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STATE OF HAWAII—DEPARTMENT OF TAXATION

FORM CORPORATION APPLICATION FOR TENTATIVE REFUND FROM
N-309 CARRYBACK OF NET OPERATING LOSS (NOL)
(REV. 2023) This Application Must be Filed Separately from Your
N309_I 2023A 01 VID01
Income Tax Return to Ensure Proper Processing
Name Federal Employer I.D. No. 1. Enter the loss year and
amount of NOL.
Mailing Address (number and street) Check method of accounting: Year Ended ................................
(1) Cash (2) Accrual
Amount $ ...................................
City or town, State and Postal/ZIP Code (3) Other (explain below)
Decrease in Tax $ ......................
(Line 28 below)
2. Date the return was filed for the year of the NOL .......................................................................... CAUTION: For NOLs arising in tax years
District Office with which filed ........................................................................................................ ending after December 31, 2017, only
3. Was a consolidated return filed for the taxable year specified in item 1? Yes No farming NOLs may be carried back 2 years.
4. (a) Preceding tax year (d) Was a consolidated
ended (years affected (b) Amount of any unpaid taxes (c) Name shown on original return return filed?
by the carryback) (Specify type) Yes No
2nd
1st
5. Was an extension of time granted for filing the return for the year of the NOL? Yes No
If “Yes,” give date to which extension granted.
6. If there has been a change in your accounting period, give 7. Date of incorporation
date permission to change was granted.
8. If this is an application of a dissolved corporation, give 9. Have you filed an appeal in the Tax Appeal Court for the year or
date of dissolution. years to which the loss is to be applied? ....... Yes No
2nd preceding tax year ended 1st preceding tax year ended
COMPUTATION
OF DECREASE (a) Before (b) After (c) Before (d) After
IN TAX carryback carryback carryback carryback
11. Taxable income before deducting line 12 .....
12. NOL deduction resulting from carryback
(attach computation) (see Instruction I) ........
13. Line 11 minus line 12 ....................................
14. Net capital gain.............................................
15. Line 13 minus line 14 ...................................
16. Tax on line 14 (see Instruction H) .................
17. Tax on line 15 (see Instruction H) .................
18. Line 16 plus line 17 ......................................
19. Tax on line 13 (see Instruction H) .................
20. Income tax (enter lesser of line 18 or line 19) ....
21. Recapture of tax credit(s) .............................
22. Line 20 plus line 21 ......................................
23. Refundable tax credit(s) ...............................
24. Balance of tax liability (or overpayment)
(difference between lines 22 and 23) ...........
25. Nonrefundable tax credit(s) ..........................
26. Line 24 minus line 25, but not less than zero .
27. Enter amounts from line 26, columns (b)
and (d) ..........................................................
28. Decrease in tax (line 26 minus line 27) .......

I declare, under penalties set forth in section 231-36, HRS, that I have examined this application, including any
accompanying schedules and statements, and, to the best of my knowledge and belief, it is true, correct, and complete.

Signature of Officer or Agent Title Date
FORM N-309
(REV. 2023)

ID NO 01

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FORM N-309 
(REV. 2023)                                                                                                                               PAGE 2 

                                                       INSTRUCTIONS

GENERAL INSTRUCTIONS                                                               (2)  the last day of the month in which falls the last date prescribed by 
MAILING ADDRESS. — If your mailing address has changed, you must                   law (including any extension of time granted) for filing the return for 
notify the Department  of the change  by completing  Form ITPS-COA,                the taxable year of the NOL from which the carryback results.
Change of Address Form, or log in to your Hawaii Tax Online account at             E.  DISALLOWANCE OF  APPLICATION.  —                  Any application  which 
hitax.hawaii.gov. Failure to do so may prevent your address from being             contains material omissions or computation errors which the director 
updated, any refund due to you from being delivered (the U.S. Postal Service       deems cannot be corrected within a 90-day period may be disallowed.  This 
is not permitted to forward your State refund check), delay important notices      application for a tentative carryback adjustment does not constitute a claim 
or correspondence to you regarding your return.                                    for  credit  or refund.   If  this application  is disallowed  in whole or in part, 
REQUIRED ATTACHMENTS. — Attach to this form copies of the first two                no suit based thereon  may be maintained  in any court for the recovery 
pages of the corporation’s federal return for the loss year, any forms or          of any tax.  The taxpayer may, however, file a regular claim for credit or 
schedules from which the carryback results, and forms or schedules for             refund on an amended Form N-30 (corporation return) at any time before 
items refigured in the carryback years.                                            the expiration of the applicable period of limitation.
ELECTION NOT TO CARRY BACK. — A corporation may elect to carry                     F.  EXCESS ALLOWANCES. — Any amount applied, credited, or  refunded 
forward  a  farming  NOL  instead  of  first  carrying  it  back  by  attaching  a on the basis of this application which is later determined by the Department 
statement to this effect on a timely filed return (including any extensions)       to  be  excessive  may  be  assessed  as  a  deficiency  as  if  it  were  due  to 
for the farming NOL year. If you make this election, then you can use your         mathematical or clerical error appearing on the return.
farming NOL only in the carryforward period.                                       SPECIFIC INSTRUCTIONS
A.  WHO MUST FILE AN APPLICATION. —          Any corporation that wants            G.  LINE 4, COLUMN (b). — If the amount of any tax for any taxable year 
a quick refund of taxes due to a carryback of a farming NOL must file this         specified in column (a) of line 4 is unpaid, including any installment not yet 
form.  This does not apply to an S corporation which elects the tax treatment      due, at the date of filing the application, enter the unpaid amount of such tax 
provided by IRC section 1372(a).                                                   and specify the kind of tax or taxes.
 Taxpayers can choose whether or not to carry a farming NOL back                   H.  LINES 11 thru 20. — RECOMPUTATION OF TAX LIABILITY. — Enter 
first before carrying it forward.  This form should only be used by those          in columns (a) and (c) the amount for the applicable carryback year, starting 
taxpayers choosing to carry their farming NOLs back.                               with the earliest carryback year, as shown on the original or amended return 
B.  TIME AND PLACE FOR FILING. —        This form must be filed with the           or as previously adjusted. Enter the date the carryback year ends in the 
Hawaii Department of Taxation at P.O. Box 3559, Honolulu, HI  96811-3559,          space above columns (a) and (b) and columns (c) and (d). If the return 
and must be filed on or after the date of filing of the return for the taxable     was examined, enter  amounts that  were determined as a result of  the 
year of the NOL and within 12 months of the end of such taxable year.              examination.
Do not attach this form to your income tax return.  Any Form N-309                 To arrive at the decrease in the tax previously determined, recompute the 
attached to an income  tax return cannot be processed  and will  not be            tax after taking the carryback(s) into account. Form N-30 and instructions 
considered timely filed even if submitted with the return within 12 months of      for the applicable year will be helpful in making this recomputation. Attach a 
the end of the taxable year in which the NOL occurred.                             detailed computation of the new tax liability shown on lines 16, 17, and 19.
IF YOU FAIL TO MEET THE FOREGOING LIMITATION, YOU MAY FILE                         Deductions  that are limited by taxable income are to be recomputed 
AN AMENDED RETURN WITHIN  THREE  YEARS OF  THE  DUE DATE                           after carryback  of an NOL.   The deduction  for charitable  contributions, 
PRESCRIBED FOR FILING THE RETURN, INCLUDING  EXTENSIONS,                           however, is computed without regard to any carryback.  Attach a schedule 
FOR THE NOL YEAR OR THE PERIOD AGREED TO UNDER A WRITTEN                           showing the recomputation.  Also, credits based on or limited by the tax 
EXTENSION OF TIME, WHICHEVER IS LATER.                                             must be recomputed on the basis of the tax liability after application of the 
C.  NOL DEDUCTION. — For an NOL occurring in tax years beginning after             carrybacks.
December 31, 2017, the NOL deduction for the year attributable to farming          I.  LINE 12. — For accrual  basis taxpayers, a reduction  of the NOL 
losses cannot exceed 80% of the taxable  income  for that year, without            deduction  representing  the  tax  benefit  derived  from  the  original  state 
taking into account the NOL. Any farming NOL carried back and not applied          income tax  expense deduction is required.  Attach  a separate schedule 
can be carried forward indefinitely.                                               showing your computation.
 A “farming loss” means the lesser of (1) the amount which would be                J.  LINE 21. — Enter any recapture of the capital goods excise tax credit, 
the NOL for the taxable year if only income and deductions attributable to         the  low-income  housing  tax  credit,  the  tax  credit  for  flood  victims,  the 
farming businesses are taken into account, or (2) the amount of the NOL            important agricultural land qualified agricultural cost tax credit, the capital 
for such taxable year. All adjustments required to compute a farming NOL           infrastructure tax credit, and the historic preservation income tax credit.
which is carried back must be shown on a separate schedule.                        K.  LINE 23. — See Schedule CR for a list of the refundable credits.
D.  ALLOWANCE OF  ADJUSTMENT. —         The director will  act on this             L.  LINE 25. — See Schedule CR for a list of the nonrefundable credits.
application within a period of 90 days from whichever of the following two 
dates is the later:
 (1)  the date on which the application is filed; or

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