THE THIRTIETH LEGISLATURE
REGULAR SESSION OF 2020
Senator Donovan M. Dela Cruz, Chair |
Senator Gilbert S.C. Keith-Agaran, Vice Chair |
NOTICE OF HEARING
DATE: |
Wednesday, January 29, 2020 |
TIME: |
10:10 AM |
PLACE: |
Conference Room 211 State Capitol 415 South Beretania Street |
A G E N D A
RELATING TO THE CORPORATE DIVIDENDS RECEIVED DEDUCTION. Repeals the threshold requirements of the income tax deduction for dividends received.
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RELATING TO WELL ABANDONMENT. Establishes an income tax credit for taxpayers who are required to fill and seal abandoned wells on their real property. Requires sellers of real property to disclose the existence of abandoned wells. Tax credit sunsets on an unspecified date.
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RELATING TO THE GENERAL FUND. Provides a tax credit to taxpayers and makes deposits to the emergency and budget reserve fund and other post-employment benefits trust fund pursuant to article VII, section 6, of the Hawaii Constitution. Appropriates funds.
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RELATING TO TAXATION. Amends the formula for the amount of transient accommodations tax to be collected from time shares by increasing the base on which time share occupancy is taxed from 1/2 of the gross daily maintenance fees paid by the owner and attributable to the time share unit to an amount equal to all of those fees. Effective 1/1/2021.
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RELATING TO TAXATION. Clarifies that the definition of "resident person" under the Hawaii Real Property Tax Act does not include foreign partnerships, foreign limited liability partnerships, foreign limited partnerships, or foreign limited liability companies. Applies to taxable years beginning after 12/31/2020.
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RELATING TO THE CONVEYANCE TAX. Raises the conveyance tax rates for residential investment properties with a value of at least $2,000,000. Exempts affordable housing qualified by the Hawaii Housing Finance and Development Corporation from the conveyance tax.
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RELATING TO CONVEYANCE TAX. Amends the exemption from conveyance tax for realty leases of less than 5 years by applying the exemption only to residential leases of 1 year or less.
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RELATING TO TAXATION. Amends the income brackets of the tax credit for expenses for household and dependent care services necessary for gainful employment.
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RELATING TO THE STATUTE OF LIMITATIONS FOR INCOME TAX PURPOSES. Eliminates a redundancy regarding the reopening of the statute of limitations for income tax purposes if a federal contract is renegotiated.
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RELATING TO TAXATION. Makes the state earned income tax credit refundable and permanent. Applies to taxable years beginning after 12/31/2020.
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Decision Making to follow, if time permits.
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Testimony may be submitted up to 24 hours prior to the start of the hearing.
FOR AMENDED NOTICES: Measures that have been deleted are stricken through and measures that have been added are underscored. If a measure is both underscored and stricken through, that measure has been deleted from the agenda.
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FOR FURTHER INFORMATION, PLEASE CALL THE COMMITTEE CLERK AT (808) 586-6800.
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_____________________________________ Senator Donovan M. Dela Cruz Chair |
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