Hawaii 2024 Regular Session

Hawaii House Bill HB561 Compare Versions

Only one version of the bill is available at this time.

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1	1	HOUSE OF REPRESENTATIVES H.B. NO. 561 THIRTY-SECOND LEGISLATURE, 2023 H.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:
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3	3	HOUSE OF REPRESENTATIVES H.B. NO. 561
4	4	THIRTY-SECOND LEGISLATURE, 2023 H.D. 1
5	5	STATE OF HAWAII
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7	7	HOUSE OF REPRESENTATIVES
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9	9	H.B. NO.
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11	11	561
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13	13	THIRTY-SECOND LEGISLATURE, 2023
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15	15	H.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	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 beginning with the sixth year of the 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. Any income tax credit established or renewed under this chapter after December 31, 2023, 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, 3000.
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49	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 beginning with the sixth year of the 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	53	"§235- Tax credits; generally. Any income tax credit established or renewed under this chapter after December 31, 2023, shall include either:
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55	55	(1) A five-year sunset date; or
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57	57	(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."
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59	59	SECTION 3. New statutory material is underscored.
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61	61	SECTION 4. This Act shall take effect on July 1, 3000.
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63	63	Report Title: Income Tax Credits; Sunset; Annual Reduction Description: Requires that income tax credits established or renewed after 12/31/2023 include a five-year sunset or an annual one-third reduction beginning with the sixth year of the credit. Effective 7/1/3000. (HD1) 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	67	Report Title:
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69	69	Income Tax Credits; Sunset; Annual Reduction
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73	73	Description:
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75	75	Requires that income tax credits established or renewed after 12/31/2023 include a five-year sunset or an annual one-third reduction beginning with the sixth year of the credit. Effective 7/1/3000. (HD1)
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83	83	The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.