HOUSE OF REPRESENTATIVES

H.B. NO.

797

TWENTY-SIXTH LEGISLATURE, 2011

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to taxation.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


SECTION 1.  The purpose of this Act is to address the current fiscal crisis and minimize revenue losses to the State.  Specifically, this Act extends the deadline by which amounts can be claimed against the high technology business investment tax credit and the technology infrastructure renovation tax credit.

The legislature finds that the budgetary situation for the fiscal biennium 2011-2013 necessitates the revenue savings from this Act.  The legislature further finds that the revenues saved will be used to fund programs essential for public health, safety, or education.

     SECTION 2.  Section 235-109.5, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

     "(a)  Notwithstanding any law to the contrary providing for a tax credit that may be claimed against a taxpayer's tax liability under section 235-110.51, 235-110.9, 241-4.8, or 431:7-209 for taxable years beginning on or after January 1, 2009, and ending before January 1, [2011,] 2013, no claim for these tax credits shall exceed eighty per cent of the taxpayer's tax liability for the taxable year in which the credit is claimed, and any tax credits claimed shall not result in any credit carryovers."

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act, upon its approval, shall apply to taxable years beginning after December 31, 2010.

 

INTRODUCED BY:

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Report Title:

Income Tax Credits; Limitation

 

Description:

Extends the deadline to claim amounts against the high technology business investment tax credit and the technology infrastructure renovation tax credit.

 

 

 

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