Hawaii lawmakers passed a number of bills yesterday that the Democratic majority party say will help reduce the state's $1.2 billion deficit.

Those bills will increase taxes, raid various special funds and suspend tax credits, all resulting in businesses and taxpayers having to pony up more to feed the insatiable appetite of state government.

Some of the tax hikes and special fund raid measures that passed 3rd reading in the House and Senate yesterday include:

HB1907, HD1, to temporarily suspend the income tax net operating loss carryback deduction for losses generated in 2009 and 2010, and places a cap on itemized deductions claimed on state income tax returns –http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=1907

HB2851 HD1, to temporarily increase taxes on insurance premiums - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2851

HB2872 HD1, to temporarily increase the tax rate on banks and other financial corporations - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2872

HB 2887 HD1, to transfer to the general fund moneys from the Hawaii Tobacco Settlement Special Fund designated for the Hawaii Tobacco Prevention and Control Trust Fund - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2887

HB2598 HD1, to take a limited amount of the counties' share of the transient accommodations tax revenues distribution and give it to the state - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2598

HB2852 HD1, to raise additional state revenues by temporarily imposing from July 1, 2010 to June 30, 2015, the insurance premium tax on mutual benefit societies and health maintenance organizations - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2852

HB2866 HD1, to adjust income tax rates for taxable years beginning after Dec. 31, 2009, and ending before Jan. 1, 2016 - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2866

HB2867 HD1, to temporarily repeal various income tax deductions, exclusions, exemptions, and tax credits until Dec. 31, 2015 - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2867

HB2877 HD1, to temporarily suspend the General Excise Tax (GET) exemption for persons and instead require those persons to pay the GET at one-half percent rate - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2877

HB2962 HD1, to temporarily defer deductions against a taxpayer's net income tax liability for claims under the Technology Infrastructure Renovation Tax Credit and High Technology Business Tax Credit until July 1, 2013 - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2962

HB1921, HD2, to capture taxes on certain conveyances of real property that currently escape the conveyance tax, specifically on real property transfers that occur within the transfer of interest in a legal entity that owns the real property - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=1921

HB1926 HD2, to impose a $20 fee for all business- and commerce-related professions, businesses or occupations that apply to the state Department of Commerce and Consumer Affairs for a license, permit or authorization, which would result in the raising of $5 million; the money raised would be used to fund the Department of Business, Economic Development and Tourism - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=1926

HB2850 HD1, to temporarily increase the liquor tax rates during the period from July 1, 2010 to June 30, 2015 - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=HB&billnumber=2850

SB2124 SD2, to raid the Hurricane Relief Fund of $86.1 million, to take care of public school furlough days this year and next - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=SB&billnumber=2124

SB2405 SD2, to adopt amendments to Hawaii tax laws to implement the streamlined sales and use tax agreement for Internet and catalogue sellers to "voluntarily" collect tax from the consumers and pass it on to the state Department of Taxation - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=SB&billnumber=2405

SB2052 SD2, to impose a consumer fireworks tax at the wholesale level - http://www.capitol.hawaii.gov/session2010/lists/measure_indiv.aspx?billtype=SB&billnumber=2052

Legislative bills yesterday and today that pass 3rd reading in the House will crossover to the Senate tomorrow, March 4, 2010, and bills from the House will crossover to the Senate for the next round of committee hearings.

Source Article


Add comment


Security code
Refresh