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FORM STATE OF HAWAII — DEPARTMENT OF TAXATION
N-362 PASS-THROUGH ENTITY
(2023) 20__
TAX CREDIT

See Instructions on back
Attach to Schedule CR

N362_I 2023A 01 VID01
Additional Form(s) N-362 attached
Name(s) as shown on tax return SSN(s) or FEIN

Part I PTE TAX CREDIT AMOUNT
Column (a) Column (b) Column (c)
1. Electing qualified pass-through entity (PTE) name Entity identification number (FEIN) PTE elective tax credit(s)
T
a.
S
T
b.
S
T
c.
S
T
d.
S
T
e.
S
T
f.
S
T
g.
S
T
h.
S
T
i.
S
T
j.
S

2. Total PTE Tax Credit Amount.
Add all amounts in column (c) and enter total here ............................................................................................... 2
Part II COMPUTATION OF TAX CREDIT
3 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 N-11, N-15, or N-40 ............................................................ 3
4 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 ........................................................... 4
5 Line 3 minus line 4.
This represents your remaining tax liability. If the result is zero or less than zero, enter zero .................................... 5

6 Total Credit Applied Enter— the smaller of line 2 or line 5.
This is your PTE tax credit applied for the year. Also, enter this amount on Schedule CR, line 13. ........................... 6
Note: Form N-20 and N-35 filers, enter the amount on line 6 on the appropriate lines of Form N-20,
Schedule K or Form N-35, Schedule K. Form N-40 filers, see the instructions.
FORM N-362 (2023)
N362H7V9 ID NO 01

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FORM N-362 (2023) PAGE 2
CHANGES YOU SHOULD NOTE DEFINITIONS FOR PURPOSES OF THE Line 2 — Total PTE Tax Credit Amount. Add
CREDIT the amounts in Part I, column (c).
Act 50, Session Laws of Hawaii 2023 - The
Pass-Through Entity (PTE) Tax Credit allows “Electing pass-through entity” means any Part II, Computation of Tax Credit
partnerships and S corporations to annually elect eligible partnership or S corporation that elects to
to pay Hawaii income taxes at the entity level. be subject to tax. Line 3 — Adjusted Tax Liability. Enter your ad-
justed tax liability.
Eligible members of an electing PTE may claim a “Member” means: • Form N-11 filers, enter the amount from Form
nonrefundable income tax credit for their pro rata
share of PTE taxes paid by the entity. Effective (1) A shareholder of an S corporation; N-11, line 34.
for taxable years beginning after December 31, (2) A partner in a general partnership, a lim- • Form N-15 filers, enter the amount from Form
2022. ited partnership, or a limited liability part- N-15, line 51.
nership; or • Form N-40 filers, enter the amount from Form
GENERAL INSTRUCTIONS N-40, Schedule G, line 3.
(3) A member of a limited liability company
The PTE tax credit is a nonrefundable income Line 4 — Certain other tax credits must be used
that is treated as a partnership or S corpo-
tax credit claimed on the taxpayer’s income tax to offset a taxpayer’s tax liability before the PTE
ration for federal income tax purposes.
return against the net tax liability for the taxable tax credit may be used. If you are claiming other
year. “Partnership” means the same as in the
nonrefundable tax credits, complete the
Internal Revenue Code. “Partnership” includes Credit
Any unused portion of the tax credit claimed Worksheet below and enter the result on line 4.
a limited liability company that is treated as a
against the taxpayer’s net income tax liability for If you are not claiming any of the nonrefundable
partnership for federal income tax purposes but
the taxable year cannot be carried forward or tax credits listed on the worksheet, enter zero on
does not include any publicly traded partnership
refunded to the taxpayer. line 4.
within the meaning of section 7704 of the Internal
Purpose of Form Revenue Code. Line 6 — Total Credit Applied. Compare the
amounts on lines 2 and 5. Enter the smaller of
Use Form N-362 to figure and claim the “S corporation” means a corporation for which
line 2 or 5 here, rounded to the nearest dollar.
PTE tax credit under section 235-_____, Hawaii a valid election under section 1362(a) of the
This is your credit applied for this taxable year.
Revised Statutes. Internal Revenue Code is in effect.
Enter this amount on Schedule CR, line 13.
Who May Claim This Credit SPECIFIC INSTRUCTIONS • Form N-20 filers, enter the amount on Sched-
For taxable years beginning after December Part I, Elective Tax Credit Amount ule K, line 28.
31, 2022, each qualified member of an electing Line 1 — Enter the PTE’s name, federal employ- • Form N-35 filers, enter the amount on Sched-
PTE who elected to pay Hawaii income taxes at er identification number (FEIN), and amount of ule K, line 16m.
the entity level may claim a nonrefundable PTE PTE tax credit for the taxable year in the desig- • Form N-40 filers, enter the distributive share
tax credit. nated spaces on the form. amount on Form N-40, Schedule K-1, line 9c
for each beneficiary.
Credit Requirements If you are married filing jointly, you MUST
To claim this credit, you must complete and check the appropriate checkbox “T” (Taxpayer) or
attach to your Hawaii income tax return: “S” (Spouse) for whom the tax credit is attributed
to.
(1) Form N-362
If additional space is needed, use additional
(2) A completed Schedule CR (For tax returns
Form(s) N-362 to provide the required information
for which Schedule CR is required.)
and check the box at the top of the form.
(3) A completed Schedule K-1

PASS-THROUGH ENTITY
TAX CREDIT WORKSHEET
Tax Credit Amount
a. Income Taxes Paid to Another
State or Foreign Country .
b. Enterprise Zone Tax Credit .
c. Add lines a and b.
Enter the amount here and
on Part II, line 4 ................

FORM N-362 (2023)

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