Bill Text: HI SB2090 | 2024 | Regular Session | Introduced
Bill Title: Relating To Tax Credits.
Spectrum: Moderate Partisan Bill (Democrat 7-1)
Status: (Introduced) 2024-01-18 - Referred to CPN, WAM. [SB2090 Detail]
Download: Hawaii-2024-SB2090-Introduced.html
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THE SENATE |
S.B. NO. |
2090 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to tax credits.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"§235- Fire
prevention and fire safety system in condominiums; maintenance fee increase;
tax credit. (a)
A qualified taxpayer who owns a unit for which the association is
increasing the maintenance fee to comply with a county ordinance requiring an
automatic fire sprinkler system or alternative fire prevention and fire safety
system may claim a nonrefundable tax credit in the amount of $1,000. The aggregate amount of tax credits claimed
under this section shall not exceed $5,000,000 for each taxable year.
(b) The credit allowed under this section shall
be claimed against the net income tax liability for the taxable year. If the tax credit under this section exceeds
the taxpayer's income tax liability, the excess of the tax credit over
liability may be used as a credit against the taxpayer's net income tax
liability in subsequent years until exhausted. All claims, including amended claims, for a
tax credit under this section shall be filed on or before the end of the
twelfth month following the close of the taxable year for which the credit may
be claimed. Failure to comply with the
foregoing provision shall constitute a waiver of the right to claim the credit.
(c) The director of taxation:
(1) Shall prepare any forms necessary to
claim a tax credit under this section;
(2) May require proof of the claim for
the tax credit; and
(3) May adopt rules pursuant to chapter
91 to effectuate this section.
(d) For the purposes of this section:
"Association"
has the same meaning as in section 514B-3.
"Condominium"
has the same meaning as in section 514B-3.
"Net
income tax liability" means net income tax liability reduced by all other
credits allowed under this chapter.
"Qualified
taxpayer" means a person subject to the taxes imposed by this chapter and
who is:
(1) Filing individually with a gross
income equal to or less than $100,000;
(2) Married filing separately with a
gross income equal to or less than $150,000; or
(3) Married filing jointly with a
combined income equal to or less than $200,000.
"Unit" has the same meaning as in section 514B-3."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2023.
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INTRODUCED BY: |
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Report Title:
Fire Prevention and Fire Safety System; Condominium Association; Maintenance Fee Increase; Tax Credit
Description:
Establishes a tax credit for certain owners of a condominium whose association is increasing maintenance fees to comply with a county ordinance requiring an automatic fire sprinkler system or alternative fire prevention and fire safety system.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
