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HI HB1167
Bill
Status
Enrolled
4/14/2015
Primary Sponsor
Scott Nishimoto
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AI Summary
- Sets maximum capital infrastructure tax credit at $2,500,000 per qualified infrastructure tenant per taxable year, with excess credits carried forward to subsequent years
- Requires qualified infrastructure tenants to expend $40,000,000 within a taxable year before becoming eligible to claim tax credits
- Limits tax credit eligibility to maritime and waterfront-dependent businesses currently at the former Kapalama military reservation site that are relocating to piers 24-28 in Honolulu harbor pursuant to the State's Kapalama container terminal project
- Recaptures 100% of tax credits claimed in the preceding five years if the tenant fails to continue its line of business, disposes of its interest, or fails to relocate within an unspecified timeframe after executing a lease with the Department of Transportation
- Terminates the tax credit program after December 31, 2019, and requires taxpayers claiming credits to submit claim information to the legislature
Legislative Description
Tax Credits; Capital Infrastructure; Honolulu Harbor
Last Action
Received notice of discharge of conferees (Hse. Com. No. 610).
4/15/2016
Committee Referrals
Energy, Economic Development, and Tourism1/21/2016
Ways and Means3/27/2015
Economic Development and Technology3/20/2015
Ways and Means3/12/2015
Finance2/2/2015
Full Bill Text
No bill text available