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HI SB3012

Bill

Official Source

Status

Introduced

1/27/2016

Primary Sponsor

Glenn Wakai

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Origin

Senate

2016 Regular Session

AI Summary

  • Reduces corporate income tax rates by 25 percent: from 4.4% to 3.3% on income up to $25,000, from 5.4% to 4.05% on income $25,001 to $100,000, and from 6.4% to 4.8% on income over $100,000
  • Applies the same reduced tax rates to regulated investment companies and real estate investment trusts
  • Reduces the optional tax rate for multistate corporations with limited Hawaii activities from 0.5% to 0.375% of annual gross sales
  • Allocates $5,000,000 annually of corporate income tax revenues to the HI growth initiative from January 1, 2017 through January 1, 2022
  • Deposits all remaining corporate income tax revenues into the state general fund
  • Effective July 1, 2016

Legislative Description

Corporate Income Tax; HI Growth Initiative

Last Action

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.

2/16/2016

Committee Referrals

Ways and Means2/16/2016
Energy, Economic Development, and Tourism1/29/2016

Full Bill Text

No bill text available