Report Title:

Tax credits; emergency food supply

Description:

Provides an income tax credit for taxpayers who purchase a seven day cache of food to prepare for emergencies such as hurricanes, tsunamis, and earthquakes.

THE SENATE	S.B. NO.	1274
TWENTY-FOURTH LEGISLATURE, 2007
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO INCOME TAX CREDITS FOR EMERGENCY FOOD SUPPLIES.

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

     SECTION 1.  Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§235-   Emergency food supply tax credit.  (a) Any taxpayer who files an individual income tax return for a taxable year may claim an income tax credit under this section against the Hawaii state individual net income tax.

(b)  The tax credit shall be $100; provided that the taxpayer purchases and maintains a seven day supply of food for use by the taxpayer and his or her family in times of emergencies including, but not limited to hurricanes, tsunamis, earthquakes and avian flu epidemics.

(c)  If the tax credit claimed by the taxpayer under this section exceeds the amount of the income tax payments due from the taxpayer, the excess of credit over payments due shall be refunded to the taxpayer; provided that the tax credit properly claimed by a taxpayer who has no income tax liability shall be paid to the taxpayer and provided that no refunds or payments on account of the tax credit allowed by this section shall be made for amounts less than $1.

(d)  The director of taxation shall prepare such forms as may be necessary to claim a credit under this section, may require proof of the claim for the tax credit, and may adopt rules pursuant to chapter 91.

(e)  All of the provisions relating to assessments and refunds under this chapter and under section 231-23(c)(1)shall apply to the tax credit under this section.

(f)  Claims for the tax credit under this section, including any amended claims, shall be filed on or before the end of the twelfth month following the taxable year for which the credit may be claimed. [L 1982, c 134, §1]

(g)  The tax credit allowed under this section shall be available for taxable years beginning after December 31, 2006."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect on July 1, 2007.

INTRODUCED BY:

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