SUBJECT: INCOME, Historic Preservation Tax Credit
BILL NUMBER: SB 1394, CD-1
INTRODUCED BY: Conference Committee
EXECUTIVE SUMMARY: Establishes a nonrefundable tax credit based on the qualified rehabilitation expenses of a historic structure. The adoption of this credit would provide tax relief to taxpayers regardless of their need for tax relief. It also would shift the burden of paying for government to the rest of us.
SUBJECT: INCOME, Increase Tax Credit for Research Activities
BILL NUMBER: SB 1314, CD-1
INTRODUCED BY: Conference Committee
EXECUTIVE SUMMARY: This language harkens back to Act 221, SLH 2001. Can we afford such generous incentives?
SUBJECT: INCOME, Ship Repair Industry Tax Credit
BILL NUMBER: SB 972, CD-1
INTRODUCED BY: Conference Committee
EXECUTIVE SUMMARY: Establishes the ship repair industry income tax credit for non-profit entities to offset costs incurred to construct and put into service purpose-built floating drydocks at Pearl Harbor for use by the United States Navy. Claims for the ship repair industry income tax credit can be made annually after the drydock is put into service and until the credit is exhausted. Repeals the capital infrastructure tax credit (which was scheduled to sunset on Dec. 31, 2019 anyway).
SUBJECT: INCOME, Disallow REIT Deduction for Dividends Paid
BILL NUMBER: SB 301, CD-1
INTRODUCED BY: Conference Committee
EXECUTIVE SUMMARY: This bill would disallow the dividends paid deduction that real estate investment trusts, or REITs, now enjoy. The numerous REITs who now own and manage Hawaii real estate would be taxed like any other corporation doing business in Hawaii.
SUBJECT: INCOME, Increase Cap on Motion Picture Production Credit
BILL NUMBER: SB 33, CD-1
INTRODUCED BY: Conference Committee
EXECUTIVE SUMMARY: Increases the aggregate cap on the motion picture, digital media, and film production income tax credit, which now is $35 million, to $50 million. It may be possible to make the case that the benefits have outweighed the costs.
SUBJECT: INCOME, FRANCHISE, Revisor’s Bill
BILL NUMBER: HB 1268, SD-1
INTRODUCED BY: Senate Committee on Judiciary
EXECUTIVE SUMMARY: This is the revisor’s bill that is submitted to correct errors and references, clarify language, and delete obsolete or unnecessary provisions.
SUBJECT: INCOME, Withholding Requirement for Partnerships, Estates, and Trusts
BILL NUMBER: SB 1360, HD-1
INTRODUCED BY: House Committee on Finance
EXECUTIVE SUMMARY: Requires partnerships, estates, and trusts to withhold taxes on the income of nonresident partners and beneficiaries.
SUBJECT: INCOME, ESTATE, Conformity to Internal Revenue Code
BILL NUMBER: SB 1130, HD-1
INTRODUCED BY: House Committee on Finance
EXECUTIVE SUMMARY: Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through December 31, 2018.
SUBJECT: INCOME, Nexus Presumptions
BILL NUMBER: SB 495, HD-1
INTRODUCED BY: House Committee on Finance
EXECUTIVE SUMMARY: States that a seller with more than $100,000 in in-state sales or 200 transactions into the state shall be deemed to be doing business in the state for purposes of the income tax law. Creates a nexus presumption for income tax like the presumption for general excise tax adopted last year. This bill would apply solely to net income tax, and by implication it would confine Act 41, SLH 2018, to general excise tax.
SUBJECT: INCOME, Historic Preservation Tax Credit
BILL NUMBER: SB 1394, HD-1
INTRODUCED BY: Senate Committee on Ways & Means
EXECUTIVE SUMMARY: Establishes a nonrefundable tax credit based on the qualified rehabilitation expenses of a historic structure. The adoption of this credit would provide tax relief to taxpayers regardless of their need for tax relief. It also would shift the burden of paying for government to the rest of us.