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HI HB561

Bill

Official Source

Status

Engrossed

3/7/2023

Primary Sponsor

Kyle Yamashita

Click for details

Origin

House of Representatives

2023 Regular Session

AI Summary

  • Requires any income tax credit established or renewed under Hawaii tax law after December 31, 2023 to include either a five-year sunset date or gradual phase-out provisions
  • Credits that do not expire after five years must include an annual one-third reduction in the allowable credit amount, beginning in the sixth year and continuing over a three-year period
  • Applies to new income tax credits and renewals of existing credits enacted after the December 31, 2023 effective date
  • Effective date of July 1, 3000 (note: appears to be a typographical error in the bill text)

Legislative Description

Relating To Tax Credits.

Sunset

Last Action

Referred to WAM.

3/10/2023

Committee Referrals

Ways and Means3/10/2023
Finance2/8/2023
Economic Development1/27/2023

Full Bill Text

No bill text available