Bill Text: HI HB790 | 2010 | Regular Session | Introduced
Bill Title: Higher Education Tax Credit
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [HB790 Detail]
Download: Hawaii-2010-HB790-Introduced.html
Report Title:
Higher Education Tax Credit
Description:
Establishes a refundable higher education tax credit.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
790 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO HIGHER EDUCATION AFFORDABILITY.
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- Higher education tax credit. (a) Each resident individual taxpayer who files an individual income tax return for a taxable year and who is not claimed, or is not otherwise eligible to be claimed, as a dependent by another taxpayer for income tax purposes, may claim a higher education tax credit of per cent of costs directly related to higher education for each dependent enrolled full-time as of December 31 of the previous year at a college or university located within this state. For the taxpayer to qualify for this tax credit, the dependent for which the credit was applied shall have performed at least one hundred hours of public service.
(b) For purposes of claiming the tax credit allowed by this section, a resident individual taxpayer shall use the same filing status on the taxpayer's Hawaii tax return as used on the taxpayer's federal return for the taxable year. In the case of a husband and wife filing separately, the credit allowed may be applied against the tax of either, or divided between them, as they elect.
(c) If the tax credit under this section exceeds the taxpayer's income tax liability, the excess of tax credit over liability shall be refunded to the taxpayer; provided that no refund or payment on account of the tax credit allowed by this section shall be made for amounts less than $1.
(d) All claims including any amended claims for a tax credit under this section shall be filed on or before the end of the twelfth month following the close of the taxable year for which the tax credit may be claimed; provided that failure to comply with this provision shall constitute a waiver of the right to claim the tax credit.
(e) The director of taxation:
(1) Shall prepare such forms as may be necessary to claim a tax credit under this section;
(2) May require proof of the claim for the tax credit;
(3) Shall alert eligible taxpayers of the tax credit using appropriate and available data;
(4) Shall prepare an annual report containing:
(A) The number of credits granted for the prior calendar year;
(B) The total dollar amount of the credits granted; and
(C) The average value of the credits granted to taxpayers whose earned income falls within various income ranges;
and
(5) May adopt rules pursuant to chapter 91 to effectuate this section."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval and shall apply to taxable years beginning after December 31, 2009.
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INTRODUCED BY: |
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