HI HB529

Adds a new section to Chapter 235 of Hawaii Revised Statutes prohibiting taxpayers from claiming any state tax credit if eligibility for that credit is met through receipt of federal grants or moneys.

Prevents double-dipping by recipients of federal funds from also receiving state tax credits based on the same federal assistance.

Takes effect upon approval and applies to taxable years beginning after December 31, 2010.

Does not affect rights, duties, penalties, or proceedings that matured or were begun before the bill's effective date.