Bill Text: HI HB1026 | 2016 | Regular Session | Introduced
Bill Title: Department of Taxation; Income Tax Check-Off; State Income Tax Refund; Rental Housing Trust Fund
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-12-17 - Carried over to 2016 Regular Session. [HB1026 Detail]
Download: Hawaii-2016-HB1026-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1026 |
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TWENTY-EIGHTH LEGISLATURE, 2015 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to RENTAL HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to provide funding for the rental housing trust fund established under section 201H-202, Hawaii Revised Statutes.
SECTION 2. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to part VI to be appropriately designated and to read as follows:
"§235- Additional income designation or check-off authorized. Any law to the contrary notwithstanding, any individual whose state income tax refund for any taxable year is $3 or more may designate $3 of the refund to be paid to the rental housing trust fund established under section 201H-202 when submitting a state income tax return to the department of taxation. In the case of a joint return of spouses having a state income tax refund of at least $6, each spouse may designate that $3 be paid to the rental housing trust fund.
The director of taxation shall revise the individual state income tax forms to allow the designation of payment to the rental housing trust fund on the face of the tax return and immediately above the signature lines. The designation shall be signified by a check-off similar to the check-offs authorized under section 235-102.5. An explanation shall be included that clearly states that the designation does not constitute an additional tax refund.
If no designation was made on the original tax return when filed, a designation may be made by the individual or spouse on an amended return filed within twenty months and ten days after the due date for the original return for such taxable year. A designation once made, whether by an original or amended return, may not be revoked."
SECTION 3. Section 201H-202, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) The following may be deposited into the fund: appropriations made by the legislature, private contributions, repayment of loans, interest, payments from the income tax refund designation under section 235- , other returns, and moneys from other sources."
SECTION 4. New statutory material is underscored.
SECTION 5. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2015.
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INTRODUCED BY: |
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Report Title:
Department of Taxation; Income Tax Check-Off; State Income Tax Refund; Rental Housing Trust Fund
Description:
Requires the department of taxation to allow a taxpayer to designate or "check-off" that a specified amount of the taxpayer's income tax refund be paid to the rental housing trust fund. Applies to taxable years beginning after 12/31/15.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
