HI HB2870

Amends Hawaii Revised Statutes Section 235-110.7 to suspend the refunding feature of the capital goods excise tax credit from January 1, 2010 to December 31, 2015.

Excess capital goods excise tax credits over a taxpayer's net income tax liability may no longer be refunded during the suspension period, but may be carried forward and claimed in subsequent years until exhausted.

Applies to taxable years beginning after December 31, 2009 and takes effect upon approval.

Intended to reduce state expenses during the economic crisis and address the projected billion dollar state deficit.