Report Title:

Sunset; Repeal Tax Credits

 

Description:

Sunsets and repeals all tax credits for taxable years beginning after December 31, 2010.

 


THE SENATE

S.B. NO.

199

TWENTY-FIFTH LEGISLATURE, 2009

 

STATE OF HAWAII

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to taxation.

 

 

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‑   Repeal dates. (a) The following sections of this chapter are repealed effective for taxable years beginning after December 31, 2010:

(1) Section 235-12.5 (Renewable Energy Technologies; Income Tax Credit);

(2) Section 235-15 (Tax Credits to Promote the Purchase of Child Passenger Restraint Systems);

(3) Section 235-17 (Motion Picture, Digital Media, and Film Production Income Tax Credit);

(4) Section 235-55 (Tax Credits for Resident Taxpayers);

(5) Section 235-55.6 (Expenses for Household and Dependent Care Services Necessary for Gainful Employment);

(6) Section 235-55.7 (Income Tax Credit for Low-Income Household Renters);

(7) Section 235-55.85 (Refundable Food/Excise Tax Credit);

(8) Section 235-55.91 (Credit for Employment of Vocational Rehabilitation Referrals);

(9) Section 235-71 (Tax on Corporations; Rates; Credit of Shareholder of Regulated Investment Company);

(10) Section 235-110.2 (Credit for School Repair and Maintenance);

(11) Section 235-110.3 (Ethanol Facility Tax Credit);

(12) Section 235-110.46 (Attractions and Educational Facilities Tax Credit; Ko Olina Resort and Marina; Makaha Resort);

(13) Section 235-110.51 (Technology Infrastructure Renovation Tax Credit);

(14) Section 235-110.6 (Fuel Tax Credit for Commercial Fishers);

(15) Section 235-110.7 (Capital Goods Excise Tax Credit);

(16) Section 235-110.8 (Low-Income Housing Tax Credit);

(17) Section 235-110.9 (High Technology Business Investment Tax Credit);

(18) Section 235-110.91 (Tax Credit for Research Activities); and

(19) Section 235-110.93 (Important Agricultural Land Qualified Agricultural Cost Tax Credit).

(b) If the repeal date established in this section is in conflict with the repeal date of a specific tax credit, then the repeal date specified in the tax credit shall apply.

(c) The ability to claim a tax credit that has not been exhausted in subsequent taxable years shall not be affected by the repeal date contained in this section. The exhaustion of tax credits in subsequent taxable years shall be governed by the specific provisions of each tax credit.

(d) Effective July 1, 2009, the enactment of legislation establishing any tax credit shall require a two‑thirds vote of the members to which each house of the legislature is entitled."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2009.

 

INTRODUCED BY:

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