Bill Text: HI SB2545 | 2020 | Regular Session | Amended
Bill Title: Relating To Tax Credits.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2020-03-16 - This measure has been deleted from the meeting scheduled on Wednesday 03-18-20 10:35AM in conference room 309. [SB2545 Detail]
Download: Hawaii-2020-SB2545-Amended.html
|
THE SENATE |
S.B. NO. |
2545 |
|
THIRTIETH LEGISLATURE, 2020 |
S.D. 1 |
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
RELATING TO TAX CREDITS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-110.91, Hawaii Revised Statutes, is amended by amending subsection (f) to read as follows:
"(f) If in any taxable year the annual amount of
certified credits reaches [$5,000,000] $ in
the aggregate, the department of business, economic development, and tourism
shall immediately discontinue certifying credits and notify the department of
taxation. In no instance shall the department
of business, economic development, and tourism certify a total amount of
credits exceeding [$5,000,000] $ per
taxable year. To comply with this restriction,
the department of business, economic development, and tourism shall certify
credits on a first come, first served basis.
The department of taxation shall not allow the aggregate amount of credits claimed to exceed that amount per taxable year."
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 Statutory material to be repealed is bracketed and stricken.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, 2050, and shall apply to taxable years beginning after December 31, 2020.
Report Title:
Income Tax; Tax Credit for Research Activities
Description:
Changes the aggregate cap amount of the tax credit for research activities to an unspecified amount. Effective 7/1/2050. Applies to taxable years beginning after 12/31/2020. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
