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HI HB470

Bill

Official Source

Status

Introduced

1/26/2015

Primary Sponsor

Gene Ward

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Repeals Chapter 235, Part IV and Chapter 235, Part VII of Hawaii Revised Statutes, eliminating the corporate income tax in Hawaii
  • Estimated fiscal impact is $80,000,000 annually in lost general fund tax revenue according to a September 2013 council on revenues report
  • Rationale includes reducing business tax burden on local companies that pay taxes on purchases, sales, payroll, and real estate, with anticipated benefits passed to consumers through lower costs
  • Projected to be offset by job creation, increased manufacturing, and higher consumer spending
  • Effective date is July 1, 2015

Legislative Description

Corporate income tax

Last Action

Referred to EDB, FIN, referral sheet 1

1/26/2015

Committee Referrals

Economic Development & Business1/26/2015

Full Bill Text

No bill text available