Category Archives: Net Income (HRS 235)

HB 339, HD-1

SUBJECT:  INCOME, Increase Tax Credit for Research Activities

BILL NUMBER:  HB 339, HD-1

INTRODUCED BY:  House Committee on Economic Development and Business

EXECUTIVE SUMMARY:  Amends HRS section 235-110.91 to provide that the tax credit for research activities is increased to 125% of any credit calculated under section 41 of the Internal Revenue Code.  At a minimum the bill needs to clarify the effect on Act 26, SLH 2019, which last year amended the same section of the HRS.

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SB 1267; HB 1041 (Identical)

SUBJECT:  INCOME, ESTATE, Conformity to Internal Revenue Code

BILL NUMBER:  SB 1267; HB 1041 (Identical)

INTRODUCED BY:  SB by KOUCHI by request; HB by SAIKI by request

EXECUTIVE SUMMARY:  Conforms the Hawaii income tax and estate and generation-skipping transfer taxes to federal changes adopted through December 31, 2018.  This bill at a minimum must be amended to take account of the amendments made by Act 69, SLH 2019.

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HB 1957, HD-2

SUBJECT:  INCOME, Increase Low-Income Household Renters Credit

BILL NUMBER:  HB 1957, HD-2

INTRODUCED BY: House Committee on Finance

EXECUTIVE SUMMARY: Adjusts the amount of the income tax credit for low-income household renters based on adjusted gross income and taxpayer filing status and provides for automatic adjustments to the tax credit based on the consumer price index. Effective 7/1/2025.

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SB 2545, Proposed HD-1

SUBJECT:  INCOME, Delay Delivery of Media Production Credit

BILL NUMBER:  SB 2545, Proposed HD-1

INTRODUCED BY: House Committee on Economic Development and Business

EXECUTIVE SUMMARY: Provides that credit claimed in 2019 applies to taxable years beginning in 2022, and that credit claimed in 2020 applies to taxable years beginning in 2023.  This appears to be a dangerous gambit and should be undertaken only upon showing compelling need.

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SB 2695, SD-2

SUBJECT: INCOME, Credit for Contributions to Housing Incentive Fund

BILL NUMBER:  SB 2695, SD-2

INTRODUCED BY: Senate Committee on Ways and Means

EXECUTIVE SUMMARY:   Creates the housing incentive fund to be administered by the Hawaii public housing authority. Allows the fund to be seeded with general obligation bonds. Establishes an income tax credit for individuals or corporations who contribute to the fund in the amount of __% of the amount contributed to the fund during the taxable year.

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SB 3036, HD-1

SUBJECT:  INCOME, Grandfather Certain Renewable Energy Technologies Tax Credits

BILL NUMBER:  SB 3036, HD-1

INTRODUCED BY: House Committee on Energy and Environmental Protection

EXECUTIVE SUMMARY:  Repeals the renewable energy technologies income tax credit for solar energy systems installed and placed in service for commercial properties that require a power purchase agreement (PPA) approved by the PUC, except for certain solar energy systems. Increases the renewable energy technologies income tax credit cap amount for multi-family residential properties.

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SB 3074, SD-2

SUBJECT:  INCOME, Increases Amount of Check-off for Hawaii Election Campaign Fund

BILL NUMBER:  SB 3074, SD-2

INTRODUCED BY: Senate Committee on Ways & Means

EXECUTIVE SUMMARY: Increases the maximum amount of public funds available in each election to certain state candidates by ten percent annually. Increases the amount of voluntary state income tax check-off contributions that may be designated for the Hawaii election campaign fund beginning on January 1, 2021.

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