THE SENATE

S.B. NO.

2001

TWENTY-FIFTH LEGISLATURE, 2010

 

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- Wagering winnings; waiver. (a) Upon payment of a $10 fee, a taxpayer may acquire from the department of taxation, a written waiver that exempts the taxpayer from reporting all wagering or gambling winnings that would have been otherwise reportable under this chapter and that were accrued during the period of the waiver; provided that the:

(1) Waiver is valid for a specific consecutive five-day period during the taxable year for which the waiver applies;

(2) Multiple periods may be acquired;

(3) $10 fee applies to each period acquired;

(4) Waiver shall be acquired by the taxpayer at least three days before the commencement of the period during which the waiver is in effect; and

(5) Waiver shall apply to all taxpayers, whether or not the taxpayer itemizes tax deductions.

(b) Waivers are not transferrable and may not be combined with any waiver acquired by other taxpayers.

(c) The department of taxation shall adopt rules pursuant to chapter 91 to effectuate this section; provided that:

(1) The waivers shall be acquired and paid on the department's website or other web-based system established by the department by credit card using appropriate web-based security technology;

(2) The rules shall be in effect no later than January 1, 2011."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect on January 1, 2011, and shall apply to taxable years beginning after December 31, 2010.

 

INTRODUCED BY:

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Report Title:

Wagering Winnings; Exemption; Waiver Program

 

Description:

Establishes a waiver program to exempt a taxpayer's wagering winnings acquired during a consecutive five-day period.

 

 

 

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