Bill Text: HI HB2627 | 2010 | Regular Session | Introduced
Bill Title: Hawaii State Income Tax; Wagering Loss Deduction
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Introduced - Dead) 2010-01-27 - (H) Referred to FIN, referral sheet 7 [HB2627 Detail]
Download: Hawaii-2010-HB2627-Introduced.html
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2627 |
TWENTY-FIFTH LEGISLATURE, 2010 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to state income tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-2.4, Hawaii Revised Statutes, is amended by amending subsection (e) to read as follows:
"(e) Section 165 (with respect to losses)
of the Internal Revenue Code shall be operative for purposes of this chapter,
except that the amount prescribed by section 165(h)(1) (relating to the
limitation per casualty) of the Internal Revenue Code shall be a $100
limitation per casualty, and [section 165(d) (with respect to wagering
losses) [and]] sections 165(h)(3)(A) and 165(h)(3)(B) (both of which relate
to special rules for personal casualty gains and losses in federally declared
disasters) of the Internal Revenue Code shall not be operative for the purposes
of this chapter. Section 165 as operative for this chapter shall also apply to
losses sustained from the sale of stocks or other interests issued through the
exercise of the stock options or warrants granted by a qualified high
technology business as defined in section 235-7.3."
SECTION 2. Statutory material to be repealed is bracketed and stricken.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2009.
INTRODUCED BY: |
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Report Title:
Hawaii State Income Tax; Wagering Loss Deduction
Description:
Reinstates the deduction of wagering losses for Hawaii state income tax purposes.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.