HI HB23

Repeals section 235-110.46 of Hawaii Revised Statutes, eliminating the attractions and educational facilities tax credit for Ko Olina Resort and Marina and Makaha Resort.

Removes the exemption for attractions and educational facilities tax credit allocations from section 704(b)(2) of the Internal Revenue Code by redesignating subsection (d)(3) as (d)(2) in section 235-2.45.

The repealed tax credit had provided up to $75,000,000 in aggregate credits for qualified costs incurred between June 1, 2003, and May 31, 2009, with a maximum of $7,500,000 usable per taxable year.

The repealed provision had applied to taxpayers subject to income tax or excise taxes under chapters 237, 237D, 238, 239, 241, and 431.

This act takes effect upon approval.