HOUSE OF REPRESENTATIVES

H.B. NO.

418

TWENTY-SIXTH LEGISLATURE, 2011

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to general excise tax law.

 

 

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

 


SECTION 1. Section 237-31, Hawaii Revised Statutes, is amended to read as follows:

"237-31 Remittances. (a) All remittances of taxes imposed by this chapter shall be made by money, bank draft, check, cashier's check, money order, or certificate of deposit to [the]:

(1) The office of the department of taxation to which the return was transmitted[.]; or

(2) A financial institution chartered or licensed under chapter 412.

(b) For remittances made to the department of taxation, [The] the department shall issue its receipts therefor to the taxpayer and shall pay the moneys into the state treasury as a state realization, to be kept and accounted for as provided by law[; provided that:].

(c) For remittances made to a financial institution, the financial institution shall issue its receipts therefor to the taxpayer and shall pay the moneys into the state treasury as a state realization, to be kept and accounted for as provided by law; provided that the financial institution shall transmit an annual record of general excise tax remittances received to the department of taxation.

(d) Of all remittances of taxes imposed by this chapter:

(1) The sum from all general excise tax revenues realized by the State that represents the difference between $45,000,000 and the proceeds from the sale of any general obligation bonds authorized for that fiscal year for the purposes of the state educational facilities improvement special fund shall be deposited in the state treasury in each fiscal year to the credit of the state educational facilities improvement special fund; and

(2) A sum, not to exceed $5,000,000, from all general excise tax revenues realized by the State shall be deposited in the state treasury in each fiscal year to the credit of the compound interest bond reserve fund."

SECTION 2. The department of commerce and consumer affairs, with the assistance of the department of taxation and the department of budget and finance, shall adopt rules under chapter 91, Hawaii Revised Statutes, to permit the payment of general excise taxes at financial institutions chartered or licensed under chapter 412, Hawaii Revised Statutes.

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect on July 1, 2011.

 

INTRODUCED BY:

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Report Title:

General Excise Tax; Financial Institutions

 

Description:

Allows payment of general excise taxes at financial institutions. Requires financial institutions to pay general excise tax remittances to the state treasury, and report receipts to the department of taxation. Directs department of commerce and consumer affairs to adopt rules.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.