Bill Text: HI HB1970 | 2020 | Regular Session | Introduced
Bill Title: Relating To The Statute Of Limitations For Income Tax Purposes.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-02-05 - The committee(s) on FIN recommend(s) that the measure be deferred. [HB1970 Detail]
Download: Hawaii-2020-HB1970-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1970 |
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THIRTIETH LEGISLATURE, 2020 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE STATUTE OF LIMITATIONS FOR INCOME TAX PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to remove the redundant provision under section 235-101, Hawaii Revised Statutes, that reopens the statute of limitations for income tax purposes if a federal contract or subcontract is renegotiated, since the statute of limitations is reopened if a recomputation of the federal income tax results from any cause.
SECTION 2. Section 235-101, Hawaii Revised Statutes, is amended as follows:
1. By amending its title to read:
"§235-101 Federal returns and
assessments[, when copies are
required]."
2. By amending subsection (b) to read:
"(b) It shall be the duty of every person who is required by section 235-92 to make a return, to report to the department, as to any taxable year governed by this chapter, if:
(1) The amount of taxable income as returned to the United States is changed, corrected, or adjusted by an officer of the United States or other competent authority;
[(2) A change in taxable income results
from a renegotiation of a contract with the United States or a subcontract
thereunder;
(3)]
(2) A
recomputation of the income tax imposed by the United States under the Internal
Revenue Code results from any cause; or
[(4)]
(3) An
amended income tax return is made to the United States.
The report
shall be made within ninety days after the change, correction, adjustment, or
recomputation is finally determined or the amended return is filed[, as the
case may be]. The report required by
this subsection shall be made in the form of an amendment of the person's
return filed under this chapter. The
amended return shall be accompanied by a copy of the document issued by the
United States under paragraphs (1) to [(3).] (2). The statutory period for the assessment of
any deficiency or the determination of any refund attributable to this report
shall not expire before the expiration of one year from the date the department
is notified by the taxpayer or the Internal Revenue Service, whichever is
earlier, of the report in writing.
Before the expiration of this one-year period, the department and the
taxpayer may agree in writing to the extension of this period. The period so agreed upon may be further
extended by subsequent agreements in writing made before the expiration of the
period previously agreed upon."
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.
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INTRODUCED BY: |
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Report Title:
Income Tax; Statute of Limitations; Federal Returns and Assessments
Description:
Repeals the redundant provision that reopens the statute of limitations for income tax purposes if a federal contract or subcontract is renegotiated.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
