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STATE OF HAWAII—DEPARTMENT OF TAXATION
FORM TAX
RENEWABLE FUELS PRODUCTION YEAR
N-360 TAX CREDIT (FOR TAX YEARS BEGINNING AFTER 12/31/21)
(2022)
Or fiscal year beginning _________________, 20___, and ending __________________, 20____ 20__
ATTACH TO FORM 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
Part IPart I CREDIT CERTIFICATE
ATTACH THE CREDIT CERTIFICATE ISSUED BY THE HAWAII STATE ENERGY OFFICE
(HSEO)
Part II COMPUTATION OF TAX CREDIT
Note: If you are only claiming your distributive share(s) of a tax credit distributed from a partnership, an S
corporation, an estate, or a trust, skip line 1 and begin on line 2.
1 Total amount of certified tax credit allowed for the taxable year from the Credit Certificate issued to you by HSEO ... 1
2 Flow through of renewable fuels production tax credit received from other entities, if any:
Check the applicable box below. Enter the name and Federal Employer I.D. No. of Entity:
a Partner — enter the appropriate amount from Schedule K-1 (Form N-20) .......................................................
b S corporation shareholder — enter the appropriate amount from Schedule K-1 (Form N-35) ..........................
c Beneficiary — enter the appropriate amount from Schedule K-1 (Form N-40) .................................................
d Patron — enter the amount from federal Form 1099-PATR .............................................................................. 2
3 Total New Credit — Add lines 1 and 2. ....................................................................................................................... 3
Note: Pass-through entities, enter the amount from line 3 on the appropriate lines of your tax return and skip to
Part III of this Form. For Form N-40 filers who are reporting the trust or estate’s share, continue on to line 4 or 9.
REFUNDABLE TAX CREDIT
To elect to claim the tax credit as a refundable tax credit, complete this section. Otherwise, skip to line 9.
Note: The election to claim the credit as refundable cannot be revoked or amended.
4 Check the appropriate box:
a. I elect to treat the tax credit for renewable fuels production as refundable. I understand that the amount of the
tax credit will be reduced by 30%. (Continue on line 5)
b. I elect to treat the tax credit for renewable fuels production as refundable. ALL of my income is exempt from
Hawaii taxation under a public retirement system or received in the form of a pension for past services my or
Hawaii adjusted gross income is $20,000 or less ($40,000 or less if filing jointly). (Continue on line 8)
5 If you have checked box 4(a), enter the amount from line 3......................................................................................... 5
6 Multiply line 5 by 30% (0.30)......................................................................................................................................... 6
7 Line 5 minus line 6. This is your renewable fuels production tax credit. Enter this amount, rounded to the nearest
dollar, on the appropriate line on Schedule CR.
(Stop here. Do not complete the rest of the form.) ...................................................................................................... 7
8 If you checked the box on line 4(b), enter the amount from line 3. This is your renewable fuels production tax credit.
Enter this amount, rounded to the nearest dollar, on the appropriate line on Schedule CR.
( Stop here. Do not complete the rest of the form.) ...................................................................................................... 8
NONREFUNDABLE TAX CREDIT
9 Total New Credit Claimed — Enter the amount from line 3 and on Schedule CR Column (a) ................................. 9
10 AdjustedEnter your adjusted income tax liability from the applicable Form N-11, N-15, N-30, N-40, or N-70NP 10 Tax Liability —
11 If you are claiming other nonrefundable tax credits, complete the worksheet on page 2 of the instructions and
enter the total here. If you are not claiming other nonrefundable credits, enter zero ................................................... 11
12 Line 10 minus line 11. This represents your remaining tax liability. If the result is zero or less, enter zero .................. 12
13 Total Credit Applied — Enter the smaller of line 3 or line 12, rounded to the nearest dollar. This is your renewable
fuels production tax credit applied for the year. Also, enter this amount on Schedule CR in Column (b) of the
appropriate line for this credit. ...................................................................................................................................... 13
14 Unused Credit to Carryover — Line 3 minus line 13. This represents your unused credit available to
carryforward to be used against tax liability in subsequent tax years until exhausted. If this amount is more
than zero, also enter this on Schedule CR in Column (c) of the appropriate line for this tax credit ............................ 14
FORM N-360
N360_I 2022A 01 VID01 ID NO 01
