Bill Text: HI HB561 | 2024 | Regular Session | Amended
Bill Title: Relating To Tax Credits.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2023-12-11 - Carried over to 2024 Regular Session. [HB561 Detail]
Download: Hawaii-2024-HB561-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
561 |
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THIRTY-SECOND LEGISLATURE, 2023 |
H.D. 1 |
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STATE OF HAWAII |
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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 that new income tax credits 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, 2023, 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, 3000.
Report Title:
Income Tax Credits; Sunset; Annual Reduction
Description:
Requires that income tax credits established or renewed after 12/31/2023 include a five-year sunset or an annual one-third reduction beginning with the sixth year of the credit. Effective 7/1/3000. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
