Report Title:
General Excise Tax – exclusion for residential rent
Description:
Excludes proceeds from residential rent from general excise tax liability.
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THE SENATE |
S.B. NO. |
2538 |
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TWENTY-THIRD LEGISLATURE, 2006 |
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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:
SECTION 1. The purpose of this Act is to exempt the proceeds of residential rent from the general excise tax liability.
SECTION 2. Chapter 237, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§237 Exemption for residential rent. (a) There shall be exempted from, and excluded from the measure of, the taxes imposed by this chapter all of the gross proceeds or income arising from residential rent."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act, upon its approval, shall apply to taxable beginning after December 31, 2005.
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INTRODUCED BY: |
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