HI HB848

Exempts amounts received by a related or indirectly related management entity from the general excise tax when managing the business of affiliates, including salaries, wages, related taxes, vacation pay, sick pay, and pensions and insurance paid to or on behalf of employees.

Applies attribution rules under Section 267 of the Internal Revenue Code to determine related or indirectly related status for management entities.

Renumbers the existing grants exemption from paragraph (10) to paragraph (11) in Hawaii Revised Statutes Section 237-24.7.

Effective July 1, 2050, with a provision preserving the amendment when Section 237-24.7 is reenacted on December 31, 2014 by Act 91 of Session Laws of Hawaii 2010.