HI HB561

Requires any income tax credit established or renewed after December 31, 2023 to include either a five-year sunset date or an annual one-third reduction in the allowable credit amount over a three-year period beginning in the sixth year.

Adds a new section to Chapter 235, Part I of the Hawaii Revised Statutes to codify sunset and reduction requirements for new and renewed income tax credits.

Effective date is July 1, 3000 (note: appears to contain a typographical error in the legislation).