax Credit. . . . . . . . . . 
e.	 Credit for Employment of Vocational
Rehabilitation Referrals . . . . . . . . . . 
f.	 Credit for School Repair and
Maintenance. . . . . . . . . . . . . . . . . . . 
g.	 Carryover of the Renewable Energy
Technologies Income Tax Credit (For
Systems Installed and Placed in
Service Before July 1, 2009). . . . . . . 
h.	 Renewable Energy Technologies
Income Tax Credit (Nonrefundable). 
i.	 Carryover of the Cesspool Upgrade,
Conversion, or Connection Tax
Credit . . . . . . . . . . . . . . . . . . . . . . . . 
j.	 Carryover of the Earned Income Tax
Credit (Nonrefundable). . . . . . . . . . . 
k.	 Healthcare Preceptor Tax Credit. . . .
l.	 Historic Preservation Tax Credit. . . .
m.	 Add lines a through l. Enter the
amount here and on line 11 . . . . . . . 

Amount

TOTAL