summary
Introduced
01/23/2023
01/23/2023
In Committee
03/10/2023
03/10/2023
Crossed Over
03/07/2023
03/07/2023
Passed
Dead
05/03/2024
05/03/2024
Introduced Session
2023 Regular Session
Bill Summary
Requires that income tax credits established or renewed after 12/31/2023 include a five-year sunset or an annual one-third reduction beginning with the sixth year of the credit. Effective 7/1/3000. (HD1)
AI Summary
This bill requires that any income tax credits established or renewed after December 31, 2023, in the state of Hawaii, include either a five-year sunset date or a gradual one-third reduction in the credit amount over a three-year period starting in the sixth year of the credit. The purpose is to ensure that new tax credits have a finite duration or are gradually phased out, rather than remaining in effect indefinitely. The bill will take effect on July 1, 3000.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
Carried over to 2024 Regular Session. (on 12/11/2023)
Bill Topics
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=561&year=2024 | 01/17/2024 |
| State Bill Page | https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=561&year=2023 | 01/21/2023 |
| BillText | https://www.capitol.hawaii.gov/sessions/session2024/bills/HB561_HD1_.HTM | 01/18/2024 |
| BillText | https://www.capitol.hawaii.gov/sessions/session2023/bills/HB561_HD1_.HTM | 02/08/2023 |
| BillText | https://www.capitol.hawaii.gov/sessions/session2023/bills/HB561_.HTM | 01/21/2023 |
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