Report Title:
Capital Goods Excise Tax Credit
Description:
Allows the use of capitalized costs to qualify for the capital goods excise tax credit.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
950 |
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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 CAPITAL GOODS EXCISE TAX CREDIT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 235-110.7, Hawaii Revised Statutes, is amended by amending the definition of "Cost" to read as follows:
""Cost" means:
(1) [the] The actual invoice price of the tangible personal property[, or];
(2) [the] The basis from which depreciation is taken under section 167 (with respect to depreciation) or from which a deduction may be taken under section 168 (with respect to accelerated cost recovery system) of the Internal Revenue Code of 1954, as amended, [whichever is less.]; or
(3) Capitalized costs; whichever is claimed for income tax purposes."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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