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HI HB114
Bill
Status
4/24/2019
Primary Sponsor
Sylvia Luke
Click for details
AI Summary
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Repeals section 235-103, Hawaii Revised Statutes, which addresses distortion of income in taxation.
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Legislature finds that section 231-3.1, Hawaii Revised Statutes (relating to consideration paid not being indicative of fair market value), already applies to all taxes and makes section 235-103 redundant.
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Section 235-103 allowed the director of taxation to determine tax amounts when taxpayers used different business forms to divert profits between enterprises.
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Applies to taxable years beginning after December 31, 2018.
Legislative Description
Relating To Amending Or Repealing Hawaii Income Tax Laws For The Purpose Of Deleting Obsolete Or Unnecessary Provisions.
Repeal of Obsolete or Unnecessary Provisions
Last Action
Act 017, 04/23/2019 (Gov. Msg. No. 1118).
4/24/2019