Report Title:

Tax Credit; Individual Development Account Contribution

Description:

Increases the individual development account (IDA) contribution tax credit from 50% of the amount contributed to an IDA to 75% of the amount contributed. (HB626 HD1)

HOUSE OF REPRESENTATIVES

H.B. NO.

626

TWENTY-SECOND LEGISLATURE, 2003

H.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO INDIVIDUAL DEVELOPMENT ACCOUNT CONTRIBUTION TAX CREDIT.

 

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

SECTION 1. Section 235-5.6, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:

"(b) The individual development account contribution tax credit shall be equal to [fifty] seventy-five per cent of the amount contributed by the taxpayer to a fiduciary organization as defined by and in the manner prescribed in chapter 257. If a deduction is taken under section 170 (with respect to charitable contributions and gifts) of the Internal Revenue Code, no tax credit shall be allowed for that portion of the contribution for which the deduction was taken."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2010.