Hawaii HB2134 exempts small businesses from general excise tax on gross income from real property leases.

Hawaii HB2134 amends the state's general excise tax law to exempt small businesses from paying the tax on gross income from real property leases. This change aims to reduce operating costs for small businesses, promote economic stability, and support their continued operation and growth. The bill defines a small business as one with gross receipts of $3,000,000 or less in the preceding taxable year and employing twenty-five or fewer full-time equivalent employees.

Hawaii HB2134 exempts small businesses from general excise tax on gross income from real property leases.

Hawaii HB2134 amends the state's general excise tax law to exempt small businesses from paying the tax on gross income from real property leases. This change aims to reduce operating costs for small businesses, promote economic stability, and support their continued operation and growth. The bill defines a small business as one with gross receipts of $3,000,000 or less in the preceding taxable year and employing twenty-five or fewer full-time equivalent employees.