Bill Text: HI SB662 | 2021 | Regular Session | Amended

Hawaii Senate Bill 662 (Prior Session Legislation)

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

THE SENATE	S.B. NO.	662
THIRTY-FIRST LEGISLATURE, 2021		S.D. 1
STATE OF HAWAII

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.