Report Title:

Tax Credit; Firearm

Description:

Provides a tax credit for any firearm returned to law enforcement authorities.

HOUSE OF REPRESENTATIVES

H.B. NO.

918

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO FIREARM.

 

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-   Firearm tax credit. (a) Any taxpayer who files an individual tax return for a taxable year may claim a firearm tax credit under this section against the Hawaii state individual net income tax.

(b) The tax credit claimed shall be equal to $ per firearm returned to law enforcement authorities pursuant to rules adopted under this section, in the year the taxpayer returned the firearm.

(c) For the purposes of this section, "firearm" has the same meaning as defined in section 134-1.

(d) If the tax credit claimed by the taxpayer under this section exceeds the amount of the income tax payments due from the taxpayer, the excess of credit over payments due shall be refunded to the taxpayer; provided that the tax credit properly claimed by a taxpayer who has no income tax liability shall be paid to the taxpayer; and provided further that no refunds or payments on account of the tax credit allowed by this section shall be made for amounts less than $1.

(e) The director of taxation shall prepare such forms as may be necessary to claim a credit under this section, may require proof of the claim for the tax credit, and shall adopt rules necessary to effectuate this section pursuant to chapter 91.

(f) All of the provisions relating to assessments and refunds under this chapter and under section 231-23(c)(1) shall apply to the tax credit under this section.

(g) Claims for the tax credit under this section, including any amended claims, shall be filed on or before the end of the twelfth month following the taxable year for which the credit may be claimed."

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, 2002.

INTRODUCED BY:

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