Form N-309 "Corporation Application for Tentative Refund From Carryback of Net Operating Loss (Nol)" - Hawaii

What Is Form N-309?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on January 1, 2019;
  • The latest edition provided by the Hawaii Department of Taxation;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form N-309 by clicking the link below or browse more documents and templates provided by the Hawaii Department of Taxation.

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Download Form N-309 "Corporation Application for Tentative Refund From Carryback of Net Operating Loss (Nol)" - Hawaii

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Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION
CORPORATION APPLICATION FOR TENTATIVE REFUND FROM
FORM
N-309
CARRYBACK OF NET OPERATING LOSS (NOL)
This Application Must be Filed Separately from Your Income Tax Return to Ensure Proper Processing
(REV. 2020)
Federal Employer I.D. No.
Name
1. Enter the loss year and
amount of NOL.
Mailing Address (number and street)
Year Ended ................................
Check method of accounting:
(1) Cash
(2) Accrual
Amount $ ...................................
City or town, State and Postal/ZIP Code
(3) Other (explain below)
Decrease in Tax $ ......................
(Line 28 below)
CAUTION: For NOLs arising in tax years
2.
Date the return was filed for the year of the NOL ..........................................................................
ending after December 31, 2017, only
District Office with which filed ........................................................................................................
farming NOLs may be carried back 2 years.
3.
Was a consolidated return filed for the taxable year specified in item 1?
Yes
No
4.
(a) Preceding tax
(d) Was a
year ended (years
consolidated
(b) Amount of any unpaid taxes
return filed?
affected by the
(c) Name shown on original return
(Specify type)
carryback)
Yes
No
2nd
1st
5.
Was an extension of time granted for filing the return for the year of the NOL?
Yes
No
If “Yes,” give date to which extension granted.
7.
Date of incorporation
6.
If there has been a change in your accounting period, give
date permission to change was granted.
8.
If this is an application of a dissolved corporation, give
9.
Have you filed an appeal in the Tax Appeal Court for the year or
date of dissolution.
years to which the loss is to be applied? ....... Yes
No
2nd preceding tax year ended
1st preceding tax year ended
COMPUTATION
OF DECREASE
(a) Before
(b) After
(c) Before
(d) After
IN TAX
carryback
carryback
carryback
carryback
11. Taxable income before deducting line 12 ......
12. NOL deduction resulting from carryback
(attach computation) (see Instruction I) .........
13. Line 11 minus line 12 ....................................
14. Net capital gain..............................................
15. Line 13 minus line 14 ....................................
16. Tax on line 14 (see Instruction H) ..................
17. Tax on line 15 (see Instruction H) ..................
18. Line 16 plus line 17 .......................................
19. Tax on line 13 (see Instruction H) ..................
20. Income tax (enter lesser of line 18 or line 19) ....
21. Recapture of tax credit(s) ..............................
22. Line 20 plus line 21 .......................................
23. Refundable tax credit(s) ................................
24. Balance of tax liability (or overpayment)
(difference between lines 22 and 23) ............
25. Nonrefundable tax credit(s) ...........................
26. Line 24 minus line 25, but not less than zero ..
27. Enter amounts from line 26, columns (b)
and (d) ...........................................................
28. Decrease in tax (line 26 minus line 27) ........
I declare, under penalties set forth in section 231-36, HRS, that I have examined this application, including any
accompanying schedules and statements, and, to the best of my knowledge and belief, it is true, correct, and complete.
Signature of Officer or Agent
Title
Date
FORM N-309
(REV. 2020)
ID NO 01
N309_I 2020A 01 VID01
Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION
CORPORATION APPLICATION FOR TENTATIVE REFUND FROM
FORM
N-309
CARRYBACK OF NET OPERATING LOSS (NOL)
This Application Must be Filed Separately from Your Income Tax Return to Ensure Proper Processing
(REV. 2020)
Federal Employer I.D. No.
Name
1. Enter the loss year and
amount of NOL.
Mailing Address (number and street)
Year Ended ................................
Check method of accounting:
(1) Cash
(2) Accrual
Amount $ ...................................
City or town, State and Postal/ZIP Code
(3) Other (explain below)
Decrease in Tax $ ......................
(Line 28 below)
CAUTION: For NOLs arising in tax years
2.
Date the return was filed for the year of the NOL ..........................................................................
ending after December 31, 2017, only
District Office with which filed ........................................................................................................
farming NOLs may be carried back 2 years.
3.
Was a consolidated return filed for the taxable year specified in item 1?
Yes
No
4.
(a) Preceding tax
(d) Was a
year ended (years
consolidated
(b) Amount of any unpaid taxes
return filed?
affected by the
(c) Name shown on original return
(Specify type)
carryback)
Yes
No
2nd
1st
5.
Was an extension of time granted for filing the return for the year of the NOL?
Yes
No
If “Yes,” give date to which extension granted.
7.
Date of incorporation
6.
If there has been a change in your accounting period, give
date permission to change was granted.
8.
If this is an application of a dissolved corporation, give
9.
Have you filed an appeal in the Tax Appeal Court for the year or
date of dissolution.
years to which the loss is to be applied? ....... Yes
No
2nd preceding tax year ended
1st preceding tax year ended
COMPUTATION
OF DECREASE
(a) Before
(b) After
(c) Before
(d) After
IN TAX
carryback
carryback
carryback
carryback
11. Taxable income before deducting line 12 ......
12. NOL deduction resulting from carryback
(attach computation) (see Instruction I) .........
13. Line 11 minus line 12 ....................................
14. Net capital gain..............................................
15. Line 13 minus line 14 ....................................
16. Tax on line 14 (see Instruction H) ..................
17. Tax on line 15 (see Instruction H) ..................
18. Line 16 plus line 17 .......................................
19. Tax on line 13 (see Instruction H) ..................
20. Income tax (enter lesser of line 18 or line 19) ....
21. Recapture of tax credit(s) ..............................
22. Line 20 plus line 21 .......................................
23. Refundable tax credit(s) ................................
24. Balance of tax liability (or overpayment)
(difference between lines 22 and 23) ............
25. Nonrefundable tax credit(s) ...........................
26. Line 24 minus line 25, but not less than zero ..
27. Enter amounts from line 26, columns (b)
and (d) ...........................................................
28. Decrease in tax (line 26 minus line 27) ........
I declare, under penalties set forth in section 231-36, HRS, that I have examined this application, including any
accompanying schedules and statements, and, to the best of my knowledge and belief, it is true, correct, and complete.
Signature of Officer or Agent
Title
Date
FORM N-309
(REV. 2020)
ID NO 01
N309_I 2020A 01 VID01
FORM N-309
(REV. 2020)
PAGE 2
INSTRUCTIONS
GENERAL INSTRUCTIONS
D. ALLOWANCE OF ADJUSTMENT. — The director will act on this
application within a period of 90 days from whichever of the following two
CHANGES TO NOTE. —
dates is the later:
For net operating losses (NOLs) arising in tax years ending after
(1) the date on which the application is filed; or
December 31, 2017, Act 27, Session Laws of Hawaii (SLH) 2018,
eliminates NOL carrybacks (except for farming NOLs which are
(2) the last day of the month in which falls the last date prescribed by
permitted a two-year carryback), and allows unused NOLs to be
law (including any extension of time granted) for filing the return for
carried forward indefinitely.
the taxable year of the NOL from which the carryback results.
E. DISALLOWANCE OF APPLICATION. — Any application which contains
For NOLs arising in tax years beginning after December 31, 2017, Act
27, SLH 2018, limits the NOL deduction to 80% of taxable income.
material omissions or computation errors which the director deems cannot
be corrected within a 90-day period may be disallowed. This application
MAILING ADDRESS. — If your mailing address has changed, you must
for a tentative carryback adjustment does not constitute a claim for credit
notify the Department of the change by completing Form ITPS-COA,
or refund. If this application is disallowed in whole or in part, no suit based
Change of Address Form, or log in to your Hawaii Tax Online account at
thereon may be maintained in any court for the recovery of any tax. The
hitax.hawaii.gov. Failure to do so may prevent your address from being
taxpayer may, however, file a regular claim for credit or refund on an
updated, any refund due to you from being delivered (the U.S. Postal Service
amended Form N-30 (corporation return) at any time before the expiration
is not permitted to forward your State refund check), delay important notices
of the applicable period of limitation.
or correspondence to you regarding your return.
F. EXCESS ALLOWANCES. — Any amount applied, credited, or refunded
REQUIRED ATTACHMENTS. — Attach to this form copies of the first two
on the basis of this application which is later determined by the Department
pages of the corporation’s federal return for the loss year, any forms or
to be excessive may be assessed as a deficiency as if it were due to
schedules from which the carryback results, and forms or schedules for
mathematical or clerical error appearing on the return.
items refigured in the carryback years.
SPECIFIC INSTRUCTIONS
ELECTION NOT TO CARRY BACK. — A corporation may elect to carry
G. LINE 4, COLUMN (b). — If the amount of any tax for any taxable year
forward a farming NOL instead of first carrying it back by attaching a
statement to this effect on a timely filed return (including any extensions)
specified in column (a) of line 4 is unpaid, including any installment not yet
for the farming NOL year. If you make this election, then you can use your
due, at the date of filing the application, enter the unpaid amount of such tax
farming NOL only in the carryforward period.
and specify the kind of tax or taxes.
A. WHO MUST FILE AN APPLICATION. — Any corporation that wants
H. LINES 11 thru 20. — RECOMPUTATION OF TAX LIABILITY. — Enter
a quick refund of taxes due to a carryback of a farming NOL must file this
in columns (a) and (c) the amount for the applicable carryback year, starting
form. This does not apply to an S corporation which elects the tax treatment
with the earliest carryback year, as shown on the original or amended return
provided by IRC section 1372(a).
or as previously adjusted. Enter the date the carryback year ends in the
space above columns (a) and (b) and columns (c) and (d). If the return
Taxpayers can choose whether or not to carry a farming NOL back first
was examined, enter amounts that were determined as a result of the
before carrying it forward. This form should only be used by those taxpayers
examination.
choosing to carry their farming NOLs back.
To arrive at the decrease in the tax previously determined, recompute the
B. TIME AND PLACE FOR FILING. — This form must be filed with the
tax after taking the carryback(s) into account. Form N-30 and instructions
Hawaii Department of Taxation at P.O. Box 3559, Honolulu, HI 96811-3559,
for the applicable year will be helpful in making this recomputation. Attach a
and must be filed on or after the date of filing of the return for the taxable
detailed computation of the new tax liability shown on lines 16, 17, and 19.
year of the NOL and within 12 months of the end of such taxable year.
Do not attach this form to your income tax return. Any Form N-309
Deductions that are limited by taxable income are to be recomputed
attached to an income tax return cannot be processed and will not be
after carryback of an NOL. The deduction for charitable contributions,
considered timely filed even if submitted with the return within 12 months of
however, is computed without regard to any carryback. Attach a schedule
the end of the taxable year in which the NOL occurred.
showing the recomputation. Also, credits based on or limited by the tax
must be recomputed on the basis of the tax liability after application of the
IF YOU FAIL TO MEET THE FOREGOING LIMITATION, YOU MAY FILE
carrybacks.
AN AMENDED RETURN WITHIN THREE YEARS OF THE DUE DATE
I. LINE 12. — For accrual basis taxpayers, a reduction of the NOL
PRESCRIBED FOR FILING THE RETURN, INCLUDING EXTENSIONS,
FOR THE NOL YEAR OR THE PERIOD AGREED TO UNDER A WRITTEN
deduction representing the tax benefit derived from the original state
EXTENSION OF TIME, WHICHEVER IS LATER.
income tax expense deduction is required. Attach a separate schedule
showing your computation.
C. NOL DEDUCTION. — For an NOL occurring in tax years beginning after
J. LINE 21. — Enter any recapture of the capital goods excise tax credit,
December 31, 2017, the NOL deduction for the year attributable to farming
losses cannot exceed 80% of the taxable income for that year, without
the low-income housing tax credit, the high technology business investment
taking into account the NOL. Any farming NOL carried back and not applied
tax credit, the tax credit for flood victims, the important agricultural land
can be carried forward indefinitely.
qualified agricultural cost tax credit, and the capital infrastructure tax credit.
K. LINE 23. — See Schedule CR for a list of the refundable credits.
A “farming loss” means the lesser of (1) the amount which would be
the NOL for the taxable year if only income and deductions attributable to
L. LINE 25. — See Schedule CR for a list of the nonrefundable credits.
farming businesses are taken into account, or (2) the amount of the NOL
for such taxable year. All adjustments required to compute a farming NOL
which is carried back must be shown on a separate schedule.
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