HI HB857

Repeals Chapter 235, part IV and Chapter 235, part VII of Hawaii Revised Statutes, eliminating the state's corporate income tax.

Estimated annual fiscal impact of $163,700,000 in lost general fund tax revenue based on FY 2019 data, representing 2.0 percent of total state tax collections.

Applies to taxable years beginning after December 31, 2023.

Rationale states that corporate tax relief will reduce burden on business growth, lower consumer costs, and stimulate job creation and manufacturing expansion.