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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

2016 Regular Session

AI Summary

  • Repeals Chapter 235, Part IV and Part VII of Hawaii Revised Statutes to eliminate the state corporate income tax.
  • Estimated annual fiscal impact of $80,000,000 in lost general fund tax revenue according to the September 2013 Council on Revenues Report.
  • Proponents argue the tax reduction will lower costs for consumers and businesses, offsetting revenue loss through job creation, increased manufacturing, and higher consumer spending.
  • Takes effect July 1, 2015.

Legislative Description

Corporate income tax

Last Action

Carried over to 2016 Regular Session.

12/17/2015

Committee Referrals

Economic Development & Business1/26/2015

Full Bill Text

No bill text available