Category Archives: Net Income (HRS 235)

HB 80, HD1 (ver. 2)

SUBJECT:  INCOME, Low-Income Housing Credit, Allocations

BILL NUMBER:  HB 80, HD1

INTRODUCED BY:  House Committee on Housing

EXECUTIVE SUMMARY:  Clarifies when and how members or partners of a taxpayer may claim the low-income housing tax credit. Requires a Form 8609 for purposes of claiming the tax credit. Specifies the application of tax provisions with respect to buildings or projects placed in service after 12/31/2020. Extends the sunset date of Act 129, Session Laws of Hawaii 2016, to 12/31/2027. Effective 7/1/2050.

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SB 1203, HD1

SUBJECT:  ADMINISTRATION, INCOME, GENERAL EXCISE, USE, LIQUOR, TOBACCO, FUEL, RENTAL MOTOR VEHICLE, Technical Cleanup

BILL NUMBER:  SB 1203, HD1

INTRODUCED BY:  House Committee on Economic Development

EXECUTIVE SUMMARY:  Amends title 14, Hawaii Revised Statutes, to make nonsubstantive changes for clarity and to delete obsolete provisions.

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SB 659, HD2

SUBJECT: INCOME, Low-Income Housing Credit, Allocations

BILL NUMBER:  SB 659, HD2

INTRODUCED BY:  House Committee on Consumer Protection & Commerce

EXECUTIVE SUMMARY:  Allows the low-income housing tax credit to be allocated among the partners or members of the partnership or limited liability company earning the credit in any manner agreed to by the partners or members. Extends the increases made to the low-income housing tax credit from 12/31/2021 to an unspecified date.

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HB 1174, SD1

SUBJECT:  INCOME, Motion Picture Credit Modification and Extension, Reduces Cap Amounts of Renewable Energy Credit

BILL NUMBER:  HB 1174, SD1

INTRODUCED BY:  Senate Committee on Energy, Economic Development, and Tourism

EXECUTIVE SUMMARY:  Amends the motion picture, digital media, and film production income tax credit by:  (1) Reducing the cap amount and aggregate cap amount of the credit; (2) Requiring the department of business, economic development, and tourism to publish on its website the names of the qualified productions and the amount of the tax credits claimed per qualified production per filing year; and (3) Allowing the tax credit for qualified productions to be carried over and applied to the taxpayer’s future state tax liability.  Extends the repeal date of the tax credit from 1/1/2026 to 1/1/2033.  Effective 7/1/2050.  Increases the cap amounts of the renewable energy technologies income tax credit for community-based renewable energy projects on commercial property.

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HB 286, SD1

SUBJECT:  INCOME, Collect information from real estate investment trusts.

BILL NUMBER:  HB 286, SD1

INTRODUCED BY:  Senate Committee on Commerce and Consumer Protection

EXECUTIVE SUMMARY: Requires real estate investment trusts to notify the department of taxation of its presence within the State and to report the assets and revenues generated annually. Imposes a daily monetary fine for noncompliance.

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SB 659, HD1

SUBJECT: INCOME, Low-Income Housing Credit, Allocations

BILL NUMBER:  SB 659, HD1

INTRODUCED BY:  House Committee on Housing

EXECUTIVE SUMMARY:  Allows the low-income housing tax credit to be allocated among the partners or members of the partnership or limited liability company earning the credit in any manner agreed to by the partners or members. Extends the increases made to the low-income housing tax credit from 12/31/2021 to 12/31/2027.

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SB 302, SD2

SUBJECT:  INCOME, Increase low-income household renters credit and index it

BILL NUMBER:  SB 302, SD2

INTRODUCED BY:  Senate Committee on Ways and Means

EXECUTIVE SUMMARY:  Increases the amount of the tax credit for individuals and households and the adjusted gross income eligibility cap for the income tax credit for low-income household renters using tax brackets for individuals and different categories of households and providing for increases every three years based on the consumer price index.

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HB 1174, SD1 Proposed

SUBJECT:  INCOME, GENERAL EXCISE, Motion Picture Credit Modification and Extension, Reduces Cap Amounts of Renewable Energy Credit

BILL NUMBER:  HB 1174, SD1 Proposed

INTRODUCED BY:  Senate Committee on Energy, Economic Development, and Tourism

EXECUTIVE SUMMARY:  Amends the motion picture, digital media, and film production income tax credit by:  (1) Reducing the cap amount and aggregate cap amount of the credit; (2) Requiring the department of business, economic development, and tourism to publish on its website the names of the qualified productions and the amount of the tax credits claimed per qualified production per filing year; (3)  Adjusting the general excise tax from 4% to .5% per cent for qualified productions costing less than $3,000,000 per qualified production; and (4) Allowing the tax credit for qualified productions costing less than $3,000,000 to be carried over and applied to the taxpayer’s future state tax liability.  Extends the repeal date of the tax credit from 1/1/2026 to 1/1/2033.  Effective 7/1/2050.  Reduces the cap amounts of the renewable energy technologies income tax credit.

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