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Screen HIN342 - Hawaii Renewable Energy Technologies Credit (1040)
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Overview
Use this screen to complete Form N-342 Renewable Energy Technologies Income Tax Credit for systems installed on or after July 1, 2009. Complete one screen unit for each system installed. All units other than credits from pass-through units must have the physical address entered.
General Information
Use this section to enter the date the system was placed in service and the address where the system was placed in service.
note
The system must be placed in service in the state of Hawaii. Enter just the city and zip code.
System Details
Use this section to enter the details of the system installed to complete Form N-342, Page 1.
Total output capacity in kilowatts / … / Primarily used to heat water for household
Use these fields to complete the required data entry for other solar (OS) systems only. This data is required to calculate Form N-342.
Multi-Family Residential Property
For multi-family residential property, enter the ratio of total square feet of the unit where the system was installed over the total square footage for the property. The ratio is applied to the unit’s cost. Enter the number of units you own in the property. This is multiplied by the cost per unit.
Example:
A multi-family residential property has a new system installed. One system is installed for the entire building. Each unit of the building is the same square footage. There are ten, 1,000 square foot units in the building. The ratio would be 1000 / 10000 so you enter
.10
. The cost of the system was $3,500 so each unit’s cost is $350. You own three units in the building so your credit is $1,050. If the units are not the same square footage, enter each unit on a separate screen and indicate that you only own one unit. The cost per unit is limited to the maximum cost as indicated by the state which is $350 for 2024
.New single family residential property
Use this field to indicate that the system was installed in place of a solar water heater in residential property constructed after January 1, 2010. This reduces the credit enabled.
Election to Treat Credit as Refundable
Use this section to elect to treat the credit as refundable. Refundable credit is reduced by 30 percent unless the taxpayer qualifies and elects to treat as 100 percent refundable.
Carryover
Use this section to enter the carryover credit for the system. Each system carryover should be on a separate screen.
This article applies to:
- PRODUCT: UltraTax CS
- Return type: 1040 Individual
- State: Hawaii