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HI SB3075

Bill

Official Source

Status

Passed

6/17/2022

Primary Sponsor

Ronald Kouchi

Click for details

Origin

Senate

2022 Regular Session

AI Summary

  • Allocates the first $2,000,000 of annual franchise tax revenues to the Compliance Resolution Fund established under section 26-9(o) before tax credits are realized.

  • Directs any franchise tax revenues exceeding $2,000,000 in a fiscal year to be deposited into the state general fund.

  • Amends section 26-9, Hawaii Revised Statutes to reference section 241-7 in the compliance resolution fund provisions.

  • Applies to taxable years beginning after December 31, 2021.

Legislative Description

Relating To Franchise Tax.

Division of Financial Institutions

Last Action

Act 072, on 06/17/2022 (Gov. Msg. No. 1172).

6/17/2022

Committee Referrals

Finance3/22/2022
Consumer Protection & Commerce3/10/2022
Ways and Means2/9/2022
Commerce and Consumer Protection1/26/2022

Full Bill Text

No bill text available