HI SB2402

Suspends general excise tax exemptions for 13 categories of persons and transactions from July 1, 2010 through June 30, 2015, including federal contractors, telecommunications carriers, petroleum refiners, and enterprise zone businesses.

Requires affected persons to pay general excise tax at one-half of one percent rate on previously exempt gross income or gross proceeds instead of receiving full exemption.

Exempts the new tax from county surcharges and excludes gross income from binding written contracts entered into before July 1, 2010 that do not permit passing on increased tax rates.

Requires the director of taxation to establish information reporting requirements for all exclusions and exemptions under the general excise tax chapter, with limited exceptions for certain religious and charitable organizations.

Sunsets entirely on June 30, 2015, with an exception that the suspension of sugarcane producer exemptions continues beyond the sunset date per prior legislation.