Bill Text: HI SB662 | 2022 | Regular Session | Introduced
Bill Title: Relating To Tax Credits.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2021-12-10 - Carried over to 2022 Regular Session. [SB662 Detail]
Download: Hawaii-2022-SB662-Introduced.html
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THE SENATE |
S.B. NO. |
662 |
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THIRTY-FIRST LEGISLATURE, 2021 |
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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 that will force the legislature to review the necessity and advisability of continuing the tax credit.
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. Beginning
January 1, 2022, any income tax credit established under this chapter 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,
which
shall trigger legislative review and determination of whether an extension is
advisable or necessary."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2021.
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INTRODUCED BY: |
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Report Title:
Income Tax Credits; Sunset
Description:
Requires that new income tax credits include a 5-year sunset or a gradual reduction.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
