REPORT TITLE:
Resort Tax Credit


DESCRIPTION:
Sets the tax credit percentage at twenty per cent for qualified
improvements to qualified resort facilities and qualified general
facilities. (SD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        2709
THE SENATE                              S.B. NO.           S.D. 1
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
 
 9 twenty per cent.  For qualified improvement costs to a qualified
 
10 general facility totalling $1,000,000 or more over a three-year
 
11 period, the applicable credit percentage shall be twenty per
 
12 cent."
 
13      SECTION 2.  New statutory material is underscored.
 
14      SECTION 3.  This Act shall take effect on July 1, 2000.