Clear Form
                                        STATE OF HAWAII—DEPARTMENT OF TAXATION

                                        CAPITAL GOODS

   FORM                                 EXCISE TAX CREDIT
   N-312                  SEE SEPARATE INSTRUCTIONS BEFORE COMPLETING THIS FORM.                                                                                                  20__
   (REV. 2020) 
                          Or fiscal year beginning  _____________________, 20   , and ending   ________________ , 20   

                                                                                                             SSN OR FEIN
    ATTACH TO FORM F-1, N-11, N-15, N-20, N-30, N-35, N-40, OR N-70NP
Name(s) as shown on tax return                                                                               Hawaii Tax Identification Number
 
CAUTION:              The deadline to claim the credit, including amended claims, is 12 months after the close of your taxable year.  An 
extension of time for filing a return does not extend the time for claiming the credit.  The taxpayer shall treat the amount of the credit 
allowable and claimed as a taxable income item for the taxable year in which it is properly recognized under the method of accounting 
used to compute taxable income.  Alternatively, the basis of eligible property for depreciation purposes for State income taxes shall be 
reduced by the amount of the credit allowable and claimed. No credit may be claimed for property for which the Motion Picture, 
Digital Media, and Film Production Income Tax Credit is claimed. In addition, no credit may be claimed for any cost that is used 
to claim the Renewable Energy Technologies Income Tax Credit.

PART I  COMPUTATION OF TAX CREDIT
                               (a)  Description of Property — Attach a              (b)  Date property was                                                                      (c)  Cost of qualifying 
                               separate sheet if more space is needed                                        placed in service                                                    property

1. Hawaii purchases

2a.  Purchases from out-of-state sellers

2b.  Was 4% Use Tax paid on these purchases?          Yes         No         Some   
3. Total qualifying cost of eligible property.  Add amounts in column (c), lines 1 and 2. (Estates, trusts,  
   and cooperatives, see Instructions)  .........................................................................................................................         3

4. Tax credit percentage.  . ............................................................................................................................................ 4       4%

5. Multiply line 3 by line 4 and enter result here  ..........................................................................................................            5
6. Amount of sales or use taxes paid to another state or jurisdiction for which a credit was claimed under  
   section 238-3(i), Hawaii Revised Statutes.  (see Instructions) ..................................................................................                      6
7. Capital Goods Excise Tax Credit — Line 5 minus line 6.  Enter difference (> zero) rounded to the nearest dollar 
   for individual taxpayers and enter on Form F-1, Schedule I, or Schedule CR, of the appropriate line for this credit                                                    7

                                                                                                                                                                            Yes No
                      A. Was a deduction taken under Internal Revenue Code Section 179 (regarding an election 
                         to expense certain depreciable business assets) on any property listed on lines 1 or 2a?
                      B. Was any property listed on lines 1 or 2a acquired from a related company or person?
                      C. Is any property listed on lines 1 or 2a subject to the limitation on capital goods excise tax 
                         credit and the depreciation deduction under Internal Revenue Code Section 280F?
                      D. Is any property listed on lines 1 or 2a an integral part of a building or structure?
                      E. Does any of the property listed on lines 1 or 2a have a useful life of less than 3 years? 
                          
                         If you answered “Yes” to any question above, please attach an explanation as to how the 
                         qualifying basis was determined and identify the property involved on lines 1 or 2a, Part 
                         I using the applicable letter(s) for the description above.
                                                                                                                                                                                  FORM N-312
N312_I 2020A 01 VID01                                       ID NO 01

FORM N-312 
(REV. 2020)                                                                                                           PAGE 2

PART II — RECAPTURE OF CAPITAL GOODS EXCISE TAX CREDIT
Name(s) as shown on return or of individual or entity for whom this statement is being prepared.      FEIN or SSN

Name of pass-through entity.                                                                          FEIN or SSN

 Properties                             Description of property.  (Attach a separate sheet if more space is needed.)
  
 A
  
 B
  
 C
  
 D
  
 E

                                                                                         Properties

RECAPTURE COMPUTATION:                                                A     B                    C     D            E
(See Specific Instructions)

1.  Original rate of credit (4%).  ..............   1                 4%    4%                   4%    4%           4%
2.  Date recapture period begins  
 (see Instructions).  ........................................  2
3.  Date property ceased to be eligible  
 capital goods excise tax credit  
 property. (see Instructions)  ..............   3
4.  Number of full years between the date  
 on line 2 and the date on line 3.  ..................  4
5.  Original apportioned cost of qualifying  
 property.  Use this amount on line a of  
 the worksheet in the Instructions for  
 Part II, line 9 of Form N-312.  .......................  5
6.  Original apportioned amount of the  
 deduction allowed under IRC section 179.   
 Use this amount on line d of the work- 
 sheet for Part II, line 9 of Form N-312.  ........  6
7.  Original apportioned sales or use tax  
 credit claimed under section 238-3(i),  
 HRS.  Use this amount on line h of the  
 worksheet for Part II, line 9 of Form N-312. ..  7
8.  Original or previously recomputed  
 credit claimed.  (see Instructions)  ................  8
9.  Recomputed credit. (see Instructions)  .........  9
10.  Decrease in credit due to disposition.   
 (Line 8 minus line 9.)  ...................................  10
11.  Recapture percentage.  (from  
 Instructions)  .................................................  11 100%  100%                 100%  100%         100%
12.  Recapture tax. (Line 10 multiplied  
 by line 11.) ....................................................  12
13.  Total increase in tax.  (Add line 12 columns A through E.) 
 Round this amount to the nearest dollar and enter on the appropriate form listed below.                          13

Enter or include the amount on line 13 above, to the recapture line of the capital goods excise tax credit or the line for tax on Form F-1; 
Form N-11; Form N-15; Form N-30, Schedule J; Form N-40, Schedule G; or Form N-70NP.