HOUSE OF REPRESENTATIVES	H.B. NO.	2783
TWENTY-FIFTH LEGISLATURE, 2010		H.D. 2
STATE OF HAWAII		S.D. 1

A BILL FOR AN ACT

RELATING TO GENERAL EXCISE TAX.

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

     SECTION 1.  Act 239, Session Laws of Hawaii 2007, as amended by Act 196, Session Laws of Hawaii 2009, section 5, is amended by amending section 4 to read as follows:

     "SECTION 4.  This Act shall take effect on January 1, 2008[; provided that this Act shall be repealed on December 31, 2010, and section 237-24.3, Hawaii Revised Statutes, and section 237-24.7, Hawaii Revised Statutes, shall be reenacted in the form in which they read on December 31, 2007]."

     SECTION 2.  Act 196, Session Laws of Hawaii 2009, is amended by amending section 6 to read as follows:

     "SECTION 6.  The aggregate amount of tax [exemption from] exempted by the amendment to section 237-24.7(1) in section 2 of Act 239, Session Laws of Hawaii 2007, shall not exceed $400,000 per [taxable] calendar year [ending on or between January 1, 2010 and January 1, 2011]."

     SECTION 3.  Statutory material to be repealed is bracketed

and stricken.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon its approval.

Report Title:

General Excise Tax; Condominium Property Regimes; Timeshares

Description:

Makes permanent the general excise tax exemptions for condominium common expenses paid by managers, submanagers, and suboperators, and for hotel employee expenses paid by hotel operators and timeshare projects.  Clarifies the maximum allowable tax exemption.  (SD1)

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.