Report Title:

Hotel Construction and Renovation Tax Credit; Hawaii Products

Description:

Requires that persons claiming a hotel construction and renovation tax credit to dedicate ten per cent of the hotel's retail space to the promotion and sale of Hawaii products.

THE SENATE

S.B. NO.

1252

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO TAX CREDITS.

 

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

SECTION 1. Section 235-110.4, Hawaii Revised Statutes, is amended as follows

1. By amending subsection (f) to read:

"(f) To qualify for the income tax credit, the taxpayer shall [be]:

(1) Dedicate ten per cent of the retail space within the qualified hotel facility, if any, to the promotion and sale of Hawaii products; and

(2) Be in compliance with all applicable federal, state, and county statutes, rules, and regulations."

2. By adding a new definition to subsection (g) to be appropriately inserted and to read:

""Hawaii products" means products that are mined, excavated, produced, manufactured, raised, or grown in the State where the input constitutes no less than twenty-five per cent of the manufactured cost."

SECTION 2. Statutory material to be repealed is bracketed and stricken. 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, 2003.

INTRODUCED BY:

_____________________________