Category Archives: Net Income (HRS 235)

SB 951

SUBJECT: DBEDT; Tax Credit for Research Activities; Requirements; Survey; Certification; Caps

BILL NUMBER:  SB 951

INTRODUCED BY: KEOHOKALOLE, CHANG, Keith-Agaran

EXECUTIVE SUMMARY: Adds a cap for the amount of tax credits for research activities that an eligible taxpayer and the taxpayer’s related entities may receive per taxable year. Consolidates the survey and certification requirements for tax credits for research activities. Amends the annual aggregate cap on tax credits for research activities that the Department of Business, Economic Development, and Tourism may certify. Requires certification of the tax credits for research activities on a first-come, first-served basis to be based on the date that a complete application is received, subject to certain conditions. Continue reading SB 951

HB 1364

SUBJECT: INCOME TAX, Rename, Make Nonrefundable, and Allow Automatic Issuance of Food/Excise Tax Credit

BILL NUMBER:  HB 1364

INTRODUCED BY: YAMASHITA

EXECUTIVE SUMMARY: Renames the refundable food/excise tax credit and makes the credit nonrefundable. Authorizes the Department of Taxation to issue the tax credit to taxpayers annually rather than requiring taxpayers to file for the credit. Continue reading HB 1364

HB 1193

SUBJECT: INCOME, Additional Requirements for Tax Credit for Research Activities

BILL NUMBER:  HB 1193

INTRODUCED BY: HOLT, GATES, HASHIMOTO, KILA, KITAGAWA, LAMOSAO, LOWEN, MATAYOSHI, MIZUNO, TODD

EXECUTIVE SUMMARY: Extends the repeal date of the tax credits for research activities for an additional 5 years. Adds a cap amount on the tax credit for research activities. Consolidates the survey and certification requirements for the tax credit for research activities. Changes to an unspecified amount the annual aggregate cap amount on the tax credit for research activities. Requires certification of the tax credit for research activities on a first-come, first-served basis to be based on the date that a complete application is received, subject to certain conditions. Requires a qualified high technology business and at least 75% of its employees to be physically located in the State. Continue reading HB 1193

HB 990, SB 1288

SUBJECT: INCOME TAX, Tax Credit for Research Activities

BILL NUMBER:  HB 990, SB 1288 [BED-05]

INTRODUCED BY: HB by SAIKI; SB by KOUCHI (Governor’s Package)

EXECUTIVE SUMMARY: Consolidates the survey and certification requirements for the research activities tax credit. Requires the certification based on the date a complete application is received subject to certain conditions. Adds a cap for an eligible taxpayer and the taxpayer’s related entities. Continue reading HB 990, SB 1288

HB 954

SUBJECT: INCOME, Amend State Earned Income Tax Credit

BILL NUMBER:  HB 954

INTRODUCED BY: SAIKI, AIU, AMATO, BELATTI, CHUN, COCHRAN, GANADEN, GARRETT, GATES, HASHEM, HASHIMOTO, HOLT, HUSSEY-BURDICK, ICHIYAMA, ILAGAN, KAHALOA, KAPELA, KILA, KITAGAWA, KOBAYASHI, LAMOSAO, LOWEN, MARTEN, MARTINEZ, MATAYOSHI, MIZUNO, MORIKAWA, NAKAMURA, NISHIMOTO, ONISHI, PERRUSO, POEPOE, QUINLAN, SAYAMA, TAKAYAMA, TAKENOUCHI, TAM, TARNAS, TODD, WOODSON, YAMASHITA

EXECUTIVE SUMMARY:   Changes the amount of the state earned income tax credit (EITC) to an unspecified percentage of the federal EITC allowed based on an individual’s federal income tax return. Continue reading HB 954

HB 607

SUBJECT: INCOME, Credit for Producers of Agricultural Goods for Interisland Shipping

BILL NUMBER:  HB 607

INTRODUCED BY: GATES, BELATTI, COCHRAN, HUSSEY-BURDICK, KAHALOA, KILA, LAMOSAO, MARTEN, NAKASHIMA, ONISHI, PERRUSO, TAM, TARNAS, TODD

EXECUTIVE SUMMARY:   Creates an income tax credit for taxpayers who are farmers, or are producers of agricultural commodities, cooperatives, broad line distributors, or food hubs who ship products and agricultural goods between counties Continue reading HB 607

HB 399

SUBJECT: INCOME, Qualified Internship Tax Credit

BILL NUMBER:  HB 399

INTRODUCED BY: HOLT, GATES, HASHIMOTO, KILA, LAMOSAO, MARTEN, MARTINEZ, TAKENOUCHI, TODD, WOODSON, Cochran

EXECUTIVE SUMMARY:   Allows employers to obtain a tax credit for offering positions to qualified interns in work-based learning programs that have been approved by the department of education or University of Hawaiʻi. Continue reading HB 399

HB 947, SB 1266

SUBJECT: INCOME, Food Manufacturer Tax Credit

BILL NUMBER:  HB 947, SB 1266

INTRODUCED BY: HB by GATES, HASHIMOTO, HUSSEY-BURDICK, KILA, LAMOSAO, LOWEN, MARTEN, MATAYOSHI, MIZUNO, NAKASHIMA, PERRUSO, TODD; SB by INOUYE, AQUINO, KEOHOKALOLE

EXECUTIVE SUMMARY:   Establishes a food manufacturer tax credit. Defines “qualified taxpayers” as manufacturers that produce valued-added products using local crops. Applies to taxable years beginning after 12/31/2023. Continue reading HB 947, SB 1266

SB 777

SUBJECT: INCOME, Temporary Credit for Cesspool Upgrade, Conversion, or Connection

BILL NUMBER:  SB 777

INTRODUCED BY: DECOITE, CHANG, KANUHA, KEITH-AGARAN, KEOHOKALOLE, MCKELVEY, RICHARDS, Kidani, Kim, Moriwaki

EXECUTIVE SUMMARY:   For taxable years beginning after 12/31/2023, provides a temporary income tax credit for the cost of upgrading or converting a qualified cesspool to a wastewater system approved by the Director of Health, or connecting to a sewerage system. Sunsets 12/31/2028. Continue reading SB 777