Use this window in the asset module to see how the application calculates the Hawaii excise tax credit recapture. These amounts transfer to Form N-312.
This window automatically opens when you dispose of an asset that has I in
Credit
for the HI column, and it is less than three years after the date on which the asset was placed in service.
To open this window, open the Asset Detail window for a Hawaii asset and select Tasks, Hawaii Excise Tax Credit Recapture. Note that this command is available only if credit code I is entered in the asset's HI column in the Depreciation tab.
note
This window is not available for aggregate assets.
Fields and buttons
Prior years' business use percentages
Current year
Displays the current-year business use percentage as entered in the asset's Vehicle/Listed tab. If desired, enter a new percentage in this box.
note
The application automatically updates the selected asset's information in the Vehicle/Listed tab if you change this percentage.
Last year
Displays the previous year's business use percentage as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this box.
note
This defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison window.
The application automatically updates the asset's information in the Prior Depreciation Comparison window if you change this percentage.
Two years ago
Displays the business use percentage from two years ago as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this box.
note
This is available only if the asset is at least two years old.
This defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison window.
The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Three years ago
Displays the business use percentage from three years ago as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this box.
note
This is available only if the asset is at least three years old.
This defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison window.
The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Four years ago
Displays the business use percentage from four years ago as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this box.
note
This is available only if the asset is at least four years old.
This defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison window.
The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Five years ago
Displays the business use percentage from five years ago as entered in the asset's Prior Depreciation Comparison window. If desired, enter a new percentage in this box.
note
This is available only if the asset is at least five years old.
This defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison window.
The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Other fields and buttons
Date property ceased to be eligible
Displays the date on which the property ceased to qualify for the Hawaii Excise Tax credit. If you disagree with the date displayed, you can change it.
Original credit claimed
Displays the original amount of excise tax credit claimed for this asset. You can't modify this amount.
Recomputed credit
Displays the amount of recomputed credit calculated for this asset. You can't modify this amount.
Recapture percentage
Displays the recapture percentage that is used to calculate the recaptured amount of excise tax credit.
Recapture amount
Displays the recaptured amount of excise tax credit. You can't modify this amount.
Do not compute recapture
Mark this checkbox to prevent the application from calculating any excise tax credit recapture for the current asset.