Extends the claiming period for low-income refundable tax credit from 12 to 36 months.

A BILL FOR AN ACT

SECTION 1. Section 235-55.85, Hawaii Revised Statutes, is amended by amending subsection (f) to read as follows:

"(f) All claims for tax credits under this section, including any amended claims, shall be filed on or before the end of the [twelfth] thirty-sixth month following the close of the taxable year for which the credits may be claimed. Failure to comply with the foregoing provision shall constitute a waiver of the right to claim the credit."

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 Statutory material to be repealed is bracketed and stricken.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 and shall apply to taxable years beginning after December 31, 2005.