HOUSE OF REPRESENTATIVES H.B. NO. 857 THIRTY-SECOND LEGISLATURE, 2023 STATE OF HAWAII A BILL FOR AN ACT Relating to corporate income tax. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
HOUSE OF REPRESENTATIVES H.B. NO. 857
THIRTY-SECOND LEGISLATURE, 2023
STATE OF HAWAII
HOUSE OF REPRESENTATIVES
H.B. NO.
857
THIRTY-SECOND LEGISLATURE, 2023
STATE OF HAWAII
A BILL FOR AN ACT
Relating to corporate income tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this act is to repeal the corporate income tax in the state of Hawaii. Corporate taxes burden the growth, development, and expansion of industry. Local businesses pay taxes on nearly all business related transactions including purchases, sales, payroll, and real estate taxes. Relief from corporate tax liability will pass down to consumers, lowering the costs of goods, services and ultimately the cost of living. According to the Department of Taxation 2019 report (pre COVID fluctuations), the fiscal impact to the general fund tax revenue is an estimated $163,700,000 annually (FY 2019). This represents just 2.0 per cent of total tax collections for the State. This tax reduction will be offset by the creation of new jobs, increased manufacturing and increase in consumer spending. This bill has immense potential to invigorate the States economic future and send a clear message that Hawaii is open for business. SECTION 2. Chapter 235, part IV, Hawaii Revised Statutes, is repealed. SECTION 3. Chapter 235, part VII, Hawaii Revised Statutes, is repealed. SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2023. INTRODUCED BY: _____________________________
SECTION 1. The purpose of this act is to repeal the corporate income tax in the state of Hawaii. Corporate taxes burden the growth, development, and expansion of industry. Local businesses pay taxes on nearly all business related transactions including purchases, sales, payroll, and real estate taxes. Relief from corporate tax liability will pass down to consumers, lowering the costs of goods, services and ultimately the cost of living.
According to the Department of Taxation 2019 report (pre COVID fluctuations), the fiscal impact to the general fund tax revenue is an estimated $163,700,000 annually (FY 2019). This represents just 2.0 per cent of total tax collections for the State. This tax reduction will be offset by the creation of new jobs, increased manufacturing and increase in consumer spending. This bill has immense potential to invigorate the States economic future and send a clear message that Hawaii is open for business.
SECTION 2. Chapter 235, part IV, Hawaii Revised Statutes, is repealed.
SECTION 3. Chapter 235, part VII, Hawaii Revised Statutes, is repealed.
SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2023.
INTRODUCED BY: _____________________________
INTRODUCED BY:
_____________________________
Report Title: Corporate Income Tax Repeal Description: Repeals the Corporate Income Tax Statues as a means of encouraging business investment and growth in the State. 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:
Corporate Income Tax Repeal
Description:
Repeals the Corporate Income Tax Statues as a means of encouraging business investment and growth in the State.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.