LINDA LINGLEKURT KAWAFUCHIGOVERNORDIRECTOR OF TAXATIONJAMES R. AIONA, JR.

SANDRA L. YAHIRO

LT. GOVERNOR

DEPUTY DIRECTOR

STATE OF HAWAII

DEPARTMENT OF TAXATIONP.O. BOX 259
HONOLULU, HAWAII 96809
PHONE NO: (808) 587-1510
FAX NO: (808) 587-1560

March 20, 2008

DEPARTMENT OF TAXATION ANNOUNCEMENT NO. 2008-03
RE: Certifications for High Technology Business Investment Tax Credit and Tax Credit for
Research Activities
This is a reminder that Forms N-318A, "Certified Statement of Investment in a Qualified
High Technology Business (QHTB) and Claim of the High Technology Business Investment TaxCredit (Credit)", and Forms N-319A, "Certified Statement of Research and Development Costs
Incurred By a Qualified High Technology Business (QHTB) and Claim of the Tax Credit for
Research Activities", for certification of the high technology business investment tax credit and tax
credit for research activities provided by HRS sections 235-110.9 and 235-110.91 are due on
March 30th of the year following the close of the taxable year for which an investment in aqualified high technology business (QHTB) was made or for which qualified research anddevelopment activity by a QHTB was conducted.
The March 30th due date is applicable to the first layer of investors with tax years ending
on December 31st. The first layer of investors are the investors who directly invested in theQHTB. Fiscal year filers would file on the day before the last day of the third month following
the close of the taxable year. For example, taxpayers with tax year beginning on July 1, 2007 andending on June 30, 2008 would file their certification by September 29, 2008. Also, investors at
the second or upper layers (investors who have invested in any entity that directly invested in aQHTB) can file their certifications after the March 30th due date provided that the first layer ofinvestors filed timely.
Any Form N-318A submitted after the due date will not be certified for the year in which
the due date has passed. For tax year 2007 investment credit, certification Form N-318A is due
on March 31, 2008 for first layer calendar year filers. Because March 30, 2008 is a Sunday, thedue date for tax year 2007 is March 31, 2008. If certification is submitted after the due date, theDepartment will not certify the 2007 credit claim and will only certify the credit claims for 2008
to 2011, the remaining four years. The Department will not consider any Form N-318A filed
after the due date by the first layer filer.

Department of Taxation Announcement No. 2008-03
March 20, 2008
Page 2 of 2Any Form N-319A submitted after the due date will not be certified. For tax year 2007
research credit, certification Form N-319A is due on March 31, 2008 for first layer calendar year
filers. Because March 30, 2008 is a Sunday, the due date for tax year 2007 is March 31, 2008.
The Department will not consider any Form N-319A filed after the due date by the first layer
filer.
In addition, taxpayers must claim the tax credit by attaching the certification Form N318A and Form N-318, "High Technology Business Investment Tax Credit", for the hightechnology investment credit, and the certification Form N-319A and Form N-319, "Tax Credit
for Research Activities", for the research activities credit and file the return on or before the endof the twelfth month following the close of the taxable year for which the credit maybe claimed.
For more information, please contact the Rules Office at 808-587-1577.

KURT KAWAFUCHI
Director of Taxation