Bill Text: HI HB727 | 2010 | Regular Session | Introduced
Bill Title: Act 221; High Tech Tax Credits Sunset; Extension to 2015.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [HB727 Detail]
Download: Hawaii-2010-HB727-Introduced.html
Report Title:
Act 221; High Tech Tax Credits Sunset; Extension to 2015.
Description:
Extends the high technology business investment, research, and technology infrastructure renovation tax credits from 12/31/2010, to 12/31/2015.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
727 |
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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 TECHNOLOGY TAX CREDITS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-110.51, Hawaii Revised Statutes, is amended to by amending subsection (h) to read as follows:
"(h) The tax credit allowed under this
section shall not be available for taxable years beginning after December 31, [2010.]
2015."
SECTION 2. Section 235-110.9, Hawaii Revised Statutes, is amended by amending subsection (i) to read as follows:
"(i) This section shall not apply to
taxable years beginning after December 31, [2010.] 2015."
SECTION 3. Section 235-110.91, Hawaii Revised Statutes, is amended:
1. By amending subsection (a) to read as follows:
"(a) Section 41 (with respect to the credit for
increasing research activities) and section 280C(c) (with respect to certain
expenses for which the credit for increasing research activities are allowable)
of the Internal Revenue Code shall be operative for the purposes of this
chapter as provided in this section; except that references to the base amount
shall not apply and credit for all qualified research expenses may be taken
without regard to the amount of expenses for previous years. If section
41 of the Internal Revenue Code is repealed or terminated prior to January 1, [2011,]
2015, its provisions shall remain in effect for purposes of the income
tax law of the State as modified by this section, as provided for in subsection
(j)."
2. By amending subsection (j) to read as follows:
"(j) This section shall not apply to
taxable years beginning after December 31, [2010.] 2015."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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