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HI HB962

Bill

Official Source

Status

Introduced

1/26/2011

Primary Sponsor

Barbara Marumoto

Click for details

Origin

House of Representatives

2012 Regular Session

AI Summary

  • Conforms Hawaii state income tax law with Internal Revenue Code section 179 regarding expensing of depreciable business assets
  • Deletes existing exceptions to the applicability of section 179 in state income tax law
  • Sets effective date of July 1, 2112 to encourage further legislative discussion
  • Committee on Economic Revitalization & Business noted Department of Taxation concerns regarding revenue impact and requested Finance Committee review
  • Original bill purpose to exempt new businesses from income tax was replaced with proposed draft provisions during committee process

Legislative Description

Income Tax; Internal Revenue Code; Depreciation

Last Action

Carried over to 2012 Regular Session.

12/1/2011

Committee Referrals

Finance2/16/2011
Economic Revitalization & Business1/26/2011

Full Bill Text

No bill text available