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