SUBJECT:  INCOME, Tax Credit for Filling and Sealing Abandoned Wells

BILL NUMBER:  SB 2752 HD 2

INTRODUCED BY: House Committee on Judiciary & Hawaiian Affairs

EXECUTIVE SUMMARY:   Establishes an income tax credit for taxpayers who are required to seal abandoned wells on their real property. Clarifies the definition of the term “abandoned well”. Requires sellers of real property to disclose the existence of wells on the property. Requires an owner or prior owner of an abandoned well to seal the well at the owner’s or prior owner’s expense. Appropriates funds for three full-time equivalent (3.0 FTE) positions under the Commission on Water Resource Management.  Our view is that the same goals can be accomplished in a more efficient manner by appropriating some money to the commission and allowing it to give grants to those who need it to comply with the law. Continue reading SB 2752 HD 2 →

SUBJECT:  INCOME, Check-off for Spay and Neuter Special Fund

BILL NUMBER:  SB 2837 HD 1

INTRODUCED BY: House Committee on Agriculture

EXECUTIVE SUMMARY:  Establishes a spay and neuter special fund and allows funds from an income tax check-off to be deposited into the special fund. Requires the department of land and natural resources, in collaboration with animal welfare groups and organizations, to conduct a point-in-time count of feral cats per main island by 6/30/23. Requires DLNR to submit a report to the legislature on the point-in-time count prior to the regular session of 2024. Continue reading SB 2837 HD 1 →

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

BILL NUMBER:  SB 2599 HD 1

INTRODUCED BY: House Committee on Economic Development

EXECUTIVE SUMMARY: Adds a cap for an eligible taxpayer and the taxpayer’s related entities per taxable year; consolidates the survey and certification requirements; amends the annual aggregate cap; and requires certification on a first-come, first-served basis to be based on the date a complete application is received, subject to certain conditions, for the tax credit for research activities. Continue reading SB 2599 HD 1 →

SUBJECT:  INCOME, Create Renewable Fuels Production Credit

BILL NUMBER:  HB 1809 SD 1

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

EXECUTIVE SUMMARY:   Establishes a renewable fuels production tax credit.  Our view is that a direct appropriation to buy or subsidize energy production would be far superior because (1) we know how much we are spending and (2) we know what we are buying. Continue reading HB 1809 SD 1 →

SUBJECT:  INCOME, Extension of Important Agricultural Land Credit

BILL NUMBER:  SB 339 HD 1

INTRODUCED BY:  House Committee on Agriculture

EXECUTIVE SUMMARY: Extends the time that the department of agriculture may certify the important agricultural land qualified agricultural costs tax credit from 12/31/2021 to 12/31/2030. Continue reading SB 339 HD 1 →

SUBJECT:  NET INCOME, Tax Credit, Disposition of Excess Revenues

BILL NUMBER:  SB 514 SD1

INTRODUCED BY:  Senate Committee on Ways & Means

EXECUTIVE SUMMARY:  Provides a tax credit to taxpayers and makes deposits to the emergency and budget reserve fund and other post-employment benefits trust fund pursuant to article VII, section 6, of the Hawaii Constitution. Appropriates funds. Continue reading SB 514 SD 1 →

SUBJECT:  INCOME, Increase and Index Tax Credit for Low-income Household Renters

BILL NUMBER:  SB 2165 SD 1

INTRODUCED BY: Senate Committee on Ways & Means

EXECUTIVE SUMMARY:   Increases the credit amount and the income eligibility cap thresholds for the income tax credit for low-income household renters by using tax brackets. Provides for inflation increases every 3 years based on the urban Hawaii consumer price index. Effective 7/1/2050.  Our view is that it would be more efficient to get low-income taxpayers out of the tax system entirely than to add the complexity that this bill does. Continue reading SB 2165 SD 1 →