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HI HB803
Bill
Status
3/8/2011
Primary Sponsor
Calvin Say
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AI Summary
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Repeals the requirement that $2,000,000 of annual tax revenues from banks and other financial corporations be deposited into the compliance resolution fund.
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Redirects all tax revenues collected under Chapter 241 to be deposited into the general fund instead.
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Effective July 1, 2011, with a sunset provision on December 31, 2015, after which the previous statutory language is reinstated.
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Amends Hawaii Revised Statutes Section 241-7 regarding the disposition of funds from taxation of financial corporations.
Legislative Description
Banks and Other Financial Corporations; Tax Rate Increases
Last Action
(S) The committee(s) on CPN recommend(s) that the measure be HELD. The votes in CPN were as follows: 5 Aye(s): Senator(s) Baker, Galuteria, Green, Nishihara, Slom; Aye(s) with reservations: none ; 0 No(es): none; and 2 Excused: Senator(s) Taniguchi, Solomon.
3/15/2011