Bill Text: HI HB563 | 2011 | Regular Session | Amended
Bill Title: Ethanol Facility Tax Credit
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Enrolled - Dead) 2011-04-28 - (S) Conference committee meeting to reconvene on 04-29-11 3:15PM in conference room 225. [HB563 Detail]
Download: Hawaii-2011-HB563-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
563 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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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. Section 235-110.3, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) [Each] Beginning on January
1, 2014, of each year during the credit period, there shall be allowed to
each taxpayer subject to the taxes imposed by this chapter, an ethanol facility
tax credit that shall be applied to the taxpayer's net income tax liability, if
any, imposed by this chapter for the taxable year in which the credit is
properly claimed.
For each qualified ethanol production facility,
the annual dollar amount of the ethanol facility tax credit during the
eight-year period shall be equal to [thirty per cent of its nameplate
capacity if the nameplate capacity is]
cents per gallon; provided that to claim the tax credit, the facility's
actual annual production shall be greater than five hundred thousand but
less than fifteen million gallons. A taxpayer may claim this credit for each
qualifying ethanol facility; provided that:
(1) The claim for this credit by any taxpayer of a qualifying ethanol production facility shall not exceed one hundred per cent of the total of all investments made by the taxpayer in the qualifying ethanol production facility during the credit period;
[(2) The qualifying ethanol production
facility operated at a level of production of at least seventy-five per cent of
its nameplate capacity on an annualized basis;
(3) The qualifying ethanol production
facility is in production on or before January 1, 2017;] and
[(4)] (2) No taxpayer that claims the
credit under this section shall claim any other tax credit under this chapter
for the same taxable year."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2050.
Report Title:
Ethanol Facility Tax Credit
Description:
Prohibits the ethanol facility tax credit from being claimed prior to January 1, 2014. Amends the conditions for eligibility to claim the tax credit. Applies to taxable years beginning after 12/31/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
