Bill Text: HI HB962 | 2011 | Regular Session | Amended


Bill Title: Income Tax; Internal Revenue Code; Depreciation

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Introduced - Dead) 2011-02-16 - (H) Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting no (0) and Chong, Souki, Wooley excused (3). [HB962 Detail]

Download: Hawaii-2011-HB962-Amended.html

HOUSE OF REPRESENTATIVES

H.B. NO.

962

TWENTY-SIXTH LEGISLATURE, 2011

H.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO TAXATION.

 

 

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 (l) to read as follows:

     "(l)  Section 179 (with respect to the election to expense certain depreciable business assets) of the Internal Revenue Code shall be operative for purposes of this chapter[, except that provisions relating to:

     (1)  The increase of the maximum deduction to $100,000 for taxable years beginning after 2002 and before 2008, and the increase of the maximum deduction to $125,000 for taxable years beginning after 2006 and before 2011, in section 179(b)(1);

     (2)  The increase of the qualifying investment amount to $400,000 for taxable years beginning after 2002 and before 2008, and the increase of the qualifying investment amount to $500,000 for taxable years beginning after 2006 and before 2011, in section 179(b)(2);

     (3)  The increase of the maximum deduction to $250,000 and the increase of the qualifying investment amount to $800,000 for taxable years beginning in 2008 or 2009, in section 179(b)(7);

     (4)  Defining section 179 property to include computer software in section 179(d)(1);

     (5)  Inflation adjustments in section 179(b)(5);

     (6)  Irrevocable election in section 179(c)(2); and

     (7)  Special rules for qualified disaster assistance property in section 179(e),

shall not be operative for the purposes of this chapter]."

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  Statutory material to be repealed is bracketed and stricken.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

     SECTION 3.  This Act shall take effect on July 1, 2112.


 


 

Report Title:

Income Tax; Internal Revenue Code; Depreciation

 

Description:

Conforms state income tax law with section 179 of the Internal Revenue Code relating to expensing of certain depreciable business assets.  Effective July 1, 2112.  (HB962 HD1)

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.

 

feedback