REPORT TITLE:
Resort Tax Credit


DESCRIPTION:
Sets the tax credit percentage for qualified resort improvements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           2709
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO TAXATION. 


BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 235D-2, Hawaii Revised Statutes, is
 
 2 amended by amending subsection (b) to read as follows:
 
 3      "(b)  The total amount of the qualified improvement tax
 
 4 credit shall be determined by applying the applicable credit
 
 5 percentage to the qualified improvement costs paid by the
 
 6 taxpayer in the taxable year.  For qualified improvement costs to
 
 7 a qualified resort facility totalling $1,000,000 or more over a
 
 8 three-year period, the applicable credit percentage shall be four
 
 9 per cent.  For qualified improvement costs to a qualified general
 
10 facility totalling $1,000,000 or more over a three-year period,
 
11 the applicable credit percentage shall be four per cent."
 
12      SECTION 2.  New statutory material is underscored.
 
13      SECTION 3.  This Act shall take effect on July 1, 2000.
 
14 
 
15                       INTRODUCED BY:  ___________________________