Tuesday, April 7, 2009

Taxation bill on the move

A bill that proposes an evaluation mechanism for certain tax credits and tax exemptions is moving through the legislature. HB 611 HD1 SD1 started out as an evaluation mechanism, coupled with an automatic repeal of certain tax credits and exemptions. It included the Hawaii credit unions general excise tax exemptions for the puchase of tangible personal property.

In its revised form, HB 611 HD1 SD1, and its Senate counterpart, SD 1247 SD2, both simply require an evaluation be conducted of tax credits and tax exemptions. Our position on the bills states that we are concerned about the language, since it requires a "complete and accurate" report be completed and submitted. However, there is no clarification regarding the wording, "complete and accurate". SB1247 was deferred by the Finance committee, but HB611 is still alive and well, after moving out of the Senate Ways and Means Committee yesterday. It now moves to the Senate floor.

To view all information regarding these bills, click on the links below:
HB 611 HD1 SD1
SB 1247 SD1

To read HCUL's testimony, click here.