Form N-586 - Tax Credit For Low-Income Housing - 2014
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STATE OF HAWAII—DEPARTMENT OF TAXATION
TAX CREDIT FOR LOW-INCOME HOUSING
TAX
FORM
YEAR
N-586
Or fiscal year beginning _________________, 2014, and ending __________________, 20____
2014
(REV. 2014)
Enter the start and end of your tax year in the space provided.
ATTACH THIS SCHEDULE AND A COPY OF FEDERAL FORM 8586 TO FORM N-11, N-15,
N-20, N-30, N-35, N-40, N-70NP, F-1 OR TO THE ANNUAL PREMIUM TAX RETURN (Form 314), WHICHEVER IS APPLICABLE.
ATTACH A COPY OF FORMS 8609 AND 8609-A TO THIS SCHEDULE.
Name(s) as shown on Form N-11, N-15, N-20, N-30, N-35, N-40, N-70NP, F-1, or Form 314
Social Security Number
Federal Employer I.D. No.
NOTE: If you are claiming the Ethanol Facility Tax Credit, no other credit can be claimed for the taxable year.
NOTE: If you are only claiming the tax credit from a flow-through entity, start on line 5.
Part I
Low-Income Housing Credit
1
Name and address of building(s) for which the credit is being
claimed ________________________________________________________________________________________________
2
Date building(s) placed in service (month, year) _________________________________________________________________
a
Is this date after December 31, 2011?
Yes
No
b
If yes, did you elect to take the low-income housing tax credit loan?
Yes
No
If Yes, you cannot claim this credit. Do not complete this form.
3
Enter the amount of the tax credit allocated by the HHFDC to Hawaii property:
a
Placed in service before July 1, 2005 .................................................................................................
3a
b
Placed in service on or after July 1, 2005 ...........................................................................................
3b
4
a
Multiply the amount on line 3a by 30% and enter here .......................................................................
4a
b
Multiply the amount on line 3b by 50% and enter here .......................................................................
4b
5
Flow through of Hawaii low-income housing credit received from other entities, if any:
Check the applicable box below. Enter the name and Federal Employer I.D. No. of Entity:
__________________________________________________________________________________
a S corporation shareholder — enter total from Schedule K-1 (Form N-35), line 16d ......................
b Partner — enter amount from Schedule K-1 (Form N-20), line 19 .................................................
c Beneficiary — enter amount from Schedule K-1 (Form N-40), line 7b ...........................................
d Patron — enter the amount from federal Form 1099-PATR ............................................................
5
6
Carryover of unused low-income housing tax credit from prior years ........................................................
6
7
Tentative current year low-income housing credit (Add lines 4a, 4b, 5, and 6) ..........................................
7
Note: Form N-20, Form N-35, and Form 314 filers stop here and enter the amount on line 7 on the
appropriate lines of your tax return.
Part II
Tax Liability Limitations (Not to be completed by Form N-20, Form N-35, and Form 314 filers)
8
a
Individuals — Enter the amount from Form N-11, line 34, Form N-15, line 51 ...................................
b
Corporations — Enter the amount from Form N-30, line 13 ...............................................................
c
Other filers — Enter the amount from the applicable form ..................................................................
8
9
If you are claiming other credits, complete the credit worksheet in the instructions and enter the
total here ....................................................................................................................................................
9
10 Line 8 minus line 9. This represents your adjusted tax liability. If the result is zero or less than zero,
enter zero here and on line 11 ...................................................................................................................
10
11 Total credit allowed — Enter the smaller of line 7 or 10, rounded to the nearest dollar. This is your
low-income housing credit allowable for the year. Enter this amount on Schedule CR, line 4 (for Form
N-11, N-15, N-30, and N-70NP filers); Form N-40, Schedule E, line 4; Form F-1, Schedule H, line 2; or
on Form 314, whichever is applicable ........................................................................................................
11
12 Line 7 minus line 11. This represents your carryover of unused credit. The amount of any unused tax
credit may be carried over and used as a credit against your income tax liability in subsequent years
until exhausted ...........................................................................................................................................
12
(Continue on back)
FORM N-586
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