Bill Text: HI HB101 | 2012 | Regular Session | Amended
Bill Title: Aviation Fuel Tax Credit
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Enrolled - Dead) 2012-04-23 - (H) Re-referred to TRN, JUD, FIN, referral sheet 71 [HB101 Detail]
Download: Hawaii-2012-HB101-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
101 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
H.D. 2 |
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STATE OF HAWAII |
S.D. 2 |
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A BILL FOR AN ACT
RELATING TO TRANSPORTATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235‑ Aviation fuel tax credit for interisland airplane carriers. (a) There shall be allowed to each interisland airplane carrier subject to the tax imposed by this chapter an aviation fuel tax credit for the amount paid by the interisland airplane carrier representing fuel taxes imposed by chapter 243 and passed on to the interisland airplane carrier by a distributor, not exceeding $ in any taxable year. The tax credit under this section shall be deducted from the taxpayer's net income tax liability, if any, imposed by this chapter for the taxable year in which the credit is properly claimed.
(b) If the tax credit under this section exceeds the taxpayer's income tax liability, the excess of credits over liability shall be refunded to the taxpayer; provided that no refunds or payment on account of the tax credits allowed by this section shall be made for amounts less than $1. All claims, including any amended claims, for tax credits under this section shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credit may be claimed. Failure to properly claim the credit shall constitute a waiver of the right to claim the credit.
(c) The director of taxation shall prepare any forms necessary to claim a credit under this section. The director may also require the taxpayer to furnish reasonable information to ascertain the validity of the claim for credit made under this section and may adopt rules necessary to effectuate the purposes of this section pursuant to chapter 91.
(d) For purposes of this section:
"Interisland airplane carrier" means a business, person, or entity that owns or operates one or more airplanes to transport or convey baggage, passengers, or goods between the islands of this State for a fee.
"Net income tax liability" means net income tax liability reduced by all other credits allowed by law."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050, and apply to taxable years beginning after June 30, 2012.
Report Title:
Aviation Fuel Tax Credit
Description:
Creates an aviation fuel tax credit for aviation fuel taxes passed on by distributors to interisland airplane carriers that transport people and goods between the islands of this State. Effective 07/01/2050. (SD2)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
