Report Title:
Biotechnology; General Excise Tax
Description:
Provides a general excise tax exemption for qualifying costs expended by a biotechnology laboratory situated in the Kakaako community development district.
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2162 |
TWENTY-SECOND LEGISLATURE, 2004 |
||
STATE OF HAWAII |
||
|
A BILL FOR AN ACT
RELATING TO GENERAL EXCISE TAX EXEMPTION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 237, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§237- Exemption for biotechnology. There shall be exempted from the measure of taxes imposed by this chapter all of the value or gross income derived from qualifying costs expended by a biotechnology laboratory situated in the Kakaako community development district under section 206E-32.
For the purposes of this section, "biotechnology" has the same meaning as in section 235-1 and "qualifying costs" means building improvements necessary to create a biotechnology laboratory."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2004.
INTRODUCED BY: |
_____________________________ |