Hawaii HB2429 mandates annual reporting and evaluation of income tax credits and general excise tax exemptions to ensure efficiency and fairness.

Hawaii HB2429 requires taxpayers claiming certain income tax credits and general excise tax exemptions to annually report specific details to the Department of Taxation. This information is intended to facilitate the evaluation of tax expenditures, ensuring they remain effective, fair, and aligned with current economic conditions. The Department of Taxation must then share this information with the Department of Business, Economic Development, and Tourism for analysis and public dissemination.

Hawaii HB2429 mandates annual reporting and evaluation of income tax credits and general excise tax exemptions to ensure efficiency and fairness.

Hawaii HB2429 requires taxpayers claiming certain income tax credits and general excise tax exemptions to annually report specific details to the Department of Taxation. This information is intended to facilitate the evaluation of tax expenditures, ensuring they remain effective, fair, and aligned with current economic conditions. The Department of Taxation must then share this information with the Department of Business, Economic Development, and Tourism for analysis and public dissemination.