Bill > HB2429

This bill requires certain taxpayers who claim income tax credits or general excise and use tax exemptions to provide annual information to the Department of Business, Economic Development, and Tourism (DBEDT). This information will include the taxpayer's name, the cost of the tax credit or the amount exempted, and the total cost of the exemption to the State. The DBEDT, in collaboration with the Department of Taxation, will use this data to study the effectiveness of these tax expenditures and report their findings to the legislature annually. This data will be publicly accessible, subject to privacy laws. The bill also mandates that the Department of Taxation provide necessary tax records to DBEDT for this evaluation. These provisions apply to tax years beginning after December 31, 2026, and are intended to ensure that tax expenditures are efficient, fair, and aligned with current public priorities by providing data-driven insights into their performance.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=2429&year=2026