Bill Text: HI SB1234 | 2024 | Regular Session | Introduced
Bill Title: Relating To Tax Credits.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-12-11 - Carried over to 2024 Regular Session. [SB1234 Detail]
Download: Hawaii-2024-SB1234-Introduced.html
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THE SENATE |
S.B. NO. |
1234 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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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. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to part III to be appropriately designated and to read as follows:
"§235- Fire
prevention and fire safety system in condominiums; maintenance fee increase;
tax credit. (a)
A qualified taxpayer who owns a unit for which the association is
increasing the maintenance fee to comply with a county ordinance requiring an
automatic fire sprinkler system or alternative fire prevention and fire safety
system may claim a nonrefundable tax credit in the amount of $1,000. The aggregate amount of tax credits claimed
under this section shall not exceed $5,000,000 for each taxable year.
(b) The credit allowed under this section shall
be claimed against the net income tax liability for the taxable year. If the tax credit under this section exceeds
the taxpayer's income tax liability, the excess of the tax credit over
liability may be used as a credit against the taxpayer's net income tax
liability in subsequent years until exhausted. All claims, including 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 credit may
be claimed. Failure to comply with the
foregoing provision shall constitute a waiver of the right to claim the credit.
(c) The director of taxation:
(1) Shall prepare
any forms necessary to claim a tax credit under this section;
(2) May require
proof of the claim for the tax credit; and
(3) May adopt rules
pursuant to chapter 91 to effectuate this section.
(d) For the purposes of this section:
"Association" has the
same meaning as in section 514B-3.
"Condominium" has the
same meaning as in section 514B-3.
"Net income tax
liability" means net income tax liability reduced by all other credits
allowed under this chapter.
"Qualified taxpayer"
means a person subject to the taxes imposed by this chapter and who is:
(1) Filing individually
with a gross income equal to or less than $100,000;
(2) Married filing
separately with a gross income equal to or less than $150,000; or
(3) Married filing
jointly with a combined income equal to or less than $200,000.
"Unit" has the same meaning as in section 514B-3."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2022.
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INTRODUCED BY: |
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Report Title:
Fire Prevention and Fire Safety System; Condominium Association; Maintenance Fee Increase; Tax Credit
Description:
Establishes a tax credit for certain owners of a condominium whose association is increasing maintenance fees to comply with a county ordinance requiring an automatic fire sprinkler system or alternative fire prevention and fire safety system.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
