HOUSE OF REPRESENTATIVES

H.B. NO.

1392

TWENTY-EIGHTH LEGISLATURE, 2015

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to kalo production.

 

 

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-   Other provisions as to gross income, adjusted gross income, and taxable income; kalo production. There shall be excluded from gross income, adjusted gross income, and taxable income an amount not to exceed $75,000 that is derived from kalo production."

SECTION 2. Chapter 237, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"237-   Additional amounts not taxable; kalo products. In addition to the amounts not taxable under section 237-24, this chapter shall not apply to amounts received for producing a kalo product. For the purposes of this section, "kalo product" means any and all kalo or taro, or part or parts thereof, produced and processed within the State."

SECTION 3. Chapter 238, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"238-   Application of tax; kalo products. The tax imposed by this chapter shall not apply if the importer or purchaser is importing or purchasing a kalo product for purposes of resale.

For the purposes of this section, "kalo product" means any and all kalo or taro, or part or parts thereof, produced and processed within the State."

SECTION 4. New statutory material is underscored.

SECTION 5. This Act shall take effect upon its approval.

 

INTRODUCED BY:

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Report Title:

Kalo Production; General Excise Tax; Use Tax; Income Tax Exemptions

 

Description:

Exempts amounts received for production of kalo products from general excise and use taxes. Allows for an income tax exemption up to $75,000 for income derived from kalo production.

 

 

 

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