N-360: Renewable Fuels Production Tax Credit (For Tax Years Beginning After December 31, 2021) (2025)
Hawaii · Hawaii DoTax · Used for tax years 2025
Hawaii Form N-360 calculates the renewable fuels production tax credit and is attached to your tax return. It reports certified credits, credits received from other entities, refundable or nonrefundable credit amounts, and unused credit carryovers. Pass-through entities also use
Who files this form
Use Form N-360 to claim Hawaii’s renewable fuels production tax credit, including a credit received through another entity or unused credit carried over from prior years.
The form covers:
- Taxpayers with a credit certified by the Hawaii State Energy Office (HSEO).
- Partners, S corporation shareholders, beneficiaries, and patrons receiving a share of the credit.
- Flow-through entities allocating the credit to partners, shareholders, or beneficiaries.
The form applies to tax years beginning after December 31, 2021.
What you'll need
Have the following ready, as applicable:
- The credit certificate issued by HSEO. The form directs you to attach it.
- Schedule K-1 from Form N-20, N-35, or N-40, or federal Form 1099-PATR, for a credit received from another entity.
- The distributing entity’s name and federal employer identification number.
- Your unused credit carryover amount from prior years and net income tax liability from your Hawaii return.
- Schedule CR to report the credit amounts directed by the form.
- For entities allocating credits: each recipient’s name, address, identifying number, and allocated credit amount. Attach additional sheets if needed.
How to file
Attach Form N-360 to Form N-11, N-15, N-20, N-30, N-35, N-40, or N-70NP, as applicable. Attach the HSEO credit certificate.
- Enter your name and SSN or FEIN as shown on your tax return.
- Enter your certified credit on line 1 and any credit received from other entities on line 2. If you are claiming only a distributive share from a partnership, S corporation, estate, or trust, skip line 1 and begin on line 2.
- Add lines 1 and 2 on line 3.
- Complete the refundable credit section if making that election. Otherwise, proceed to line 9 for the nonrefundable credit calculation. Transfer the required amounts to Schedule CR.
Pass-through entities report line 3 on the appropriate lines of their tax return and skip to Part III to allocate the credit. Form N-40 filers reporting the trust’s or estate’s own share continue to line 4 or line 9.
The supplied form does not provide a mailing address or e-filing directions.
Common mistakes
- Leaving out the certificate: The form says to attach the HSEO credit certificate.
- Making a refundable election without excess credit: You must have excess credit to make the election on line 4.
- Expecting to change the refundable election later: The election cannot be revoked or amended.
- Continuing after line 7 or line 8: Both lines instruct you to stop and not complete the rest of the form.
- Mismatching allocation totals: Part III, line 4 must equal Part III, line 1.
Questions people ask
Can I elect to receive a refundable credit?
Yes, if you have excess credit. Line 4(a) provides an election with a 30% reduction. The election cannot be revoked or amended.
Who can use the refundable election on line 4(b)?
Individuals can use line 4(b) if all their income is exempt from Hawaii taxation under a public retirement system or received as a pension for past services, or if their Hawaii adjusted gross income is $20,000 or less ($40,000 or less if married filing jointly). Line 8 uses the amount from line 3 without the 30% reduction.
Can unused nonrefundable credit carry forward?
Yes. Line 16 identifies unused credit available to carry forward against tax liability in subsequent tax years until exhausted.
What if I claim other nonrefundable tax credits?
Line 13 directs you to complete the worksheet on page 2 of the instructions and enter the total. If you are not claiming other nonrefundable credits, enter zero. That worksheet is not included in the supplied text.