HI HB2627

Adds Internal Revenue Code Subchapter Z (sections 1400Z-1 to 1400Z-2) concerning opportunity zones to the list of provisions that are not operative for Hawaii state income tax purposes.

Removes previous language from section 235-2.45 that limited opportunity zone provisions to only those designated by the state's chief executive officer.

Renumbers subsections (k) through (q) in section 235-2.45 to (k) through (p) to account for the deletion of the previous opportunity zone provision.

Takes effect on July 1, 2112 and applies to taxable years beginning after December 31, 2022.