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Screen HIN312 - Hawaii Excise Tax Credit (1040)

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Overview

Use this screen to complete Form N-312. Calculated amounts on Form N-312 subsequently appear on Schedule CR. Form N-312 calculates based on items entered in the federal asset module with a Hawaii situs. Assets transfer to the
HIN312
 screen when code
I
 is selected on the
Depreciation
 tab, in the
Credit / Amount
 fields. Enter additional required data in the
Credit Information
 window on the
Other
 tab.

General Information

Use this section to complete Form N-312, State of Hawaii Capital Goods Excise Tax Credit.
Hawaii tax identification number
Enter the tax identification number issued by the state to the individual or business who owns the assets. Don't enter letters or dashes,
Only
 enter the 12 digit number in this field.
Include credit in income rather than reduce basis
On a client-by-client basis, you select annual treatment of the excise credit under the Hawaii Treatments section in the federal
Asset
 tab. If you select not to use the reduction of basis, mark this checkbox to include the excise credit amount in the Hawaii income subject to tax.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Hawaii

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