HI SB754

Suspends general excise and use tax exemptions for 23 categories of previously exempt gross income and proceeds from July 1, 2011 through June 30, 2013.

Imposes a 4% tax rate on previously exempt amounts including contractor deductions, telecommunications services, agricultural commodities, maritime services, aircraft rentals, and nonprofit convention/conference revenues.

Exempts binding written contracts entered into before July 1, 2011 that do not permit passing on increased tax rates, and excludes income that cannot be taxed under the U.S. Constitution or federal law.

Prohibits county surcharges on the newly taxed amounts and requires information reporting on all exclusions or exemptions from general excise and use taxes beginning July 1, 2011.

Allows the Department of Taxation to postpone tax payment until the deadline for filing annual returns without regard to extension, and repeals the entire measure on June 30, 2013.