The Hawaii Department of Taxation has announced that it will allow taxpayers claiming the renewable energy technologies credit against corporate or personal income tax to file composite Form(s) N-342 and composite Form(s) N-342A in certain situations, for taxable years that begin on or after January 1, 2011. However, composite filing will not change the calculation and application of the credit. Any individual or corporate taxpayer who is eligible to claim the renewable energy credit for 10 or more systems or distributive shares of systems installed and placed in service in a single taxable year may file a composite Form N-342. Any partnership, S corporation, estate, trust, or condominium apartment association that has installed and placed in service 10 or more systems in a single taxable year may file composite Form(s) N-342A. All claims for the credit, including amended claims, must be filed on or before the end of the 12th month following the close of the taxable year for which the credit may be claimed. The announcement provides detailed instructions on where and how to file composite forms, in addition to outlining the information that must be reported.
Announcement No. 2012-01 , Hawaii Department of Taxation, August 15, 2012, ¶200-913