Report Title:

Taxation; Refund Splitting; Electronic Deposits; Bank Accounts

 

Description:

Allows income tax refunds to be deposited electronically in a maximum of three checking or savings accounts for income tax returns that are filed electronically. (SD1)

 


THE SENATE

S.B. NO.

2838

TWENTY-FOURTH LEGISLATURE, 2008

S.D. 1

STATE OF HAWAII

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO TAXATION.

 

 

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

 


     SECTION 1.  The purpose of this Act is to allow an individual taxpayer who files an electronic income tax return to request that the department of taxation deposit electronically the taxpayer's income tax refund into a maximum of three checking or savings accounts.

     SECTION 2.  Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§235‑    Refund splitting.  The department of taxation shall revise returns required to be filed pursuant to this chapter to allow an individual taxpayer who files an income tax return electronically to designate up to a maximum of three checking or savings accounts at financial institutions for direct deposit of the taxpayer's income tax refund."

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act, upon its approval, shall apply to taxable years beginning after December 31, 2007.