HI HB2692

Establishes a general excise tax exemption for businesses operating within a half mile of a county mass transit project construction area for the duration of construction.

Exemption applies only to gross income principally earned within the construction area boundaries and requires demonstrating an aggregate percentage or greater decrease in annual gross income due to construction activity affecting vehicle accessibility.

Businesses must submit annual applications to the Department of Taxation for certification of exemption eligibility based on criteria in the bill.

Department of Taxation must prepare necessary exemption claim forms and adopt administrative rules under Chapter 91 to implement the exemption.

Effective date: July 1, 2016.