Article: 50224
Overview
Form N-342 is used to claim Hawaii’s Renewable Energy Technologies Income Tax Credit (RETITC), which promotes investment in clean energy systems for both residential and commercial properties.
This nonrefundable credit helps offset the cost of installing qualifying renewable energy systems and supports Hawaii’s long-term renewable energy goals. The credit can be carried forward for up to five years if it exceeds your tax liability.
- Qualifying Systems:
- Solar thermal systems (e.g., solar water heaters)
- Photovoltaic (PV) systems (solar electric)
- Wind energy systems.
The credit amount varies depending on system type, cost, and whether the installation is residential or commercial.Shape
Add Form N-342
To add the Form N-342:
- Go to State Taxes.
- Click Review.
- Click I’d like to see the forms I’ve filled out or search for a form.
- From the drop list, select Hawaii.
- Go to the Credits tab.
- Locate and click on N342 – Renewable Energy Technologies Income Tax Credit to open the screen.
- Enter your information and click Save.
Further Information
See the instructions for Form N-342 for more information.