HI SB2927

Changes general excise tax licenses from one-time payment to annual renewal requirement, with initial $20 license fee remaining unchanged.

Licenses valid for one-year periods and renewable annually, replacing the previous indefinite validity until cancellation.

Authorizes the Department of Taxation to charge a renewal fee (amount to be determined) and require renewals to be submitted electronically.

Existing tax licenses in effect when the Act becomes effective must be renewed for the first time in 2018, with renewal dates prescribed by the department.

Effective January 1, 2016.