Screen HICredit - Hawaii Credits (1065)

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Recapture of Tax Credits

Low-income housing tax credit from IRC 42(j)(5) partnerships
Enter the amount of low-income housing tax credit recapture from IRC section 42(j)(5) partnerships. The amount entered appears in a supplemental schedule attached to Schedule K, line 32 and on Schedule K-1, line 32a.
Low-income housing tax credit from other than IRC 42(j)(5) partnerships
Enter the amount of low-income housing tax credit recapture from other than IRC section 42(j)(5) partnerships. The amount entered appears in a supplemental schedule attached to Schedule K, line 32 and on Schedule K-1, line 32b.
Recapture of tax credit for flood victims
Enter the amount of recapture of tax credit for flood victims. The amount entered appears in a supplemental schedule attached to Schedule K, line 32 and Schedule K-1, line 34.
Recapture of important agricultural land qualified agricultural cost tax credit
Enter the amount of recapture of important agricultural land qualified agricultural cost tax credit. The amount entered appears in a supplemental schedule attached to Schedule K, line 32 and Schedule K-1, line 35.
Recapture of capital infrastructure tax credit
Enter the amount of recapture of capital infrastructure tax credit. The amount entered appears in a supplemental schedule attached to Schedule K, line 32 and Schedule K-1, line 36.

Capital Goods Excise Tax Credit

Include credit in income rather than reduce basis
Select, on a client-by-client basis, the annual treatment of the Excise credit under the Hawaii treatments section in detailed asset entry. If you select in treatments not to use the reduction of basis you will also mark this box to include the excise credit amount into the Hawaii income subject to tax.

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