Hawaii 2025 Regular Session

Hawaii House Bill HB796 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	HOUSE OF REPRESENTATIVES H.B. NO. 796 THIRTY-THIRD LEGISLATURE, 2025 H.D. 1 STATE OF HAWAII S.D. 1 ~~C.D. 1~~ A BILL FOR AN ACT RELATING TO TAX CREDITS. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
	1	+	HOUSE OF REPRESENTATIVES H.B. NO. 796 THIRTY-THIRD LEGISLATURE, 2025 H.D. 1 STATE OF HAWAII S.D. 1 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. 796
4	4		THIRTY-THIRD LEGISLATURE, 2025 H.D. 1
5	5		STATE OF HAWAII S.D. 1
6		-	C.D. 1
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10	7		HOUSE OF REPRESENTATIVES
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12	9		H.B. NO.
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14	11		796
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16	13		THIRTY-THIRD LEGISLATURE, 2025
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18	15		H.D. 1
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20	17		STATE OF HAWAII
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22	19		S.D. 1
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24		-	C.D. 1
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26	31		A BILL FOR AN ACT
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28	37		RELATING TO TAX CREDITS.
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30	43		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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32		-	SECTION 1. The purpose of this Act is to require income tax credits existing on December 31, 2025, or established or renewed after December 31, 2025, to 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 either existing under this chapter on December 31, 2025, or established or renewed under this chapter after December 31, 2025, 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; provided that this section shall not apply to section 235-15 or income tax credits codified under part III of this chapter." SECTION 3. New statutory material is underscored. SECTION 4. This Act shall take effect upon its approval.
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34		-	SECTION 1. The purpose of this Act is to require income tax credits existing on December 31, 2025, or established or renewed after December 31, 2025, to 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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	47	+	SECTION 1. The purpose of this Act is to require income tax credits established or renewed after December 31, 2025, to 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 either existing under this chapter on December 31, 2025, or established or renewed under this chapter after December 31, 2025, 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; provided that this section shall not apply to section 235-15 or income tax credits codified under part III of this chapter." SECTION 3. New statutory material is underscored. SECTION 4. This Act shall take effect on July 1, 3000, and shall apply to taxable years beginning after December 31, 2025.
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	49	+	SECTION 1. The purpose of this Act is to require income tax credits established or renewed after December 31, 2025, to 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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36	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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38	53		"§235- Tax credits; generally. Any income tax credit either existing under this chapter on December 31, 2025, or established or renewed under this chapter after December 31, 2025, shall include either:
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40	55		(1) A five-year sunset date; or
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42	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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44	59		provided that this section shall not apply to section 235-15 or income tax credits codified under part III of this chapter."
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46	61		SECTION 3. New statutory material is underscored.
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48		-	SECTION 4. This Act shall take effect ~~upon its approval~~.
	63	+	SECTION 4. This Act shall take effect on July 1, 3000, and shall apply to taxable years beginning after December 31, 2025.
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50		-	Report Title: Income Tax Credits; Sunset; Annual Reduction Description: Requires that income tax credits existing on 12/31/2025 or established or renewed after 12/31/2025 include a 5-year sunset or an annual one-third reduction, beginning with the 6th year of the credit. (CD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
	65	+	Report Title: Income Tax Credits; Sunset; Annual Reduction Description: Requires that income tax credits existing on 12/31/2025 or established or renewed after 12/31/2025 include a 5-year sunset or an annual one-third reduction, beginning with the 6th year of the credit. Effective 7/1/3000. (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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52	71		Report Title:
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54	73		Income Tax Credits; Sunset; Annual Reduction
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56	77		Description:
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58		-	Requires that income tax credits existing on 12/31/2025 or established or renewed after 12/31/2025 include a 5-year sunset or an annual one-third reduction, beginning with the 6th year of the credit. (CD1)
	79	+	Requires that income tax credits existing on 12/31/2025 or established or renewed after 12/31/2025 include a 5-year sunset or an annual one-third reduction, beginning with the 6th year of the credit. Effective 7/1/3000. (SD1)
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60	87		The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.