Bill Text: HI HB1551 | 2010 | Regular Session | Introduced
Bill Title: Capital Goods Excise Tax Credit
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [HB1551 Detail]
Download: Hawaii-2010-HB1551-Introduced.html
Report Title:
Capital Goods Excise Tax Credit
Description:
Removes the refunding feature of the capital goods excise tax credit from 01/01/09 to 06/30/15.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1551 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to taxation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the current economic crisis and the resulting dire financial forecasts require a thorough investigation into ways to reduce state expenses wherever possible. Expenses that were funded in the past when state funds were available, may now be inappropriate, considering the billion dollar state deficit that looms ahead.
The purpose of this Act is to reduce current state expenses by removing the refunding feature of the capital goods excise tax credit.
SECTION 2. Section 235-110.7, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) If
the capital goods excise tax credit allowed under subsection (a) exceeds the
taxpayer's net income tax liability, the excess of credit over liability [shall
be refunded to the taxpayer;] may be claimed in subsequent years until
exhausted; provided that no refunds or payment on account of the tax credit
allowed by this section shall be made for amounts less than $1.
All claims for tax credits under this section, including any amended claims, must be filed on or before the end of the twelfth month following the close of the taxable year for which the credits may be claimed. Failure to comply with the foregoing provision shall constitute a waiver of the right to claim the credit."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval and apply to taxable years beginning after December 31, 2008; provided that this Act shall be repealed on June 30, 2015, and section 235-110.7, Hawaii Revised Statutes, shall be reenacted in the form in which it read on the day before the effective date of this Act.
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INTRODUCED BY: |
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