Bill Text: HI HB885 | 2020 | Regular Session | Amended
Bill Title: Relating To Taxation.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Engrossed - Dead) 2020-03-16 - The hearing on this measure has been cancelled until further notice. [HB885 Detail]
Download: Hawaii-2020-HB885-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
885 |
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THIRTIETH LEGISLATURE, 2019 |
H.D. 1 |
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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. The purpose of this Act is to require that new income tax credits include a five-year sunset or a gradual reduction that will force the legislature to review the necessity and advisability of continuing the tax 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. Beginning
January 1, 2020, any income tax credit established under this chapter shall
include either:
(1) A five-year
sunset date; or
(2) Beginning
with the sixth year of the credit, a one-third annual reduction in the credit
amount allowed to be claimed, over a three-year period,
which shall trigger legislative review and determination of whether an extension is advisable or necessary."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2030.
Report Title:
Income Tax Credits; Sunset
Description:
Requires that new income tax credits include a five-year sunset or a gradual reduction. (HB885 HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
