Clear Form

                                 STATE OF HAWAII—DEPARTMENT OF TAXATION

     FORM                                                                                                                                                               TAX
                      CAPITAL INFRASTRUCTURE TAX CREDIT                                                                                                                 YEAR
                                                                         
  N-348
  (REV. 2023)   Or fiscal year beginning ________________, 20__, and ending _________________, 20____                                                                   20__

                                 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                                                                                                                             SSN or FEIN

Note:  The Capital Infrastructure Tax Credit expired on December 31, 2019. You may file this form only if you have a carryover of the tax credit from a 
     prior year.
  Part I CARRYOVER COMPUTATION
1  Carryover of unused capital infrastructure tax credit from prior year .................................................................................   1
2  Adjusted Tax Liability (Not to be completed by Form N-20 and Form N-35 filers) 
  Enter your adjusted tax liability from the applicable Form F-1, N-11, N-15, N-30, N-40 or N-70NP .....................................                     2
3  If you are claiming other nonrefundable credits, complete the credit worksheet in the instructions and enter  
  the total here. If you are not claiming other nonrefundable credits, enter zero ..................................................................         3
4  Line 2 minus line 3. This represents your remaining tax liability. If the result is zero or less than zero, enter zero ...........                        4
5 Total Credit Applied — Enter the smaller of line 1 or line 4. This is your capital infrastructure tax credit applied for the  
  year. Also, enter this amount on Schedule CR, line 23 in Column (b) or Form F-1, line 73, whichever is applicable.......                                   5
6 Unused Credit to Carryover — Line 1 minus line 5. This represents your current year’s carryover of unused credit  
  which may be carried over and used as a credit against your tax liability in subsequent years until exhausted. If this  
  amount is more than zero, also enter it on Schedule CR, line 23 in Column (c)  .............................................................               6
 Part II RECAPTURE OF THE TAX CREDIT
1  Enter the amount of the credit claimed in tax years 2014 through 2019 ............................................................................        1
2  Enter your share of the recapture of the credits as reported on Schedule K-1(s) ..............................................................            2
3  Add lines 1 and 2. This represents the recapture of the credit. Enter or include this amount, rounded to the nearest  
  dollar, on the applicable line of your tax return. (See Instructions) .................................................................................... 3

                                                                                                                                                               N348_I 2023A 01 VID01

                                                                                                                          FORM N-348 (REV. 2023)
                                                           ID NO 01

Form N-348 Instructions (REV. 2023)                                                                                                           PAGE 2
Note:   The Capital Infrastructure Tax Credit expired on December 31, 
2019. You may file this form only if you have a carryover of the tax credit from                      CAPITAL INFRASTRUCTURE
a previous year.                                                                                      TAX CREDIT WORKSHEET
                                                                                           Tax Credit                                   Amount
GENERAL INSTRUCTIONS                                                                    a.  Income Taxes Paid to Another 
The capital infrastructure tax credit under section 235-17.5, Hawaii Re-                   State or Foreign Country .......   
vised Statutes, helps tenants who were displaced by the Kapalama container 
terminal project, is effective for taxable years beginning after December 31,           b.  Enterprise Zone Tax Credit ....   
2013. The credit will not be available for taxable years beginning after De-            c.  Pass-Through Entity 
cember 31, 2019.                                                                           Tax Credit ...............................   
The tax credit is the lesser of 50% of the capital infrastructure costs paid            d.  Carryover of the Energy 
or  incurred  by  a  qualified  infrastructure  tenant  during  the  taxable  year  or     Conservation Tax Credit ........   
$2,500,000.                                                                             e.  Credit for Employment of 
This credit may not be claimed if the capital infrastructure costs are used                Vocational Rehabilitation 
to claim another credit.                                                                   Referrals ................................   
The deadline to claim the credit, including amended claims, is 12 months                f. Credit for School Repair and 
after the close of your taxable year. You cannot claim or amend the credit                 Maintenance ..........................   
after the deadline.                                                                     g.  Carryover of the Renewable Energy 
                                                                                           Technologies Income Tax Credit (For 
Carryover Requirements                                                                     Systems Installed and Placed In  
To  carryover  this  credit,  you  must  complete  and  attach  to  your  Hawaii           Service Before July 1, 2009) ..   
income tax or franchise tax return (1) Form N-348 and (2) Schedule CR                   h.  Renewable Energy Technologies 
(Forms N-11, N-15, N-30, N-40 and N-70NP).                                                 Income Tax Credit (Nonrefundable) 
If you are not able to use this credit because your tax liability on line 4             i. Carryover of the Cesspool Upgrade, 
is zero, file the forms listed above with your Hawaii tax return to claim and              Conversion or Connection Income                     
carryover your unused credit. If the forms are not attached, you will lose any             Tax Credit ...............................  ___________________________
carryover of your unused credit.                                                        j. Carryover of the Earned Income  
                                                                                           Tax Credit (Nonrefundable) ....  ___________________________
Recapture of the Tax Credit
Any credit claimed shall be recaptured following the close of the taxable               k.  Healthcare Preceptor Tax Credit 
year for which the credit is claimed if:                                                l. Low-Income Housing Tax Credit 
(1) Within three years:                                                                 m.  Carryover of the High 
(A)  The  qualified  infrastructure  tenant  fails  to  continue  the  line  of            Technology Business 
         business it conducted as of July 1, 2014; or                                      Investment Tax Credit ............   
(B)  The interest in the qualified infrastructure tenant, whether in whole              n.  Carryover of the Technology 
         or in part, has been sold, exchanged, withdrawn, or otherwise                     Infrastructure Renovation Tax Credit 
         disposed of by the taxpayer claiming a credit; or                              o.  Carryover of the Residential 
(2) The  qualified  infrastructure  tenant  fails  to  relocate  from  the  former         Construction and Remodeling 
Kapalama military reservation site to  another location, pursuant to                       Tax Credit ...............................   
a lease with the Department of Transportation, within 90 days of the                    p.  Carryover of the Hotel 
execution of the lease.                                                                    Construction and Remodeling 
The recapture shall be equal to 100% of the amount of the total tax credit                 Tax Credit ...............................   
claimed in the preceding five taxable years, and shall be added to the tax-             q.  Add lines a through p.  
payer’s tax liability for the taxable year in which the recapture occurs.                  Enter the amount here and  
                                                                                           on Part I, line 3 .......................   
SPECIFIC INSTRUCTIONS
Part I, Carryover Computation
Line 1 — This line is for the carryover of unused capital infrastructure tax 
credit from the prior year.
Line 3 — The law requires that certain other credits offset a taxpayer’s tax 
liability before allowing a capital infrastructure tax credit. If you are claim-
ing other nonrefundable credits, complete the Credit Worksheet in these 
instructions  and  enter  the  result  on  line  3.  If  you  are  not  claiming  other 
nonrefundable credits, enter zero.
Part II, Recapture of the Tax Credit
Line 1 — The recapture is 100% of the amount of the total tax credit claimed 
in the preceding five taxable years.
Line 2 — Enter the total amount of recapture of the credit reported on all 
Schedule K-1(s) issued to you.