HI HB147

Amends Section 235-110.9 to eliminate subsections (j) and (k) that referenced Section 235-109.5, removing obsolete provisions related to tax credit claim limitations for investments made after May 1, 2009.

Repeals Section 235-109.5 entirely, which had limited tax credits to 80 percent of taxpayer's tax liability for taxable years beginning January 1, 2009 through December 31, 2010, and prohibited credit carryovers for those years.

Repeals Section 235-110.46, the attractions and educational facilities tax credit provision for Ko Olina Resort and Marina and Makaha Resort developments with a $75 million aggregate cap.

Removes references to Section 235-109.5 from Sections 241-4.8 and 431:7-209 related to high technology business investment tax credits.

Amends Section 235-2.45(d) to remove the repealed attractions and educational facilities tax credit from the list of allocations exempt from Internal Revenue Code Section 704(b)(2) partnership rules.

Preserves all tax credits legally claimed and carried forward prior to enactment under prior law.