Report Title:

Low-Income Refundable Tax Credit

Description:

Extends the period to claim the low-income tax credit from twelve to thirty-six months.

HOUSE OF REPRESENTATIVES	H.B. NO.	1487
TWENTY-FOURTH LEGISLATURE, 2007
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO LOW-INCOME REFUNDABLE TAX CREDIT.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     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  Statutory material to be repealed is bracketed and stricken.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 on January 1, 2008.

INTRODUCED BY:

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