Category Archives: Net Income (HRS 235)

HB 202, HD-2

SUBJECT:  INCOME, FRANCHISE, Partial Repeal of Renewable Energy Technologies Credit

BILL NUMBER:  HB 202, HD-2

INTRODUCED BY:  House Committee on Finance

EXECUTIVE SUMMARY:  Repeals the renewable energy technologies tax credit for solar energy systems and wind-powered energy systems for commercial properties for taxable years beginning after December 31, 2019, except for taxpayers subject to a power purchase agreement approved by a decision and order issued by the PUC prior to December 31, 2019. Increases the renewable energy technologies tax credit for solar water heater systems, other solar energy systems, and wind-powered energy systems for multi-family residential properties. Makes the renewable energy technologies tax credit unavailable after 12/31/2045.

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SB 3007, SD-2

SUBJECT:  INCOME, GENERAL EXCISE, MISCELLANEOUS, Public Disclosure of Credit Recipients

BILL NUMBER:  SB 3007, SD-2

INTRODUCED BY: Senate Committee on Ways & Means

EXECUTIVE SUMMARY:   Requires the Department of Business, Economic Development, and Tourism to make a public disclosure identifying the names of the taxpayers who are receiving tax credits and the total amount of tax credit received for specific economic activities.

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HB 2541, HD-1

SUBJECT:  INCOME, Make EITC Refundable, Increase Food/Excise Credit

BILL NUMBER:  HB 2541, HD-1

INTRODUCED BY: House Committees on Labor & Finance

EXECUTIVE SUMMARY:  Makes the state earned income tax credit refundable and permanent. Increases and amends the refundable food/excise tax credit by basing the amount of the credit on a taxpayer’s Hawaii earned income, rather than federal adjusted gross income. Increases minimum wage rate to $11.00 per hour beginning on 1/1/2021, $12.00 per hour beginning on 1/1/2022, $12.50 per hour beginning on 1/1/2023, and $13.00 per hour beginning on 1/1/2024.

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SB 3036, SD-2

SUBJECT:  INCOME, Grandfather Certain Renewable Energy Technologies Tax Credits

BILL NUMBER:  SB 3036, SD-2

INTRODUCED BY: Senate Committee on Ways and Means

EXECUTIVE SUMMARY:  Amends the renewable energy technologies income tax credit to clarify that solar energy systems installed and placed in service on commercial property pursuant to a power purchase agreement approved by the Public Utilities Commission prior to 12/31/2019 shall continue to receive 35% of the actual cost or $500,000 per solar energy system.

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SB 2291, SD-2

SUBJECT:  INCOME, Tax Credit for Business-Supported Child Care

BILL NUMBER:  SB 2291, SD-2

INTRODUCED BY:  Senate Committee on Ways & Means

EXECUTIVE SUMMARY:   Establishes a refundable tax credit equal to an unspecified percentage of a taxpayer’s eligible child care expenses. Defines eligible child care expenses to mean the sum of the taxpayer paid to a child care facility in the State to: (1) support the child care needs of the taxpayer’s employees in the taxable year; and (2) purchase child care slots at the child care facility that are actually provided or reserved for children of the taxpayer’s employees. Applies to taxable years beginning after December 31, 2020.

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SB 3150, SD-1

SUBJECT:  INCOME, FUEL, Adoption of Carbon Tax, Income Tax Credit for Low Income Ratepayers

BILL NUMBER:  SB 3150, SD-1

INTRODUCED BY: Senate Committee on Agriculture & Environment

EXECUTIVE SUMMARY:   Amends the environmental response, energy, and food security tax to address carbon emissions. Increases the tax rate to effectively set a price of $40 per metric ton of carbon dioxide emissions in 2021. Incrementally increases the tax rate over time so that, in 2030, the tax rate shall be equivalent to a carbon price of $80 per metric ton of carbon emissions. Establishes a refundable tax credit for individuals earning sixty per cent or less of the area median income.

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SB 2695, SD-1

SUBJECT: INCOME, Credit for Contributions to Housing Incentive Fund

BILL NUMBER:  SB 2695, SD-1

INTRODUCED BY: Senate Committee on Housing

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 20% of the amount contributed to the fund during the taxable year.

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SB 31, SD-2

SUBJECT:  INCOME, Technical Changes to Tax Credit for Medical Preceptors

BILL NUMBER:  SB 31, SD-2

INTRODUCED BY: Senate Committee on Consumer Protection and Health

EXECUTIVE SUMMARY:  Revises the definition of “primary care providers” and “volunteer based supervised clinical training rotation” to improve accessibility for providers to receive income tax credits for acting as preceptors. Revises preceptor credit assurance committee.

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