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<br /> ,e <br /> ~ 'L <br /> Page 6 T <br /> H.B. NO. <br /> 1 taxpayers with fiscal taxable years, the applicable rate shall be <br /> 2 the rate for the calendar year in which the eligible depreciable <br /> 3 tangible personal property used in the trade or business is <br /> 4 placed in service within Hawaii. <br /> 5 In the case of a partnership, S corporation, estate, or <br /> 6 trust, the tax credit allowable is for eligible depreciable <br /> 7 tangible personal property which is placed in service by the <br /> 8 entity. The cost upon which the tax credit is computed shall be <br /> 9 determined at the entity level. Distribution and share of credit <br /> 10 shall be determined by rules. <br /> 11 In the case of eligible depreciable tangible personal <br /> 12 property for which a credit for sales or use taxes paid to <br /> 13 another state is allowable under section 238-3(i), the amount of <br /> 14 the tax credit allowed under this section shall not exceed the <br /> 15 amount of use tax[,] and [for the period January 1, 1993, through <br /> 16 December 31, 2002,] the amount of the county general excise and <br /> 17 use tax [surcharge], if any, actually paid under chapter 238 <br /> 18 relating to such tangible personal property. <br /> 19 If a deduction is taken under section 179 (with respect to <br /> 20 election to expense..certain depreciable business assets) of the <br /> 211nternal Revenue Code of 1954, as amended, no tax credit shall be <br /> 22 allowed for that portion of the cost of property for which the <br /> HB LRB 97-0856 <br /> <br />