HI HB1926

Restores the foreign-trade zone exemption from general excise tax, use tax, fuel tax, liquor tax, and cigarette and tobacco taxes under Hawaii Revised Statutes Section 212-8.

Exempts tangible and intangible personal property, services, and contracting imported into a foreign-trade zone, as well as gross income from sales and services within a foreign-trade zone.

Allows taxpayers to claim refunds for taxes paid after September 29, 2021, that were inconsistent with the restored exemption, including taxes from amended returns for prior years.

Applies retroactively to all taxable years where the statute of limitations on assessment remains open.

Codifies the foreign-trade zone exemption that was established by Attorney General Opinion No. 64-52 and was reversed without adequate notice in 2021.