The Hawaii School Repair and Maintenance Tax Credit allows eligible taxpayers to claim a nonrefundable income tax credit for qualified contributions of in-kind services for the repair and maintenance of Hawaii public schools. The credit is authorized under section 235-110.2, Hawaii Revised Statutes (HRS) and is claimed on Form N-330, Credit for School Repair and Maintenance.
Eligibility
- The taxpayer must be licensed under chapter 444, 460J, or 464, HRS.
- The taxpayer must be subject to Hawaii income tax.
- The taxpayer must not owe any delinquent Hawaii taxes, penalties, or interest.
- The in-kind services must be certified by the Hawaii Department of Education.
Credit Amount
- The credit is equal to 10% of the value of certified contributions of in-kind services made to the Hawaii School Repair and Maintenance Fund during the taxable year.
- The aggregate value of contributions of in-kind services claimed by a taxpayer may not exceed $40,000 for the taxable year.
How to Claim the Credit
- Complete Form N-330 and attach it to your Hawaii income tax return.
- If required, also attach Schedule CR and any applicable Schedule K-1.
- The credit is nonrefundable and reduces your Hawaii net income tax liability.
- Any unused credit may be carried forward to subsequent taxable years until exhausted.
Source:
Form N-330
Disclaimer: Always verify details with the official forms and instructions from the Hawaii Department of Taxation or your local tax authority. For complex situations, consult a CPA or tax professional.