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TWENTY-NINTH LEGISLATURE, 2017 <br /> STATE OF HAWAII <br /> . B . NO . <br /> A BILL FOR AN ACT <br /> RELATING TO TAXATION. <br /> BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAPI: <br /> SECTION 1. Section 235, Hawai`i Revised Statutes, is amended by <br /> 2 adding a new section to be appropriately designated and to read as follows: <br /> 3 "§235- Income tax credit for hiring an elderly individual. <br /> 4 (a) There shall be allowed to each taxpayer subject to the tax <br /> 5 imposed by this chapter, a credit for the hiring of an elderly individual that <br /> 6 shall be deductible from the taxpayer's net income tax liability, if any, <br /> 7 imposed by this chapter for the taxable year in which the credit is properly <br /> 8 claimed. <br /> 9 (b) The amount of the credit shall be equal to fifty per cent of the <br /> 10 qualified wages for the first six months after the elderly individual is initially <br /> 11 hired. A tax credit that exceeds the taxpayer's income tax liability may be <br /> 12 used as a credit against the taxpayer's income tax liability in subsequent <br /> 13 years until exhausted; provided that in no taxable year shall the total <br /> 14 amount of the tax credit claimed under this section exceed $ per <br /> 15 taxpayer. <br />