Bill Text: HI SB2973 | 2016 | Regular Session | Amended

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Bill Title: General Excise Tax; Loko Ia; Hawaiian Fishpond

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2016-02-12 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB2973 Detail]

Download: Hawaii-2016-SB2973-Amended.html

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THE SENATE	S.B. NO.	2973
TWENTY-EIGHTH LEGISLATURE, 2016		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO THE GENERAL EXCISE TAX.

 

 

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

 

     SECTION 1.  The legislature finds that Hawaiian loko i‘a (fishponds) are unique aquacultural systems that are an integral part of Hawaiian culture.  Loko i‘a are environmentally sustainable aquacultural enterprises that also provide cultural benefits to Hawaii, employment opportunities, and fishstock enhancement.  Fishpond production provides a highly desirable food source for local communities and offers income for the fishpond operator.  While fishpond production is potentially profitable, profit margins are small.

     The legislature further finds that products produced by Hawaiian loko i‘a should be taxed at the wholesale rate of one-half of one per cent to help promote the cultivation of loko i‘a.

     SECTION 2.  Chapter 237, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§237-    Products produced by Hawaiian loko i‘a; wholesale rate.  (a)  The wholesale rate of one-half of one per cent shall apply to all of the gross proceeds or income arising from the sale of all products produced by Hawaiian loko i‘a.

     (b)  For purposes of this section, "Hawaiian loko i‘a" shall have the same meaning as "Hawaiian fishponds" as defined in section 183B-1."

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on July 1, 2050.

 

 

 

Report Title:

General Excise Tax; Loko I‘a; Hawaiian Fishpond

 

Description:

Establishes a general excise tax at the wholesale rate of one-half of one per cent for the gross proceeds or income from the sale of all products produced by Hawaiian loko i‘a.  Takes effect on 7/1/2050.  (SD1)

 

 

 

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