Article: 50236
Overview
Form N 348 is used to claim or carry over the Capital Infrastructure Tax Credit, established under HRS § 235 17.5 to support qualified infrastructure tenants affected by the Kapalama container terminal relocation project in Honolulu Harbor.
The credit equals the lesser of:
- 50% of qualified capital infrastructure costs paid or incurred, or
- A cap of $2,500,000 per year.
- If credits exceed your tax liability, the unused portion may be carried forward to future years.
This credit expired in 2019. Taxpayers may only use carryover amounts from previously claimed credits. No new credits can be claimed.
Add Form N-348
To add the Form N-348:
- Go to State Taxes.
- Click I’d like to see the forms I’ve filled out or search for a form.
- Click Hawaii to expand the Forms listing.
- Click on the Credit tab.
- Select N348 – Capital Infrastructure Tax Credit to add and open the form.
- Enter your information and click Save.
To be eligible for this credit, you must have been a qualified infrastructure tenant displaced by the Kapalama terminal redevelopment and previously certified for the credit by the Hawaii Department of Business, Economic Development & Tourism (DBEDT).
Only carryforward credit amounts from earlier years may be reported on your current return. Be sure to retain all supporting documentation for verification.