HI HB2000

Amends Hawaii's income tax law to remove strikethrough language regarding section 172 (net operating loss deductions) and section 179 (expensing of depreciable business assets), effectively repealing those provisions from the Internal Revenue Code that were previously incorporated into Hawaii tax law.

Replaces the deleted provisions with language making section 198A (expensing of qualified disaster assistance expenses) non-operative for Hawaii income tax purposes.

Renumbers subsequent subsections of section 235-2.4 to account for the removal of sections 172 and 179, maintaining proper statutory structure.

Applies retroactively to taxable years beginning after December 31, 2050, making the changes effective for future tax years far in advance.