HI HB1605

Repeals Section 237-29.5, Hawaii Revised Statutes, which exempted transactions related to tangible personal property in foreign or interstate commerce.

Eliminates provisions in Section 237-3 specifying that "gross proceeds of sale" includes only tangible personal property proceeds and excludes securitized financial instruments or transactions.

Removes language from Section 237-13(1)(C) that detailed valuation methods for manufactured products shipped or transported out of the State into interstate or foreign commerce.

Deletes Section 237-13(2)(A) language excluding bonds, evidence of indebtedness, and stocks from the definition of tangible personal property subject to sales tax.

Removes Section 237-13(3)(B) provisions allowing construction contractors to deduct amounts paid to subcontractors, specialty contractors, and federal installation contractors from gross income.

Takes effect July 1, 2018.