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HI HB857
Bill
Status
Introduced
1/25/2023
Primary Sponsor
Elijah Pierick
Click for details
AI Summary
- Repeals Chapter 235, Part IV and Part VII of Hawaii Revised Statutes, eliminating corporate income tax in Hawaii.
- Effective for taxable years beginning after December 31, 2023.
- Estimates annual fiscal impact of $163,700,000 in lost general fund revenue (2.0% of total state tax collections based on FY 2019 data).
- Aims to encourage business investment and growth by removing corporate tax burden and reducing costs passed to consumers.
Legislative Description
Relating To Corporate Income Tax.
Last Action
Carried over to 2024 Regular Session.
12/11/2023
Committee Referrals
Economic Development1/30/2023
Full Bill Text
No bill text available