HI HB2882

Imposes a 4% general excise tax on gross income from the sale of securities by businesses, effective October 1, 2010, with the provision expiring June 30, 2015.

Exempts casual sales of securities from the tax, whether made by licensed or unlicensed persons.

Repeals the existing general excise tax exemption for stock and commodity future exchanges, making this repeal permanent while the securities tax sunsets in 2015.

Defines "casual sale" to include occasional or isolated transactions involving securities by unlicensed persons or securities not ordinarily sold in the business of the seller.

Allows sellers to deduct commissions paid to sales representatives that are taxable under existing law when calculating the tax base.