Report Title:
Tax Credit; Clean Fuel Vehicles
Description:
Provides a tax credit for the purchase of clean fuel vehicles.
THE SENATE |
S.B. NO. |
431 |
TWENTY-SECOND LEGISLATURE, 2003 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO CLEAN FUEL VEHICLES.
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- Clean fuel vehicle tax credit. (a) Any taxpayer that files an individual income tax return for a taxable year may claim a clean fuel vehicle income tax credit under this section against the taxpayer's Hawaii state individual net income tax.
(b) The tax credit shall be $_______; provided that the taxpayer, in the year that the tax credit is claimed, purchases a "motor vehicle" that qualifies for a federal tax deduction as a "clean fuel vehicle property" as those terms are defined under section 179A of the Internal Revenue Code.
(c) 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 may be used in subsequent years until exhausted.
(d) 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 may adopt rules pursuant to chapter 91.
(e) 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.
(f) 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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