Bill Text: HI HB559 | 2010 | Regular Session | Introduced

Hawaii House Bill 559 (Prior Session Legislation)

Introduced

Bill Title: Taxation; Capital Gains

Spectrum: Strong Partisan Bill (Democrat 11-1)

Status: (Introduced - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [HB559 Detail]

Download: Hawaii-2010-HB559-Introduced.html

Report Title:

Taxation; Capital Gains

Description:

Provides a vehicle to change the rate of the state capital gains tax for one year.

HOUSE OF REPRESENTATIVES	H.B. NO.	559
TWENTY-FIFTH LEGISLATURE, 2009
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO CAPITAL GAINS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 235-51, Hawaii Revised Statutes, is amended by amending subsection (f) to read as follows:

"(f) If a taxpayer has a net capital gain for any taxable year to which this subsection applies, then the tax imposed by this section shall not exceed the sum of:

(1) The tax computed at the rates and in the same manner as if this subsection had not been enacted on the greater of:

(A) The taxable income reduced by the amount of net capital gain, or

(B) The amount of taxable income taxed at a rate below 7.25 per cent, plus

(2) A tax of [~~7.25~~] per cent of the amount of taxable income in excess of the amount determined under paragraph (1).

This subsection shall apply to individuals, estates, and trusts for taxable years beginning after December 31, 1986."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval; provided that:

(1) This Act shall be repealed on January 1, 2010 and section 235-51, Hawaii Revised Statutes, shall be reenacted in the form in which it read on the day before the approval of this Act; and

(2) This Act shall apply to taxable years beginning after December 31, 2008 and ending before January 1, 2010.