Bill Text: HI HB2603 | 2014 | Regular Session | Introduced
Bill Title: Home School Tax Credit
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-01-27 - Referred to EDN, FIN, referral sheet 7 [HB2603 Detail]
Download: Hawaii-2014-HB2603-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2603 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to taxation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§235- Home school tax credit. (a) There shall be allowed to each taxpayer subject to the tax imposed by this chapter, an income tax credit which shall be deductible from the taxpayer's net income tax liability, if any, imposed by this chapter for the taxable year in which the credit is properly claimed.
(b) The amount of the tax credit shall be $ per year per unemancipated minor being home schooled by the taxpayer in accordance with section 302A-1132; provided that the taxpayer is the parent or guardian of the minor.
(c) If the credit under this section exceeds the taxpayer's net income tax liability for the taxable year, the excess of the credit over liability shall be refunded to the taxpayer; provided that no refunds or payments on account of the credits allowed by this section shall be made for amounts less than $1.
All claims for a tax credit under this section, including amended claims, shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credit is claimed. Failure to comply with the foregoing provision shall constitute a waiver of the right to claim the credit.
(d) The director of taxation shall prepare any forms that may be necessary to claim a credit under this section. The director may also require the taxpayer to furnish information to ascertain the validity of the claim for credit made under this section and may adopt rules necessary to effectuate the purposes of this section pursuant to chapter 91.
(e) For the purposes of this section, "net income tax liability" means income tax liability reduced by all other credits allowed under this chapter."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2013.
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INTRODUCED BY: |
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Report Title:
Home School Tax Credit
Description:
Establishes an income tax credit for parents or guardians who home school their children.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
