THE SENATE S.B. NO. 2337 THIRTY-FIRST LEGISLATURE, 2022 STATE OF HAWAII A BILL FOR AN ACT relating to tax credits. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
THE SENATE S.B. NO. 2337
THIRTY-FIRST LEGISLATURE, 2022
STATE OF HAWAII
THE SENATE
S.B. NO.
2337
THIRTY-FIRST LEGISLATURE, 2022
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, 2022, shall include either: (1) A five-year sunset date; or (2) Beginning with the sixth year of the credit, an annual one-third 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, 2022. INTRODUCED BY: _____________________________
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, 2022, shall include either:
(1) A five-year sunset date; or
(2) Beginning with the sixth year of the credit, an annual one-third 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, 2022.
INTRODUCED BY: _____________________________
INTRODUCED BY:
_____________________________
Report Title: Income Tax Credits; Sunset; Annual Reduction Description: Requires that new income tax credits established or renewed after 12/31/2022 include a five-year sunset or an annual one-third reduction. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
Report Title:
Income Tax Credits; Sunset; Annual Reduction
Description:
Requires that new income tax credits established or renewed after 12/31/2022 include a five-year sunset or an annual one-third reduction.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.