Bill Text: HI SB2834 | 2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Hawaii State Income Tax; Establishes Wagering Loss Deduction

Spectrum: Partisan Bill (Democrat 14-0)

Status: (Passed) 2010-04-15 - (S) Act 023, 4/15/2010 (Gov. Msg. No. 480). [SB2834 Detail]

Download: Hawaii-2010-SB2834-Amended.html

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THE SENATE	S.B. NO.	2834
TWENTY-FIFTH LEGISLATURE, 2010		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO TAXATION.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  Section 235-2.4, Hawaii Revised Statutes, is amended by amending subsection (e) to read as follows:

     "(e)  Section 165 (with respect to losses) of the Internal Revenue Code shall be operative for purposes of this chapter, except that the amount prescribed by section 165(h)(1) (relating to the limitation per casualty) of the Internal Revenue Code shall be a $100 limitation per casualty, [and section 165(d) (with respect to wagering losses) []and[]] sections 165(h)(3)(A) and 165(h)(3)(B) (both of which relate to special rules for personal casualty gains and losses in federally declared disasters) of the Internal Revenue Code shall not be operative for the purposes of this chapter.  Section 165 as operative for this chapter shall also apply to losses sustained from the sale of stocks or other interests issued through the exercise of the stock options or warrants granted by a qualified high technology business as defined in section 235-7.3."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.

     SECTION 3.  This Act shall take effect upon its approval, and shall apply to taxable years beginning after December 31, 2008.

 

 

Report Title:

Hawaii State Income Tax; Establishes Wagering Loss Deduction

 

Description:

Establishes a wagering loss deduction for state income taxes.  Applies retroactively beginning after December 31, 2008. (SD1)

 

 

 

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