HI HB1545

Amends Hawaii tax law to end the general excise tax exemption for aircraft and aircraft engine rentals/leases used in interstate air transportation, effective December 31, 2017.

Modifies Section 237-24.3 to add an expiration date ("Effective until December 31, 2017") to the exemption for amounts received as rent for aircraft or aircraft engines used by lessees for interstate transportation of passengers and goods.

Amends Section 238-1 to add the same expiration date to the use tax exemption for acquisition or importation of aircraft or aircraft engines by lessees engaged in interstate air transportation.

After December 31, 2017, rental income from aircraft and aircraft engines used for interstate transportation will become subject to Hawaii's general excise tax and use tax.