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e, <br /> Page s H, B, N O. 1 <br /> lauthorizes by ordinance." <br /> 2 SECTION 2. Section 235-110.7, Hawaii Revised Statutes, is <br /> 3 amended as follows: <br /> 4 1. By amending subsections (a) and (b) to read: <br /> 5 "(a) There shall be allowed to each taxpayer subject to the <br /> 6 tax imposed by this chapter a capital goods excise tax credit <br /> 7 which shall be deductible from the taxpayer's net income tax <br /> 8 liability, if any, imposed by this chapter for the taxable year <br /> gin which the credit is properly claimed. <br /> 10 The amount of the tax credit shall be determined by the <br /> llapplication of the following rates against the cost of the <br /> <br /> 12 eligible depreciable tangible personal property used by the <br /> 13 taxpayer in a trade or business and placed in service within <br /> 14 Hawaii after December 31, 1987. For calendar years beginning <br /> 15 after: December 31, 1987, the applicable rate shall be three per <br /> 16 cent; December 31, 1988, and thereafter, the applicable rate <br /> 17 shall be four per cent, except that [for the period January 1, <br /> 18 1993, through December 31, 2002, and] for. eligible depreciable <br /> 19 tangible personal property used in a trade or business that is <br /> 20 purchased in a county in which the county general excise and use <br /> 21 tax [surcharge] is in effect and placed in service in any county <br /> 22 the applicable rate shall be four and one-half per cent. For <br /> HB LRB 97-0856 <br /> <br />