Report Title:
General Excise Tax; Depyramiding
Description:
Amends the general excise tax law to accelerate the depyramiding schedule from 0.5% per year to 1.0% per year, thereby speeding up the reduction of the general excise tax so that the program ends in 3 years instead of 6 years.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
427 |
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TWENTY-FIRST LEGISLATURE, 2001 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the general excise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 237-13.3, Hawaii Revised Statutes, is amended to read as follows:
"§237-13.3 Application of sections 237-4(a)(8), 237-4(a)(10), 237-4(a)(13), 237-13(2)(A), 237-13(4)(A), and 237-13(6)(A). (a) Sections 237-4(a)(8), 237-4(a)(10), 237-4(a)(13), 237-13(2)(A), 237-13(4)(A), and 237-13(6)(A) to the contrary notwithstanding, instead of the tax levied under section 237-13(2)(A) on wholesale sales subject to section 237-4(a)(8)(B), under section 237-13(4)(A) on a wholesaler subject to section 237-4(a)(13), and under section 237-13(6)(A) on a wholesaler subject to section 237-4(a)(10) at one-half of one per cent, during the period January 1, 2000, to December 31, 2005, the tax shall be as follows:
(1) In calendar year 2000, 3.5 per cent;
(2) In calendar year 2001, [3.0] 2.5 per cent;
(3) In calendar year 2002, [2.5] 1.5 per cent;
(4) In calendar year 2003[, 2.0] and thereafter, the tax shall be 0.5 per cent[;
(5) In calendar year 2004, 1.5 per cent;
(6) In calendar year 2005, 1.0 per cent; and
(7) In calendar year 2006 and thereafter, the tax shall be 0.5 per cent]."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2001.
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INTRODUCED BY: |
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