HI HB1913

Exempts qualified small businesses with annual gross income of $50,000 or less from Hawaii's general excise tax.

Requires exempt businesses to not pass the general excise tax burden to customers for the taxable year the exemption is claimed.

Defines "qualified small business" as a for-profit, independently owned and operated entity with fewer than 100 full-time employees that has obtained a certificate of tax clearance from the Department of Taxation.

Projected to result in $60,000,000 loss in tax revenues, but legislature believes this would be offset by increased economic activity from the exemption.

Takes effect July 1, 2050 and repeals January 1, 2019.