Hawaii 2022 Regular Session

Hawaii Senate Bill SB662 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	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:
	1	+	THE SENATE S.B. NO. 662 THIRTY-FIRST LEGISLATURE, 2021 STATE OF HAWAII A BILL FOR AN ACT RELATING TO TAX credits. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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3	3		THE SENATE S.B. NO. 662
4		-	THIRTY-FIRST LEGISLATURE, 2021 ~~S.D. 1~~
	4	+	THIRTY-FIRST LEGISLATURE, 2021
5	5		STATE OF HAWAII
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7	7		THE SENATE
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9	9		S.B. NO.
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11	11		662
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13	13		THIRTY-FIRST LEGISLATURE, 2021
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15		-	~~S.D. 1~~
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17	17		STATE OF HAWAII
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31	31		A BILL FOR AN ACT
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37	37		RELATING TO TAX credits.
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43	43		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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47		-	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.
	47	+	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. INTRODUCED BY: _____________________________
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49		-	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~~.
	49	+	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.
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51	51		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:
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53		-	"§235- Tax credits; generally. Any income tax credit established ~~or renewed~~ under this chapter ~~after December 31, 2021,~~ shall include either:
	53	+	"§235- Tax credits; generally. Beginning January 1, 2022, any income tax credit established under this chapter shall include either:
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55	55		(1) A five-year sunset date; or
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57		-	(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."
	57	+	(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,
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	59	+	which shall trigger legislative review and determination of whether an extension is advisable or necessary."
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59	61		SECTION 3. New statutory material is underscored.
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61	63		SECTION 4. This Act shall take effect on July 1, 2021.
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63		-	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.
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	67	+	INTRODUCED BY: _____________________________
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	69	+	INTRODUCED BY:
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	71	+	_____________________________
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	77	+	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.
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69	83		Report Title:
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71		-	Income Tax Credits; Sunset~~; Annual Reduction~~
	85	+	Income Tax Credits; Sunset
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75	89		Description:
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77		-	Requires that new income tax credits ~~established or renewed after 12/31/2021~~ include a 5-year sunset or ~~an annual~~ reduction. ~~(SD1)~~
	91	+	Requires that new income tax credits include a 5-year sunset or a gradual reduction.
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85	99		The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.