Bill Text: HI SB1316 | 2011 | Regular Session | Introduced
Bill Title: Hawaii Income Tax; Conformity to Internal Revenue Code for 2010
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2011-03-10 - (H) Referred to FIN, referral sheet 33 [SB1316 Detail]
Download: Hawaii-2011-SB1316-Introduced.html
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THE SENATE |
S.B. NO. |
1316 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO CONFORMITY OF THE HAWAII INCOME TAX LAW TO THE INTERNAL REVENUE CODE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to conform Hawaii income tax law to the Internal Revenue Code.
SECTION 2. Section 235-2.3, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) For all taxable years beginning
after December 31, [2009,] 2010 as used in this chapter, except
as provided in section 235-2.35, "Internal Revenue Code" means
subtitle A, chapter 1, of the federal Internal Revenue Code of 1986, as amended
as of December 31, [2009,] 2010 as it applies to the determination
of gross income, adjusted gross income, ordinary income and loss, and taxable
income, except those provisions of the Internal Revenue Code and federal public
laws which, pursuant to this chapter, do not apply or are otherwise limited in
application and except for the provisions of Public Law 109-001 which apply to
section 170 of the Internal Revenue Code. The provisions of Public Law 109-001
to accelerate the deduction for charitable cash contributions for the relief of
victims of the 2004 Indian Ocean tsunami are applicable for the calendar year
that ended December 31, 2004, and the calendar year ending December 31, 2005.
Sections 235-2, 235-2.1, and 235-2.2 shall continue to be used to determine:
(1) The basis of property, if a taxpayer first determined the basis of property in a taxable year to which such sections apply, and if such determination was made before January 1, 1978; and
(2) Gross income, adjusted gross income, ordinary income and loss, and taxable income for a taxable year to which such sections apply where such taxable year begins before January 1, 1978."
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 Statutory material to be repealed is bracketed and stricken.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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BY REQUEST |
Report Title:
Income Tax; Conformity to the Internal Revenue Code for 2010
Description:
Provides a measure for conforming amendments to the Hawaii income tax law based upon amendments to the Internal Revenue Code made in calendar year 2010.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
