Bill Text: HI SB662 | 2021 | Regular Session | Amended
Bill Title: Relating To Tax Credits.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2021-02-23 - Referred to ECD, FIN, referral sheet 17 [SB662 Detail]
Download: Hawaii-2021-SB662-Amended.html
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THE SENATE |
S.B. NO. |
662 |
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THIRTY-FIRST LEGISLATURE, 2021 |
S.D. 1 |
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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. The purpose of this Act is to require that new income tax credits include a five-year sunset or a gradual reduction over a three-year period.
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. Any
income tax credit established or renewed under this chapter after December 31, 2021,
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."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2021.
Report Title:
Income Tax Credits; Sunset; Annual Reduction
Description:
Requires that new income tax credits established or renewed after 12/31/2021 include a 5-year sunset or an annual reduction. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
