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Hawaii Excise Tax Credit Recapture window
Use this window to see how the application calculates the Hawaii excise tax credit recapture. These amounts transfer to Form N-312 in UltraTax CS.
This window automatically opens if you dispose of an asset that has I in the
Credit
field for the HI column and it's less than 3 years after the date when the asset was placed in service.To open this window, open the Asset Detail window for a Hawaii asset and select Tasks, then Hawaii Excise Tax Credit Recapture.
note
This window is not available for aggregate assets. This window is also only available if credit code
I
is entered in the asset's HI column in the Depreciation tab.Fields & buttons
Prior years' business use percentages
Current year
This field displays the current-year business use percentage as entered in the asset's Vehicle/Listed tab.
note
The application automatically updates the selected asset's information in the Vehicle/Listed tab if you change this percentage.
Last year
This field displays the previous year's business use percentage as entered in the asset's Prior Depreciation Comparison window.
note
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the asset's information in the Prior Depreciation Comparison window if you change this percentage.
Two years ago
This field displays the business use percentage from 2 years ago as entered in the asset's Prior Depreciation Comparison window.
note
- This field is available only if the asset is at least 2 years old.
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Three years ago
This field displays the business use percentage from 3 years ago as entered in the asset's Prior Depreciation Comparison window.
note
- This field is available only if the asset is at least 3 years old.
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Four years ago
This field displays the business use percentage from 4 years ago as entered in the asset's Prior Depreciation Comparison window.
note
- This field is available only if the asset is at least 4 years old.
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Five years ago
This field displays the business use percentage from 5 years ago as entered in the asset's Prior Depreciation Comparison window.
note
- This field is available only if the asset is at least 5 years old.
- This field defaults to 100 percent if information hasn’t been entered in the Prior Depreciation Comparison window.
- The application automatically updates the Prior Depreciation Comparison window if you change this percentage.
Other fields & buttons
Date property ceased to be eligible
This field displays the date on which the property ceased to qualify for the Hawaii Excise Tax credit. If you disagree with the date displayed, you can change it.
Original credit claimed
This field displays the original amount of excise tax credit claimed for this asset. You can't change this amount.
Recomputed credit
This field displays the amount of recomputed credit calculated for this asset. You can't change this amount.
Recapture percentage
This field displays the recapture percentage that is used to calculate the recaptured amount of excise tax credit.
Recapture amount
This field displays the recaptured amount of excise tax credit. You can't change this amount.
Do not compute recapture
Mark this checkbox to prevent the application from calculating any excise tax credit recapture for the current asset.