Report Title:

Food Waste Recycling Tax Credit; Established

 

Description:

Establishes an unspecified tax credit for food waste recycling.

 

THE SENATE

S.B. NO.

651

TWENTY-FIRST LEGISLATURE, 2001

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO TAXATION.

 

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

SECTION 1. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§235- Food waste recycling tax credit. (a) There shall be allowed to each taxpayer, subject to the taxes imposed by this chapter, a food waste recycling tax credit that shall be deductible from the taxpayer's net income tax liability, if any, imposed by this chapter for the taxable year in which the credit is properly claimed. The tax credit shall be an amount equal to

$ per ton of the food waste recycled by the taxpayer in each qualified food establishment, up to a maximum allowed credit of $ for the taxable year for the food waste recycled by the taxpayer in a qualified food establishment.

(b) The credit allowed under this section shall be claimed against the net income tax liability for the taxable year. For the purpose of this section, "net income tax liability" means net income tax liability reduced by all other credits allowed under this chapter.

(c) If the tax credit under this section exceeds the taxpayer's income tax liability, the excess of the tax credit over liability shall be refunded to the taxpayer; provided that no refunds or payments on account of the tax credit allowed by this section shall be made for amounts less than $1. All claims for tax credits under this section shall be filed on or before the end of the twelfth month following the close of the taxable year for which the credit may be claimed. Failure to comply with the foregoing provision shall constitute a waiver of the right to claim the credit.

(d) As used in this section, "qualified food establishment" means a business, catering establishment, food court, food manufacturer or processor, hospital, hotel, market, school, or restaurant."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval and shall apply to taxable years beginning after December 31, 2001.

INTRODUCED BY:

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