HOUSE OF REPRESENTATIVES

H.B. NO.

1804

THIRTY-SECOND LEGISLATURE, 2024

 

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.  The purpose of this Act is to require income tax credits established or renewed after December 31, 2024, to include a five-year sunset or a gradual reduction over a three-year period, beginning with the sixth year of the credit.

     SECTION 2.  Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to part I to be appropriately designated and to read as follows:

     "§235-     Tax credits; generally.  Any income tax credit established or renewed under this chapter after December 31, 2024, shall include either:

     (1)  A five-year sunset date; or

     (2)  Beginning with the sixth year of the credit, an annual one-third reduction in the credit amount allowed to be claimed, over a three-year period."

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on July 1, 2024.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Income Tax Credits; Sunset; Annual Reduction

 

Description:

Requires that income tax credits established or renewed after 12/31/2024 include a five-year sunset or an annual one-third reduction, beginning with the sixth year of the credit.

 

 

 

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