Hawaii N 335 PDF Form

1. What is the Hawaii N-335 form?

   The Hawaii N-335 form is a tax document used by taxpayers to claim the Ko Olina Resort and Marina Attractions and Educational Facilities Tax Credit. This form allows eligible taxpayers to report their qualified costs and apply for tax credits against various tax liabilities in Hawaii.

2. Who is eligible to use the N-335 form?

   Eligibility for the N-335 form typically extends to businesses and individuals who have incurred qualified expenses related to attractions and educational facilities at the Ko Olina Resort. Taxpayers must ensure they meet the criteria outlined in section 235-110.46 of the Hawaii Revised Statutes to qualify for this credit.

3. What information is required to complete the N-335 form?

   To complete the N-335 form, you will need to provide several key pieces of information, including:

   • Your name and Social Security Number (SSN) or Federal Employer Identification Number (FEIN).
   • Your business address and type of entity.
   • The total qualified costs incurred and the amount of tax credit you are claiming.
   • Details about any tax credits distributed to partners or shareholders.
4. How do I determine the amount of tax credit I can claim?

   The amount of tax credit you can claim is calculated based on your total qualified costs and any applicable distributions to partners or shareholders. You will need to subtract the amount distributed from your total credit to find the balance available for your use. This balance can then be applied to various tax liabilities as indicated on the form.

5. Can I apply the tax credit to taxes other than income tax?

   Yes, the N-335 form allows you to elect to apply the tax credit against several types of taxes, not just income tax. You can allocate the credit to the General Excise Tax, Transient Accommodations Tax, Use Tax, Public Service Company Tax, and others as specified on the form.

6. What happens if I do not use the entire tax credit in one year?

   If you do not use the entire tax credit in one calendar year, you may be able to carry forward the unused portion to future tax years, depending on the specific provisions of the tax credit law. It is essential to keep accurate records and consult with a tax professional for guidance on how to manage any remaining credits.

7. Is there a deadline for submitting the N-335 form?

   The N-335 form must be submitted along with your tax return by the due date for that return. It is crucial to stay informed about deadlines to ensure that you do not miss the opportunity to claim your tax credit.

8. Where can I find assistance if I have questions about the N-335 form?

   If you have questions about completing the N-335 form or the tax credit process, you can contact the Hawaii Department of Taxation or consult with a tax professional who is familiar with Hawaii tax laws. Additionally, resources and guidance may be available on the Department of Taxation's official website.

9. What should I do if I make a mistake on my N-335 form?

   If you discover an error on your N-335 form after submission, you should take steps to correct it as soon as possible. This may involve submitting an amended return or contacting the tax department for guidance on how to rectify the mistake. Keeping clear records of all communications and documents is advisable.

Understanding the Hawaii N-335 form can be challenging due to various misconceptions. Here are nine common misunderstandings about this tax credit form:

1. The N-335 form is only for large corporations. Many believe that only big businesses can apply for the Ko Olina Resort and Marina attractions tax credit. In reality, any qualified taxpayer, including small businesses and individual entities, can benefit from this credit.
2. You need to be a resident of Hawaii to use the N-335 form. This is not true. While the form is specific to Hawaii tax credits, non-residents who earn income from Hawaii sources may also be eligible to file.
3. The N-335 form is only applicable to tourism-related businesses. While the form is associated with attractions and educational facilities, it can apply to a broader range of entities that meet the qualifications outlined in the tax code.
4. Completing the N-335 form guarantees a tax refund. Many assume that filling out the form will automatically result in a refund. However, the tax credit only reduces tax liability; it does not guarantee a refund.
5. You can submit the N-335 form at any time during the year. Some individuals think they can file this form whenever they want. In fact, it must be submitted within the designated tax filing period for the calendar year.
6. All expenditures qualify for the tax credit. This is a misconception. Only specific, qualified costs as defined by the Hawaii Revised Statutes are eligible for the credit. Taxpayers should carefully review the guidelines to determine what qualifies.
7. Once you claim the credit, you cannot amend your application. Many believe that the N-335 form is final once submitted. However, taxpayers can amend their application if they discover errors or if circumstances change.
8. The N-335 form is the same as other tax forms. Some individuals think that the N-335 is interchangeable with other tax forms. Each form has unique requirements and purposes, so it is crucial to use the correct form for the specific tax credit.
9. You do not need to keep records once the N-335 form is submitted. This is a common misunderstanding. Taxpayers should maintain thorough records of all expenditures and documentation related to the N-335 form for potential audits or reviews.

By clarifying these misconceptions, taxpayers can better navigate the complexities of the Hawaii N-335 form and ensure they are taking full advantage of the available tax credits.