Report Title:
Conforms the Hawaii Income Tax Law to the Internal Revenue Code.
Description:
Amends Hawaii's income tax law to conform with changes to the Internal Revenue Code. (HB1411 HD1)
HOUSE OF REPRESENTATIVES |
H.B. NO. |
1411 |
TWENTY-FOURTH LEGISLATURE, 2007 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO CONFORMITY OF THE HAWAII INCOME TAX LAW TO THE INTERNAL REVENUE CODE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-2.3, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) For all taxable years beginning
after [December 31, 2005,] December 31, 2006, as used in this
chapter, "Internal Revenue Code" means subtitle A, chapter 1, of the
federal Internal Revenue Code of 1986, as amended as of December 31, [2005,]
2006, as it applies to the determination of gross income, adjusted gross
income, ordinary income and loss, and taxable income, except those provisions
of the Internal Revenue Code and federal public laws which, pursuant to this
chapter, do not apply or are otherwise limited in application and except for
the provisions of Public Law 109-001 which apply to section 170 of the Internal
Revenue Code. The provisions of Public Law 109‑001 to accelerate the
deduction for charitable cash contributions for the relief of victims of the
2004 Indian Ocean tsunami are applicable for the calendar year that ended
December 31, 2004, and the calendar year ending December 31, 2005.
Sections 235-2, 235-2.1, and 235-2.2 shall continue to be used to determine:
(1) The basis of property, if a taxpayer first determined the basis of property in a taxable year to which such sections apply, and if such determination was made before January 1, 1978; and
(2) Gross income, adjusted gross income, ordinary income and loss, and taxable income for a taxable year to which such sections apply where such taxable year begins before January 1, 1978."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall adopt the federal effective dates, except as otherwise provided in this Act.