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HI HB962
Bill
Status
1/26/2011
Primary Sponsor
Barbara Marumoto
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AI Summary
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Amends Section 235-2.4, Hawaii Revised Statutes, to conform state income tax law with Section 179 of the Internal Revenue Code regarding expensing of certain depreciable business assets.
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Removes seven specific carve-outs that previously exempted Hawaii from federal IRC Section 179 provisions, including limits on deduction amounts, qualifying investment thresholds, computer software definitions, inflation adjustments, irrevocable election rules, and disaster assistance property rules.
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Allows Section 179 of the Internal Revenue Code to be fully operative for Hawaii tax purposes without the previous exceptions.
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Effective July 1, 2112.
Legislative Description
Income Tax; Internal Revenue Code; Depreciation
Last Action
(H) Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting no (0) and Chong, Souki, Wooley excused (3).
2/16/2011