Bill Text: HI HB1924 | 2010 | Regular Session | Introduced
Bill Title: Income Tax; Gambling Losses
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-20 - (H) Referred to FIN, referral sheet 1 [HB1924 Detail]
Download: Hawaii-2010-HB1924-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1924 |
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TWENTY-FIFTH LEGISLATURE, 2010 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO tax deductions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-2.4, Hawaii Revised Statutes, is amended by amending subsection (e) to read as follows:
"(e) Section 165 (with respect to losses)
of the Internal Revenue Code shall be operative for purposes of this chapter[,
except that Section 165(d) (with respect to wagering losses) shall not be
operative for the purposes of this chapter]. Section 165 as operative for
this chapter shall also apply to losses sustained from the sale of stocks or
other interests issued through the exercise of the stock options or warrants
granted by a qualified high technology business as defined in section
235-7.3."
SECTION 2. Act 165, Session Laws of Hawaii 2009, is repealed.
SECTION 3. Statutory material to be repealed is bracketed and stricken.
SECTION 4. This Act shall take effect upon its approval and shall apply retroactively to taxable years beginning after December 31, 2008.
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INTRODUCED BY: |
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Report Title:
Income Tax; Gambling Losses
Description:
Restores the limited state income tax deduction for gambling losses retroactively for taxable years beginning after 12/31/08.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
