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:

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