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                                                                                                                                  Clear Form
                                                       STATE OF HAWAII—DEPARTMENT OF TAXATION
 2023 
 (REV. 2023)
                                                   INSTRUCTIONS FOR FORM N-30
                                        CORPORATION INCOME TAX RETURN
                              (Section references are to the Internal Revenue Code (IRC), unless otherwise indicated)

                                                       taxable years beginning on or after January                Form N-70NP must be filed reporting “unre-
ATTENTION:                                             1, 2022, the Department  has suspended the               lated  business  taxable  income”  if federal  Form 
Hawaii has not adopted the increased expensing         requirement  to  electronically  file  Form  N-30        990T is required under the IRC.
 deduction  under  section  179  (Hawaii  limit  is    and suspended the 2% penalty for failure to              GROSS INCOME, TAXABLE INCOME, 
 $25,000) or the bonus depreciation provisions.        electronically file. For more information, see 
Hawaii has not adopted the domestic production         Announcement Nos. 2019-10 and 2022-07.                   DEFINED
                                                                                                                  “Gross income” and “taxable income” are de-
 deduction under section 199.                          WHO MUST FILE                                            fined to have the same meaning as in the IRC of 
Where To Get Tax                                       A Corporation  Income  Tax Return, Form                  1986, as amended, except as otherwise provided 
                                                       N-30, shall be filed by every corporation, includ-       in the Hawaii Income Tax Law.
Forms                                                  ing regulated investment companies and real es-            For adjustments of income  as reported for 
 Hawaii tax forms, instructions, and schedules         tate investment trusts, domestic or foreign, other       federal purposes, see Instructions for Schedule 
may  be  obtained  at  any  taxation  district  office than one qualifying as an S Corporation, having          J.
or from the Department of Taxation’s website at        gross income from property owned, trade or busi-
tax.hawaii.gov, or you may contact a customer          ness carried on, or any other source in Hawaii,          PERIOD TO BE COVERED BY RETURN
service representative at 808-587-4242 or 1-800-       unless expressly exempted as stated below. In              Returns  shall  be  filed  for  the  calendar  year 
222-3229 (Toll-Free).                                  addition, every domestic corporation (except one         2023 or fiscal year beginning in 2023 and ending 
                                                       exempted) shall file this return if it has gross in-     in 2024. This return should not be used for any 
Changes You Should Note                                come from property owned, trade or business              other tax year. A fiscal year is an accounting pe-
Act 56, Session Laws of Hawaii (SLH) 2023 –            carried on, or any other source outside Hawaii,          riod of 12 months ending on the last day of a cal-
 This act amends Hawaii Income Tax Law under           unless subjected to income tax thereon in any            endar month other than December. If a taxpayer 
 chapter 235, Hawaii Revised Statutes (HRS),           other jurisdiction. (Subjection to federal tax does      has no annual  accounting  period  or keeps no 
 to conform to certain provisions of the IRC, as       not constitute subjection to income tax in another       books, or has an annual accounting period which 
 amended as of December 31, 2022.                      jurisdiction.)                                           does not qualify as a fiscal year, the return must 
Act 217, SLH 2022 – This act amends the motion         An affiliated group of domestic (Hawaii) cor-            be filed for the calendar year, except as provided 
 picture, digital media, and film production           porations may make and file a consolidated re-           in section 443.
 income tax credit for taxable years begin-            turn for the taxable year in lieu of separate re-        CHANGES IN ACCOUNTING PERIODS
 ning after December 31, 2022 by (1) chang-            turns in the manner and to the extent, so far as 
 ing the repeal date from January 1, 2026 to           applicable, set forth in section 1501 through 1505         Hawaii  has  adopted  section  442,  effective 
 January 1, 2033; (2) increasing the credit            and 1552, as amended.  If the affiliated group in-       for taxable years beginning after December 31, 
 amount from 20% of qualified production costs         cludes non-Hawaii  corporations and the group            1977.  Taxpayers are required  to use federal 
 to 22% in a county with a population of over          operates a unitary business, the taxable income          Form 1128 in order to secure the consent of the 
 700,000, and from 25% of qualified production         of the group must be determined on a combined            Director of Taxation for a change in accounting 
 costs to 27% in a county with a population of         basis. See section 18-235-22-01 thru 05, Hawaii          period.
 700,000 or less; (3) increasing the credit ceil-      Administrative Rules (HAR), and Tax Information          ACCOUNTING METHODS
 ing from $15,000,000 per qualified production         Release (TIR) No. 97-2 (Revised) for information           Hawaii has adopted sections 446 and 447 
 to  $17,000,000  per  qualified  production;  (4)     on the filing of a combined tax return by a unitary      effective  for  taxable  years  beginning  after 
 reducing the amount of qualified productions          business as part of a unitary group. Attach Form         December 31, 1977.
 costs from $200,000 to $100,000; (5) remov-           N-303  to  the  first  year  a  consolidated  return  is 
 ing the requirement for productions to submit a       filed and Form N-304 to each consolidated return         CHANGES IN METHODS OF 
 verification review by a qualified certified public   filed.                                                   ACCOUNTING
 accountant; (6) requiring the report by the De-       Any corporation having a valid S Corporation               Hawaii  has  adopted  section  481,  effective 
 partment of Business Economic Development             election for  federal  income tax  purposes must         for  taxable years  beginning  after  December 
 and  Tourism (DBEDT) to include the dollar            use Hawaii Form N-35, S Corporation Tax Return.          31, 1977. In order to secure the consent of the 
 amount claimed, name of the company, and              Act 78, SLH 2021 requires real estate invest-            Director of Taxation for a change in the method 
 name of the qualified production of the taxpay-       ment trusts to notify the Department of its pres-        of accounting, a taxpayer is required to submit a 
 er; (7) changing the time frame for DBEDT to          ence in the State and to report their assets and         copy of federal Form 3115. If the change qualifies 
 issue a letter to the taxpayer claiming the tax       revenues annually. Applies to taxable years be-          for an automatic change request on federal Form 
 credit; and (8) requiring taxpayers to submit a       ginning after December 31, 2021.                         3115, attach a copy of the Form 3115 filed with 
 fee to DBEDT.                                                                                                  the  Internal  Revenue  Service  (IRS)  to  the  first 
                                                       EXEMPTIONS                                               Hawaii return affected by the change.
General Instructions                                   Section 235-9, HRS, provides that the follow-            WHEN AND WHERE TO FILE
                                                       ing shall not be taxable under the Hawaii Income 
FILING REQUIREMENTS                                    Tax Law:                                                   Returns must be filed on or before the 20th 
                                                                                                                day of the fourth month following the close of the 
Note —  A copy of the federal corporation  re-         (1) Banks, building and loan associations, finan-        taxable year (if the due date falls on a Saturday, 
turn is not required to be attached. For lines 1       cial services loan companies, financial corpo-           Sunday, or legal holiday, file by the next regular 
through 5 and 7 through 10, enter the appropriate      rations, small business investment companies,            workday).
amounts from  the Corporation’s  federal return.       trust companies, mortgage loan companies, 
Writing “See attached federal return” on Form          financial holding companies, subsidiaries of fi-           For  taxable years  beginning  on or after 
N-30 and attaching a  copy of  the  corporation’s      nancial holding companies as defined in Chap-            January  1, 2020, Form N-30 is required  to be 
federal Form 1120 is not acceptable. If this return    ter  241,  HRS,  and  development  companies             filed electronically. The penalty for failure to file 
is for a real estate investment trust (REIT), check    taxable under the provisions of Chapter 241,             electronically is 2% of the total tax. For taxable 
the appropriate  box and  attach federal  Form         HRS.                                                     years beginning on or after January 1, 2022, 
1120-REIT to this return.                                                                                       the Department has suspended  the require-
 Form N-30    MUST  be  filed  electronically  for     (2) Insurance companies, agricultural cooperative        ment to e-file Form N-30 and suspended the 
taxable years beginning on or  after  January          associations  and  fish  marketing  associations         2% penalty for failure to e-file. For more infor-
1, 2020  unless  you obtain  a waiver  (use Form       exclusively  taxable  under  the  provisions  of         mation, see Announcement Nos. 2019-10 and 
L-110 to apply for a waiver). The penalty for fail-    other laws.                                              2022-07.
ure to file electronically is 2% of the total tax. For

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You may mail your        payment with Form              identification number (FEIN), and (3) the tax year    and suspended the 2% penalty for failure to 
N-201V to:                                              and form number being filed (e.g., 2023 N-30).        electronically file. For more information, see 
Hawaii Department of Taxation                           If a payment is being made with this return,          Announcement Nos. 2019-10 and 2022-07.
P.O. Box 1530                                           attach your check or money order where indicat-         Interest  at  the  rate  of  2/3  of  1%  per  month 
Honolulu, HI  96806-1530                                ed on the front of Form N-30. If payment is being     or part of a month shall be assessed on unpaid 
                                                        made without the return, use Form N-201V and          taxes and penalties beginning with the first cal-
or you may pay online at hitax.hawaii.gov.              mail with payment to the Department or you may        endar day after the date prescribed for payment, 
If you are not enclosing a payment with                 pay online at hitax.hawaii.gov.                       whether or not that first calendar day falls on a 
your tax return, mail your return to:                   ELECTRONIC FUNDS TRANSFER (EFT)                       Saturday, Sunday, or legal holiday.
Hawaii Department of Taxation                           Section 231-9.9, HRS, authorizes the                    Underpayment  of estimated taxes –  The 
P.O. Box 3559                                           Department to require those taxpayers whose tax       Department imposes the penalty for the under-
Honolulu, HI  96811-3559                                liability  for a particular  tax exceeded  $100,000   payment of estimated tax as provided in section 
Note: Under Hawaii Income Tax Law, certain              during the past year to pay that tax by EFT in-       235-97(f), HRS. If  applicable,  this penalty shall 
tax credits must be claimed  within 12 months           stead of by check. The Department reviews the         be added  to the tax for the taxable  year in an 
from the close of the tax year.                         filing records of taxpayers and will mail notices     amount determined at the rate of 2/3 of 1% per 
                                                        to taxpayers who met this criterion. Any taxpayer     month, or part of a month, upon the amount of 
If you are filing your return after the prescribed      who does not meet the criterion may still volun-      the underpayment  for  the period of  the under-
due date, the refund shown may be limited or dis-       tarily pay by EFT. For more information on pay-       payment. Generally, if at least: (1) 60% of the tax 
allowed due to the statute of limitations. In gen-      ing taxes by EFT, please see TIR Nos. 95-6 and        shown on the 2023 tax return; or (2) 100% of the 
eral, a claim for refund or credit for overpaid in-     99-1.                                                 tax shown on the 2022 return is not prepaid, a 
come taxes must be filed within three years after                                                             penalty for not paying enough estimated tax may 
the return is filed for the taxable year, within three  ESTIMATED TAX                                         be charged. For more information regarding the 
years of the due date for filing the return, or within  If  the corporation  expects to have a tax li-        underpayment penalty and special rules for farm-
two years from when the tax is paid, whichever is       ability on its tax return for the year, submit Form   ers and fishermen, see Form N-210.
later. For purposes of determining whether a re-        N-201V with your payment to the Department.           SIGNATURE
fund or credit is allowed, taxes paid on or before      Estimated payments are  paid  in four install-
the due date of the return (e.g., estimated tax         ments. Form N-201V can be filed and payment             The return must be signed and dated by the 
payments) are considered paid on the due date           made electronically through the State’s Internet      president,  vice president,  treasurer, assistant 
of the return, without considering an extension of      portal at hitax.hawaii.gov.                           treasurer,  chief  accounting  officer,  or  any  other 
time to file the return.                                                                                      corporate officer (such as tax officer) authorized 
                                                        A corporation on a calendar year basis must           to sign. A receiver, trustee, or assignee must sign 
The official U.S. Post Office cancellation mark         pay the first installment, ¼ of the estimated tax     and date any return required to be filed on behalf 
will be considered primary evidence of the date         due, on or before  April 20, the second install-      of a corporation.
of filing of tax documents and payments. Hawaii         ment on or before June 20, the third installment 
has adopted the  IRC  provision to  allow docu-         on or before September 20 of the tax year, and          If a corporate officer prepared Form N-30, the 
ments and payments delivered by a designated            the fourth installment on or before January 20 of     Paid Preparer’s space should remain blank.  If a 
private delivery service to qualify for the “timely     the year following the close of the calendar year.    person preparing Form N-30 does not charge the 
mailing treated as timely filing/paying rule.” The      A corporation on a fiscal year basis must pay the     corporation a preparation fee, that person should 
Department  of  Taxation  (Department) will  con-       first installment on or before the 20th day of the    not sign the return. Certain others who prepare 
form to the IRS listing of designated  private          fourth month of the fiscal year, the second install-  Form N-30 should not sign. For example, a regu-
delivery  services  and  type of delivery services      ment on or before the 20th day of the sixth month     lar,  full-time  employee of  the  corporation such 
qualifying  under  this  provision.  Timely  filing  of of the fiscal year, the third installment on or be-   as a clerk, secretary, etc., does not have to sign. 
mail which does not bear a U.S. Post Office can-        fore the 20th day of the ninth month of the fiscal    (This list is not all-inclusive.)
cellation mark will be determined by reference to       year, and the fourth installment on or before the       Generally,  anyone who is paid to prepare 
other competent evidence. The private delivery          20th day of the first month following the close of    Form  N-30  must  sign  the  return  and  fill  in  the 
service can tell you how to get written proof of        the fiscal year.                                      other blanks in the “Paid Preparer’s Information” 
the mailing date.                                                                                             area of the return. The preparer may furnish his 
                                                        In the case of any underpayment of estimated 
Six month automatic extension of time to                tax, there shall be added to the tax, an amount       or her alternative identifying number for income 
file. Section 18-235-98,  Hawaii  Administrative        determined at the rate of 2/3 of 1% a month or        tax return preparers (PTIN) instead of his or her 
Rules, allows an automatic extension of time to         part of a month on the amount of tax underpaid        social security number.
file a return without filing an application for exten-  as provided under section 235-97(f), HRS. Willful       If you have questions about whether a pre-
sion. This extension does not include an exten-         failure to  make a  required declaration of  esti-    parer is required to sign Form N-30, please con-
sion of time to pay. File Form N-201V, Business         mated tax is an offense punishable as provided        tact the Department.
Income Tax Payment Voucher,  to make a pay-             under section 235-105, HRS.                             The preparer  required  to sign the return 
ment (if applicable). File Form N-201V by the                                                                 MUST complete the required preparer informa-
regular  due date of the return. Federal  Form          PENALTY AND INTEREST
                                                                                                              tion and:
7004 is not allowed  as a substitute for Hawaii         Late Filing of Return – The penalty for failure 
Form  N-201V.  Form  N-201V  may  be  filed  and        to file a return on time is assessed on the tax due   • Sign it in the space provided for the preparer’s 
payment made electronically through the State’s         at a rate of 5% per month, or part of a month, up       signature. 
Internet portal at hitax.hawaii.gov.                    to a maximum of 25%.                                  • Give  a  copy of  Form  N-30 to  the  taxpayer, 
PAYMENT OF TAX                                          Failure to Pay Tax After Filing Timely Return           in  addition  to  the  copy  to  be  filed  with  the 
The tax may be paid by money order or by                – The penalty for failure to pay the tax after filing   Department.
check made payable  to the Hawaii State  Tax            a timely return is 20% of the tax unpaid within 60      The    corporation   may       authorize the
Collector in U.S.  dollars drawn on any bank in         days of the prescribed due date.                      Department to discuss its tax return with its paid 
the U.S. Do not send cash. If the corporation can-      Failure to Timely Pay by EFT – The penalty            preparer  by checking the “Yes” box above the 
not pay the full amount that is owed, you can ask       for failure to timely pay by EFT is 2% of the total   paid preparer’s signature. Checking “Yes” will al-
to enter a payment agreement after you receive          tax.                                                  low the Department to contact the paid preparer 
                                                                                                              to answer any questions that may arise during 
a billing  notice for the balance  due. Please be       Failure to File Electronically  – Form N-30           the processing  of the corporation’s return. This 
aware that penalty and interest continue to ac-         MUST  be  filed  electronically  for  taxable  years  designation does not allow your third party desig-
crue on the unpaid tax amount even though you           beginning  on or after January  1, 2020, unless       nee to call the Department for information about 
have not yet received a billing notice. Payments        you obtain a waiver. Use Form L-110 to apply for      the processing of your return or for other issues 
will be accepted and applied to the corporation’s       a waiver. The penalty for failure to file electroni-  relating to the return. This designation does not 
tax liability; however, to ensure that the corpora-     cally is 2% of the total tax shown on line 11. For    replace Form N-848, Power of Attorney.
tion’s payments are applied correctly, your check       taxable years beginning on or after January 
or money order must have: (1) the corporation’s         1, 2022, the Department  has suspended the 
name as shown on the return clearly printed on          requirement  to  electronically  file  Form  N-30 
the check, (2) the corporation’s federal employer

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AMENDED RETURN                                             forms requests and for the Department’s website         18-235-22-01 thru 05, HAR, and TIR No. 97-2 for 
 If the corporation’s return is filed and then it          address.                                                information on the filing of a combined tax return 
becomes necessary to make changes to income,               CHANGE IN FEDERAL TAXABLE                               by a unitary business as part of a unitary group.
deductions, or credits, file an amended return on          INCOME, REQUIRED REPORTS                                ROUNDING OFF TO WHOLE DOLLARS
Form N-30. Use the Form N-30 for the year being            In general, a change to your federal return,            The Department  is requiring  taxpayers to 
amended.                                                   whether it is made by you or by the IRS, must be        round off cents to the nearest whole dollar for all 
 Check the AMENDED Return box at the top                   reported to the State of Hawaii.                        dollar entries on the tax return and schedules.  
of  page 1 of  Form  N-30 to  indicate that  this  is      (a) Section 235-101(b), HRS, requires a report to       To do so, drop amounts under 50 cents and in-
an amended return. Fill in the return with all of          the Director of Taxation if the amount of federal       crease amounts from 50 to 99 cents to the next 
the correct information and attach a completed             taxable income is changed, corrected, adjust-           dollar.   For example:  $1.39 becomes $1 and 
Schedule  AMD, Explanation  of Changes  on                 ed, or recomputed as stated in (c).                     $2.69 becomes $3.  If you have to add two or 
Amended  Return, to the amended  return. Also                                                                      more amounts to figure the amount to enter on 
attach all schedules, forms, and attachments re-           (b) This report must be made:                           a line, schedule, or worksheet, you may choose 
quired to file a complete return. See the instruc-         (1) Within 90 days after a change, correction,          to use one of two methods.  Once a method of 
tions for lines 22 and 23.                                     adjustment, or recomputation is finally de-         rounding is established, you must use the same 
 If the return is being amended to take a farm-                termined.                                           method throughout the return.  The first method 
ing  net operating  loss (NOL) carryback  deduc-           (2) Within 90 days after an amended federal             is to include the cents when adding and round 
tion, also check the NOL Carryback box at the                  return is filed.                                    off only the total.  The other method is to round 
                                                                                                                   off each entry.  For example: You received two 
top of page 1 of Form N-30.                                (3) At the time of filing the next income tax re-       1099-INT forms, one showing interest of $50.55 
 For NOLs arising  in tax years ending after                   turn, if earlier than set forth in (1) or (2).      and one showing interest of $185.73.  For round-
December 31, 2017, Act  27, SLH 2018, elimi-               (c) A report within the time set out in (b) is required ing method 1, show your total interest as $236 
nates NOL carrybacks (except for farming NOLs              if:                                                     ($50.55 + $185.73 = $236.28 rounded to $236).  
which are permitted a two-year carryback), and                                                                     For rounding method 2, show your total inter-
allows unused NOLs to be carried forward indefi-           (1) The amount of taxable income as returned 
nitely. Also, the NOL deduction is limited to 80%              to the United States is changed, corrected          est as $237 ($50.55 rounded to $51 + $185.73 
of taxable income for NOLs arising in tax years                or adjusted by an officer of the United States      rounded to $186 = $51 + $186 = $237).
beginning after December 31, 2017.                             or other competent authority.
 You may  elect to  carry the farming NOL                  (2) A change in taxable income results from a 
forward  instead  of  first  carrying  it  back  to  prior     renegotiation of a contract with the United         Specific Instructions
years. If you make this election, then you can use             States or a subcontract thereunder.
                                                                                                                   (Line by Line)
your farming NOL only in the carryforward period.          (3) A recomputation of the income tax imposed           These instructions are numbered to correspond 
To make this election, attach a statement to your              by the United States under the IRC results          to the line items of Form N-30 and its schedules.  
original return filed by the due date (including ex-           from any cause.                                     Other line items on the form are self-explanatory.
tensions) for the farming NOL year. This state-            (4) An amended income tax return is made to 
ment must state that you are electing to waive                 the United States.                                  Final Return Checkbox
the  carryback period under section  235-7(d), 
HRS, and section 172(b)(1)(B)(iv).                         (d) The report shall be made in the form of an          If you are filing a final corporate return for Hawaii,  
 If  you  filed  your  original  return  on  time  but     amendment of the corporation’s State tax re-            check the Final Return checkbox.
did not file the statement with it, you can make           turn filed. The amended tax return shall be ac-
this  election  on  an  amended  return  filed  within     companied by a copy of the document issued              Amended Return Checkbox
6 months of the original due date of the return,           by the United States changing the federal tax-          If  you  are  amending  a  return  previously  filed, 
but not including any extension. Attach a state-           able income of the corporation.                         check the AMENDED Return box to indicate that 
ment to your amended  return, and write “Filed             (e) The statutory period for the assessment of any      this is an amended return.
pursuant to 26 C.F.R. 301.9100-2” at the top of            deficiency or the determination of any refund 
the statement. Also include the statement noted            attributable to the report shall not expire be-         NOL Carryback Checkbox
above that you are waiving the carryback period.           fore the expiration of one year from the date           If you are amending a return to take a deduction 
Once you elect to waive the carryback period, it           the Department is notified by the taxpayer or           for a farming NOL carryback, check the NOL Car-
cannot  be  changed  later.  If  you  do  not  file  this  the IRS, whichever is earlier, of such a report         ryback box in addition to the AMENDED Return 
statement on time, the carryback period cannot             in writing. Before the expiration of this one year      box.
be waived and you must first carry the farming             period, the Department and the taxpayer may 
NOL back before carrying it forward.                       agree in writing to the extension of this period.       IRS Adjustment Checkbox
 If you are filing an amended return due to an             The period so agreed upon may be further ex-
IRS adjustment, also check the IRS Adjustment              tended by subsequent agreements in writing              If you are amending a return due to an IRS ad-
box at the top of page 1 of Form N-30. See                 made before the expiration of the period previ-         justment, check the IRS Adjustment box in addi-
Change in Federal Taxable Income, Required                 ously agreed upon.                                      tion to the AMENDED Return box.
Reports, below.                                            PROTECTIVE CLAIM                                        Corporation’s Address
 If you are filing your return after the prescribed        A  protective  refund  claim  is  a  claim  filed  to   If the corporation’s mailing  address is outside 
due date, the refund shown may be limited or dis-          protect a taxpayer’s right to a potential refund        the United States or its possessions or territo-
allowed due to the statute of limitations. In gen-         based on a contingent event for a taxable pe-           ries, enter the information on the line for “City or 
eral, a claim for refund or credit for overpaid in-        riod for which the statute of limitations is about      town, State and Postal/ZIP Code” in the follow-
come taxes must be filed within three years after          to expire.  A protective  claim  is usually  based      ing order: city, province or state, postal code, and 
the return is filed for the taxable year, within three     on contingencies  such as pending  litigation  or       the name of the country.  Do not abbreviate the 
years of the due date for filing the return, or within     an ongoing federal income tax audit or an audit         country name. 
two years from when the tax is paid, whichever             in another state. For more information see Tax 
is later. For purposes of determining whether a            Facts 2021-2.                                           If your mailing address has changed, you must 
                                                                                                                   notify the Department of the change by complet-
refund or credit is allowed, taxes paid on or be-          UNITARY BUSINESS                                        ing Form ITPS-COA, Change of Address Form, 
fore the due date of the return (e.g. taxes with-
held from  an employee’s  pay,  or  estimated tax          Every corporation carrying on a unitary                 or log  in to your Hawaii Tax Online account  at 
payments) are considered paid on the due date              business  within  and  without  Hawaii  must  file      hitax.hawaii.gov. Failure to do so may prevent 
of the return, without considering an extension of         “Allocation  and  Apportionment  of Income,             your address from being  updated, any refund 
time to file the return.                                   Schedules O  and P”  as attachments  to  Form           due to you from being delivered (the U.S. Postal 
                                                           N-30. If a group of corporations operate a unitary      Service is not permitted to forward your State re-
 Prior years’  forms  may  be obtained from                business, the taxable income of the group must          fund check), and  delay important notices or cor-
any  district  tax  office  or  downloaded  from  the      be determined on a combined basis. See section          respondence to you regarding your return.
Internet.  See page 1 for telephone numbers for

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Check Boxes Line 6(b) Line 17
Check the box that applies. No box should be Net Gain (Loss) Estimated Tax Penalty
checked if this return is for a single corporation Enter the net gain or loss from Hawaii Schedule A corporation that does not make estimated tax
which is not a part of a unitary or consolidated D-1, Sales of Business Property, Part II, line 19. payments when due may be subject to an under-
group and is doing business only in Hawaii. See the instructions for Schedule J, lines 2(d) payment penalty for the period of underpayment.
If this is a return for a combined group of and 10 for possible adjustment. Generally, a corporation is subject to the penalty
corporations or a single member of a combined if the tax liability is $500 or more, and the cor-
group, attach a list of the names, addresses and poration did not pay the smaller of (a) 100% of
the Federal Employer Identification Numbers Credits the tax liability for the current taxable year, or (b)
for all entities included in the combined group. 100% of the corporation’s prior year’s tax liability.
Also attach a worksheet to the return show- Line 12 Refer to section 6655 for more information.
ing the information requested on Schedule P, Total Refundable Credits from Schedule Form N-220, Underpayment of Estimated Tax
Apportionment Formula, for each member of the by Corporations, is used to see if the corpora-
combined group. Apportionment formula factors CR tion owes an underpayment of tax penalty and to
for the return of a combined group of corpora- If you are claiming any refundable tax credits, figure the amount of the penalty. You must also
tions should reflect the totals for all members you must use Schedule CR, Schedule of Tax complete and attach Form N-220 to the corporate
of the group. Factors for the return of a single Credits, to summarize the total refundable tax tax return (Form N-30) if the corporation does not
member of a combined group should include the credits claimed. Complete Part I of Schedule CR, owe an underpayment of estimated tax penalty
group’s factor information in the denominator and and enter the amount from Schedule CR, line 10, and: (1) the annualized income or adjusted sea-
the member’s information in the numerator. on line 12. Attach Schedule CR to your Form sonal installment method is used to compute the
See section 18-235-22-01 thru 05, HAR, and N-30. See Instructions for Schedule CR for more estimated tax, or (2) the corporation is a “large
Tax Information Release No. 97-2 for information information. corporation” computing its first required estimat-
ed tax installment based on the prior year’s tax
on the filing of a combined tax return by a unitary Line 13 liability. A “large corporation” is defined as a cor-
business as part of a unitary group.
If this return is for a real estate investment Adjusted Tax Liability poration (other than a S corporation) that had, or
trust (REIT), check the appropriate box and at- Line 11 minus line 12. If line 13 is less than zero, its predecessor has, taxable income of $1 million
tach federal Form 1120-REIT to this return. place a minus sign, “-”, before this amount. or more for any of the 3 tax years preceding the
current tax year.
If line 13 is zero or less, the nonrefundable Form N-220 includes the standard and option-
credits may not be used. Even if you are not able
Taxable Income to use the nonrefundable credits, complete the al annualized income installment method periods
forms for any tax credits you qualify for (including that may be used to determine the estimated tax
Lines 1 - 5 and 7 - 10 Schedule CR), and attach the forms to your Form of certain corporations, S corporations, and tax
Enter on lines 1 through 5 and 7 through 10, the N-30. If the forms are not attached, no claim for exempt organizations subject to the unrelated
requested amounts as they appear on the Corpo- the tax credit has been made, and you will lose business income tax. If the taxpayer is electing
ration’s federal return. the carryover of your unused tax credits. to use one of the optional annualization periods
on federal Form 8842 for State estimated income
Do not try to mathematically compute Hawaii Line 14 tax purposes, a copy of this form must be sub-
taxable income using only the amounts appear- mitted to the District Tax Assessor by the 20th
ing on lines 1 through 10 as this will not result in Total Nonrefundable Credits from day of the fourth month of the tax year for which
a correct calculation. Schedule CR the election applies. Refer to the Instructions for
If this is a return of a corporation with business If line 13 is zero or less, no nonrefundable tax Form N-220.
operations in several states including Hawaii and credit may be used. Enter zero on line 14. If you Line 18
the income reported on this return is determined are claiming any nonrefundable tax credits, you
using separate accounting, attach a schedule of must use Schedule CR, Schedule of Tax Credits, TAX DUE
the Corporation’s Hawaii income and expenses. to summarize the total nonrefundable tax credits If the total of lines 15 and 17 are larger than line
Enter on lines 1 through 5 and 7 through 10 ap- claimed. Complete Part II of Schedule CR, and 16(d), the difference is the balance due.
plicable amounts from this schedule instead of enter the amount from Schedule CR, line 32, on
from the Corporation’s federal return. line 14. Attach Schedule CR to your Form N-30. Line 19
See Instructions for Schedule CR for more infor-
Line 6(a) mation. AMOUNT OVERPAID
If line 16(d) is larger than the sum of lines 15
Capital Gain Net Income Line 15 and 17, and this sum is zero or more, subtract
Every sale or exchange of a capital asset located Difference this sum from line 16(d) and show the difference
in Hawaii or allocable to Hawaii must be reported on line 19. This is the amount overpaid.
in detail on Hawaii Schedule D, even if no gain On this line, enter the difference between line 13
or loss is indicated. Enter the capital gain net and line 14. If line 13 is zero or less, however, However, if the sum of lines 15 and 17 is less
income from Hawaii Schedule D, line 16. See enter on this line the amount from line 13. than zero, complete the following worksheet:
1. Sum of line 15 and 17 (enter as
the instructions for Schedule J, lines 2(d) and 10 Line 16(b) a positive number). ..............
for possible adjustment.
CAUTION — IN 1997, CONGRESS Estimated Taxes 2. Amount from line 16(d). .......
ENACTED LEGISLATION WHICH MADE Include on this line payments made by the corpo- 3. Add line 1 and line 2. ...........
NUMEROUS CHANGES TO THE FEDERAL ration on the disposition of Hawaii real property Enter the amount from line 3 of the worksheet
INCOME TAX LAW RELATING TO THE under the provisions of section 235-68, HRS, on on line 19. This is the amount overpaid.
CLASSIFICATION AND TAXATION OF CAPITAL Forms N-288 and N-288A, net of refunds from
GAINS. HAWAII HAS NOT ADOPTED ANY OF Form N-288C. Do not include on this line the Line 21
THESE CHANGES. corporation’s share of income taxes withheld, net AMOUNT PAID With This Return
COMMODITY FUTURES AND of refunds, by pass-through entities on the dis-
position of Hawaii real property. These amounts Enter the amount of payment. Attach your check
STRADDLE POSITIONS will be reported on Schedule CR. Attach a copy or money order where indicated on the front of
To report gains and losses from regulated futures of the corporation’s Hawaii Schedule K-1 for the Form N-30. Make your check or money order
contracts and straddles, use federal Form 6781, amount claimed, if applicable. payable to “Hawaii State Tax Collector.”
Gains and Losses From Section 1256 Contracts If the corporation cannot pay the full amount
and Straddles. that is owed, you can ask to enter a payment
agreement after you receive a billing notice for

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the balance due. Please be aware that penalty c. An overpayment and there is an amount on PURPOSES
and interest continue to accrue on the unpaid tax line 18, subtract the amount on line 22 from the
amount even though you have not yet received amount on line 18, and enter the result on line The following instructions set forth, in gen-
a billing notice. Payments will be accepted and 23. This is the amount the corporation owes on eral, the adjustments to be made to the taxable
applied to the corporation’s tax liability; however, its amended return. income before net operating loss deduction and
special deductions as shown on U.S. Corporation
to ensure that the corporation’s payments are ap- d. An overpayment and there is an amount on Income Tax Return, Form 1120. They do not pur-
plied correctly, your check or money order must line 19, consider the amount on line 19 a nega- port to set forth each and every adjustment to be
have: (1) the corporation’s name as shown on tive amount and subtract the amount on line 22 made. Specific questions should be submitted in
the return clearly printed on the check, (2) the from the amount on line 19, and enter the dif- writing for rulings.
corporation’s FEIN, and (3) the tax year and form ference on line 23. If the difference is a nega-
number being filed (e.g., 2023 N-30). tive amount, show the negative amount on line Note: The amount of the Capital Goods
Amended Returns 23 with a minus sign, “-”. If there is an overpay- Excise Tax Credit allowed and claimed is to be
ment on the amended return, do NOT enter this treated as a taxable income item for the taxable
Check the AMENDED Return box at the top of amount on line 20(b). year in which it is properly recognized under the
method of accounting used to compute taxable
page 1 of Form N-30 to indicate that this is an If the corporation has an amount due on its income. Alternatively, the basis of eligible prop-
amended return. If the return is being amended amended return, make check or money order erty for depreciation or ACRS purposes for State
to take a farming NOL carryback deduction, also payable to “Hawaii State Tax Collector” and at- income taxes shall be reduced by the amount of
check the NOL Carryback box. If you are filing an tach the check or money order to the front of the credit allowable and claimed.
amended return due to an IRS adjustment, also Form N-30.
check the IRS Adjustment box. Complete the The instructions numbered 1 through 24 cor-
corporation’s amended return using corrected respond with the line numbers on Schedule J,
amounts through line 19, then go to line 22. At- Schedule C page 2 of the return:
tach a completed Schedule AMD, Explanation of Line 1. For unitary business taxpayers com-
Changes on Amended Return, to the amended Income from Dividends
puting taxable income by an allocation and ap-
return. Also attach all schedules, forms, and at- portionment of income, also enter this amount
tachments required to file a complete return. See Column 1 on Form N-30, Schedule O, line 1. Skip lines
also page 3 of these instructions. Enter name of corporations paying dividends. 2 through 11 of Form N-30, Schedule J, how-
Note: For NOLs arising in taxable years end- Attach a schedule if more room is needed. ever, adjustments related to the Credit for
ing after December 31, 2017, Act 27, SLH 2018, the Employment of Vocational Rehabilitation
eliminates NOL carrybacks (except for farming Column 2 Referrals, line 2(c), or the election to amortize
NOLs which are permitted a two-year carryback), natural disaster losses under section 235-7(f),
and allows unused NOLs to be carried forward Enter dividends received from national banking HRS, (line 8) should be entered on Form N-30,
indefinitely. Also, the NOL deduction is limited to associations in column 2 and in column 5. Also Schedule O, State Adjustments section or the
80% of taxable income for taxable years begin- enter dividends received from qualified high tech- Income Wholly Attributable to Hawaii Subject to
ning after December 31, 2017. nology businesses on shares of stock obtained Tax section (Schedule O, page 2), as applicable.
through stock options or warrants in these col-
You may elect to carry the farming NOL umns. Line 2(a). Enter taxable dividends from
forward instead of first carrying it back to prior Schedule C, line 11.
years. If you make this election, then you can use Column 3 Line 2(b). List deductions taken for federal
your farming NOL only in the carryforward period. tax purposes but not allowable, or allowable only
To make this election, attach a statement to your Enter qualifying dividends as defined in sec-
original return filed by the due date (including ex- tion 243(b) received by members of an affiliated in part, for Hawaii tax purposes. For example, de-
tensions) for the farming NOL year. This state- group including foreign affiliates in column 3 and ductions connected with income not taxable for
ment must state that you are electing to waive in column 5. Dividends received from foreign cor- Hawaii purposes, or the deduction for U.S. pro-
the carryback period under section 235-7(d), porations should be reported net of the section duction activities.
HRS, and IRC section 172(b)(1)(B)(iv). 78 “gross-up.” Contributions — The total amount of contribu-
tions claimed may not be more than 10% of tax-
Line 22 Column 4 able income as shown on Schedule J, line 12 (for
Enter the amount of dividends received by a taxpayers apportioning income, see Instructions
Amount paid (overpaid) on original small business investment company operating for Schedules O and P (Form N-30)) computed
return under the Small Business Investment Act of 1958 without regard to the following:
Enter on line 22 the tax due amount on the corpo- in column 4 and in column 5. 1. any deduction for contributions;
ration’s original return (from line 18 of the origi- deductions allowed under section 249;
nal return) or the amount overpaid (from line 19 Column 5 2.
and
of the original return). Place a minus sign, “-”, Enter dividends received from all other corpora-
before the amount of an overpayment. tions. Dividends received from foreign corpora- 3. any NOL carryback to the tax year under
Line 23 tions should be reported net of the section 78 section 172, with modifications as provided
“gross-up.” If your mutual fund has provided you under section 235-7(d), HRS.
BALANCE DUE (REFUND) with with a statement that some of the dividends re- Charitable contributions over the 10% limita-
amended return ceived from the mutual fund qualify for the divi- tion may not be deducted for the tax year but may
If no amount was entered on line 22, enter on line dends received deduction, the amount of qualify- be carried over to the next 5 years.
23 the amount, if any, from line 18 or line 19 of ing dividends may be included in column 5. Other A contribution carryover is not allowed to the
the amended return. If there is an amount on line taxable dividends received from the mutual fund extent that it increases a NOL carryover. See
22, and that amount is: (other than capital gains dividends) should be re- section 170(d)(2)(B).
ported on line 10.
a. A payment and there is an amount on line If a contribution carryover is included, show
18 of the amended return, subtract the amount the amount and how it was determined.
on line 22 from the amount on line 18 and en- Schedule J Line 2(c). Enter the amount of the Credit
ter the difference on line 23. If the difference is a for the Employment of Vocational Rehabilitation
negative amount, show the negative amount on Adjustments to Income and Referrals claimed, attributable to qualifying wag-
line 23 with a minus sign, “-”. Tax Computation es for the current year, from Schedule CR, line
b. A payment and there is an amount on line 26.
19, add these amounts and enter the total on line ADJUSTMENTS TO INCOME Line 2(d). Other adjustments. List all other
23 with a minus sign, “-”, before the amount. AS REPORTED FOR FEDERAL additions here. Included here would be income
from non-Hawaii state or municipal bonds. Any

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interest received from other states and their po- generated in tax years beginning after December If the amount reported on line 10 includes these
litical subdivisions (“municipal” bond interest) is 31, 2017, do not enter more than 80% of the royalties and other income from patents, copy-
subject to tax. If the amount of Hawaii net capital amount of taxable income after the special de- rights, and trade secrets, these amounts should
gains from Hawaii Schedule D is larger than the ductions and adjustments (lines 5-8 plus line 10). be identified by attaching a separate schedule or
capital gain net income shown on the corpora- Taxable income after application of the NOL can- listing.
tion’s federal return, include the difference in the not be less than zero. Attach a schedule showing Line 12. Hawaii taxable income (loss).
amount shown on this line. If the net gain from the calculation of the NOL deduction as well as Enter the result of line 4 minus line 11.
Hawaii Schedule D-1 is larger (or the loss is the amount of expected carryforwards, if any.
Note: If the corporation has a farming NOL
smaller) than the amount shown on Part II, line Effective with tax returns filed for taxable for the tax year, to elect to forego the carryback
17 of the taxpayer’s federal Form 4797, include years beginning after December 31, 1981, a NOL period, attach a statement to that effect to the
the difference on this line. carryback or carryover shall be allowed provided Form N-30.
If the Hawaii Tax Credit for Research Activities such loss is allowed under section 172. Hawaii,
is larger than the federal Research Credit, in- however, has not adopted section 172(b)(1)(H) Line 13. For unitary business taxpayers us-
clude the difference on this line. regarding the election for the carryback for 2008 ing Form N-30, Schedules O and P, enter the
As noted on page 1 of these instructions, or 2009 net operating losses of small businesses. amount of net capital gains from Schedule O,
lines 26 and 31(b), if any.
Hawaii has not adopted the federal “bonus” de- Line 10. Other deductions or adjust-
preciation deduction. If a depreciation deduction ments. For example, Subpart F income (sec- Line 15. Tax computations. If the corpora-
is claimed for Hawaii tax purposes, the corpora- tions 951-964) which is not adopted by Hawaii. tion has no net capital gains and if Schedule J,
tion must: (a) complete a federal Form 4562 for Contributions to a qualified group legal services line 12 is not over $25,000, the tax is 4.4% of
Hawaii tax purposes using the federal deprecia- plan are deductible. line 12; if line 12 is over $25,000 but not over
$100,000 the tax is 5.4% of line 12 less $250; if
tion guidelines in effect before the adoption of the If the amount of Hawaii net capital gains from line 12 is over $100,000 the tax is 6.4% of line 12
“bonus” depreciation provisions, (b) attach the Hawaii Schedule D is less than the capital gain less $1,250.
completed federal Form 4562 to the Hawaii tax net income shown on the corporation’s federal re-
return, (c) make the necessary adjustments to turn, include the difference in the amount shown If the corporation has a net capital gain (N-
the Hawaii tax return for the depreciation differ- on this line. If the net gain from Hawaii Schedule 30, Schedule D, line 18), then the lesser of the
ence between federal and Hawaii, and (d) attach D-1 is less (or the loss is larger) than the amount following is used to compute the tax: (1) The
to the Hawaii tax return any worksheet showing shown on Part II, line 17 of the taxpayer’s federal net capital gains, line 15(a), are taxed at 4.0%,
the computation of the adjustments. The corpo- Form 4797, include the difference on this line. or if the taxable income exceeds the net capi-
ration must also keep records of the differences tal gains, line 14, the excess is taxed at 4.4% if
in the asset’s depreciable basis for federal and If the corporation claimed employment cred- not over $25,000, 5.4% if over $25,000 but not
Hawaii tax purposes. its on its federal return for which wage expense over $100,000 less $250, and 6.4% on all over
was reduced pursuant to section 280C, include $100,000 less $1,250; or (2) Compute the tax on
Line 5. Enter here the entire amount of divi- on line 10 the amount of the required reduction all taxable income, line 12, using the rates listed
dends received as reported on the corporation’s of wages. on line 15(b).
federal return and included on page 1, line 8 of
the Hawaii return. If the Hawaii Tax Credit for Research Activities Line 16. Total tax. For combined unitary
is smaller than the federal Research Credit, in- group filers, skip Schedule J, line 15 because
Line 6. Enter any interest received on obliga- clude the difference on this line. the tax computation on line 15 does not work
tions of the United States included in the federal
return. Interest received from obligations of the For Hawaii income tax purposes, taxable in- for combined returns. Since the tax liability of
U.S. is exempt. come does not include amounts received by a each member of the unitary group is computed
qualified high technology business as royalties separately and then combined, enter on line 16
Line 7. If line 1 includes income of a foreign and other income derived from patents, copy- the combined tax liability and attach a schedule
corporation from sources outside Hawaii, the rights, and trade secrets owned by the qualified showing each member’s tax computation.
excess of income over deductions attributed to high technology business which were developed Line 17. Recapture of Capital Goods
this income must be entered on line 7. If line 1 and arose out of a qualified high technology Excise Tax Credit. If property for which a credit
includes income of a domestic corporation from business. Expenses related to this income are has been taken ceases to be eligible property
sources outside Hawaii which has been sub- deductible. “Qualified high technology business” or is disposed of, recapture of all, or part, of
jected to income tax in any other jurisdiction, the means a business conducting more than 50% of the credit received may be necessary. See the
excess of this income over related deductions its activities in qualified research. “Qualified re- Instructions for Form N-312, Part II for more in-
must be entered on line 7. Losses from sources search” means (1) the same as in section 41(d) formation. Enter the amount of any recapture on
outside of Hawaii must be added back. of the Internal Revenue Code; (2) the develop- line 17.
For unitary business taxpayers allocating and ment and design of computer software for ulti-
apportioning income to Hawaii using Form N-30, mate commercial sale, lease, license or to be Line 18. Recapture of Low-Income
Schedules O and P, do not deduct net income otherwise marketed, for economic consideration. Housing Tax Credit. Recapture may be neces-
from sources outside Hawaii on this line. With respect to the software’s development and sary if: you dispose of a building or an ownership
Line 8. At the election of the taxpayer, losses design, the business shall have substantial con- interest in it; there is a decrease in the qualified
of property as the result of tidal wave, hurricane, trol and retain substantial rights to the resulting basis of the building from one year to the next;
earthquake, or volcanic eruption, or as the result intellectual property; (3) biotechnology; (4) per- the building no longer meets the minimum set-
of flood waters overflowing the banks or walls of forming arts products; (5) sensor and optic tech- aside requirements of section 42(g)(1), the gross
a river or stream, or from other natural disasters, nologies; (6) ocean sciences; (7) astronomy; or rent requirements of section 42(g)(2), or the
to the extent of the amount deductible under sec- (8) nonfossil fuel energy-related technology. All other requirements for the units comprising the
tion 235-7(f), HRS, not compensated for by in- income earned and proceeds derived from stock set-aside. See the Instructions for Form N-586
surance or otherwise, may be prorated in equal options or stock, including stock issued through for more information. Enter the amount of any re-
installments over a period of five years, the first the exercise of stock options or warrants, from capture on line 18.
such year being the calendar or fiscal year of a qualified high technology business or from a Line 19. Recapture of the Tax Credit for
the taxpayer in which such loss occurred. Enter holding company of a qualified high technol- Flood Victims. Enter on this line the recapture
such amortization here if the election is made for ogy business by an employee, officer or direc- amount from Form N-338.
Hawaii purposes. tor of the qualified high technology business, or Line 20. Recapture of the Important
investor who qualified for the high technology Agricultural Land Qualified Agricultural Cost
Line 9. NOL deduction. Enter here the NOL business investment tax credit is excluded from Tax Credit. Enter on this line the recapture
sustained in the preceding year determined in ac- income. If the corporation is a qualified high tech- amount from Form N-344.
cordance with section 235-7(d), HRS. For NOLs nology business and has included royalties and
generated in tax years beginning before January other income derived from patents, copyrights, Line 21. Recapture of Capital Infrastructure
1, 2018, do not enter more than the amount of and trade secrets the corporation owns in the in- Tax Credit. Enter on this line any recapture of
taxable income after the special deductions and come reported on line 1, these amounts should the Capital Infrastructure Tax Credit from Form
adjustments (lines 5-8 plus line 10). For NOLs be included in the deductions shown on line 10. N-348, Part II.

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Line 22. Total recapture of tax credits. the overpayment is discovered, whichever oc- For more information, see Regulations section
Enter on this line the total of lines 17 through 21. curred later and whether or not the ninety-first 1.1363-2 and Rev. Proc. 94061, 1994-2 C.B. 775.
If you are required to recapture the historic calendar day falls on a Saturday, Sunday, or le- The deferred LIFO recapture tax is the part of
preservation income tax credit, add the recapture gal holiday. Do not attach federal Form 8697 to the tax on the LIFO recapture adjustment that
of the tax credit amount from Form N-325, Part your Form N-30. Instead, file federal Form 8697 will be deferred and paid with Form N-35 in the
III, to line 22. Also, write “Form N-325” on the dot- separately with the Department. Write “Hawaii” at future. To figure the deferred tax, first figure the
ted line next to line 22. the top of federal Form 8697 and complete the total LIFO recapture tax. Follow the steps below
signature section of federal Form 8697 follow- to figure the total LIFO recapture tax and the de-
Line 23. Interest due under the look-back ing the instructions for the signature section of ferred amount.
method - completed long-term contracts. If Form N-30. File federal Form 8697 by the date
the corporation used the look-back method under you are required to file your Form N-30 (including Step 1. Figure the tax on the corporation’s in-
section 460(b)(2) for certain long-term contracts, extensions). come including the LIFO recapture amount.
use federal Form 8697, Interest Computation (Complete Schedule J through line 16, but do not
Under the Look-Back Method for Completed Line 24. Include the corporation’s Deferred enter a total on line 24 yet.)
Long-Term Contracts, and the form’s Instructions LIFO Recapture Taxon line 24. The corporation
to figure the interest the corporation may have may have to include a LIFO recapture amount in Step 2. Using a separate worksheet, complete
to pay. For Hawaii purposes, use the Hawaii income if it: Schedule J again, but do not include the LIFO
recapture amount in the corporation’s taxable
corporate income tax rates in effect for the prior 1. Used the LIFO inventory method for its income.
years and use the interest rate of 2/3 of 1% per last tax year before the first tax year for which it
month, or part of a month, beginning the first cal- elected to become an S corporation or Step 3. Compare the tax in Step 2 to the tax
in Step 1. The difference between the two is the
endar day after the date prescribed for payment, 2. Transferred LIFO inventory assets to an LIFO recapture tax.
whether or not that first calendar day falls on a S corporation in a nonrecognition transaction
Saturday, Sunday, or legal holiday. Write “Hawaii” in which those assets were transferred basis Step 4. Multiply the amount figured in Step 3 by
at the top of federal Form 8697 and attach fed- property. 75%. The result is the deferred LIFO recapture
eral Form 8697 to your Form N-30. The signature tax.
section of federal Form 8697 does not have to The LIFO recapture amount is the amount by
be completed. which the C corporation’s inventory under the Attach a schedule to the return showing this com-
FIFO method exceeds the inventory method putation. The amount computed in Step 4 will be
Note: If Interest Is To Be Refunded to under the LIFO method at the close of the cor- subtracted from the sum of lines 16, 22, and 23.
You — For Hawaii purposes, use the interest poration’s last tax year as a C corporation (or Enter the difference on line 24 and write “Section
rate of 1/3 of 1% per month, or part of a month, for the year of the transfer, if 2 above applies). 1363 deferred tax - $XXX” on the dotted line next
beginning the ninety-first calendar day after This amount is included in other income reported to line 24.
the due date of the original return or the date on line 7 of the corporation’s income tax return.

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             STATE OF HAWAII — DEPARTMENT OF TAXATION

          RELATED FEDERAL/HAWAII CORPORATION TAX FORMS
                                                                                             Copy of
                                                                                             Fed. Form
Federal                                                                      Use             May Be
Form Number  Title or Description of Federal Form                            Hawaii Form     Used
851          Affiliations Schedule                                           N-304           No
966          Corporate Dissolution or Liquidation                            None            Yes*
970          Application to Use LIFO Inventory Method                        None            Yes*
990          Return of Organization Exempt from Income Tax                   None            No
990T         Exempt Organization Business Income Tax Return                  N-70NP          No
1120         U.S. Corporation Income Tax Return                              N-30            No
Schedule D   Capital Gains and Losses                                        Sch. D (N-30)   No
1120-F       U.S. Income Tax Return of a Foreign Corporation                 N-30            No
1120-H       U.S. Income Tax Return for Homeowners Associations              N-30            No
1120-IC-DISC Interest Charge Domestic International Sales  
              Corporation Return                                             N-30            No
1120-POL     U.S. Income Tax Return for Certain Political Organizations      N-30            No
1120-REIT    U.S. Income Tax Return for Real Estate Investment Trusts        N-30            No
1120-RIC     U.S. Income Tax Return for Regulated Investment Companies  N-30                 No
1120-S       U.S. Income Tax Return for an S Corporation                     N-35            No
1120-SF      U.S. Income Tax Return For Settlement  
              Funds (Under Section 468B)                                     N-30            No
1120-W       Estimated Tax for Corporations                                  N-201V          No
1120-X       Amended U.S. Corporation Income Tax Return                      N-30            No
1122         Authorization and Consent of Subsidiary Corporation  
              To Be Included in a Consolidated Income Tax Return             N-303           No
1128         Application to Adopt, Change, or Retain a Tax Year              None            Yes*
1139         Corporation Application for Tentative Refund                    N-309           No
2220         Underpayment of Estimated Tax by Corporations                   N-220           No
3115         Application for Change in Accounting Method                     None            Yes*
4466         Corporation Application for Quick Refund of  
              Overpayment of Estimated Tax                                   None            No
4562         Depreciation and Amortization                                   None            Yes*
4684         Casualties and Thefts                                           None            Yes*
4797         Sales of Business Property                                      Sch. D-1 (N-30) No
6198         At-Risk Limitations                                             None            Yes*
6252         Installment Sale Income                                         None            Yes*
6781         Gains and Losses From Section 1256 Contracts and Straddles  None                Yes*
8023         Elections Under Section 338 for Corporations Making 
               Qualified Stock Purchases                                     None            Yes* 
8283         Noncash Charitable Contributions                                None            Yes*
8586         Low-Income Housing Credit                                       N-586           No
8697         Interest Computation Under the Look-Back Method for 
              Completed Long-Term Contracts                                  None            Yes*
8810         Corporate Passive Activity Loss and Credit Limitations          None            Yes*
8824         Like-Kind Exchanges                                             None            Yes*
8842         Election To Use Different Annualization Periods for Corporation 
              Estimated Tax                                                  None            Yes*
8949         Sales and Other Dispositions of Capital Assets                  None            Yes*
T(Timber)    Forest Activities Schedule                                      None            Yes*

*If there is no Hawaii equivalent form, the federal form must be used.

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