Bill Text: HI HB561 | 2024 | Regular Session | Amended

Hawaii House Bill 561

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

HOUSE OF REPRESENTATIVES	H.B. NO.	561
THIRTY-SECOND LEGISLATURE, 2023		H.D. 1
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 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)

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