Hawaii SB3061 sets a four-year sunset for existing income tax credits and a seven-year sunset for new or renewed credits.

Hawaii SB3061 amends the state's tax code to establish sunset periods for income tax credits. Credits in effect on December 31, 2026, will expire four years later, on December 31, 2030. For credits established or renewed after December 31, 2026, the expiration will be seven years from the date of their enactment or renewal. This change does not apply to specific sections or credits under part III of the chapter. The bill aims to introduce a systematic review and potential expiration of tax credits to ensure they remain relevant and necessary.

Hawaii SB3061 sets a four-year sunset for existing income tax credits and a seven-year sunset for new or renewed credits.

Hawaii SB3061 amends the state's tax code to establish sunset periods for income tax credits. Credits in effect on December 31, 2026, will expire four years later, on December 31, 2030. For credits established or renewed after December 31, 2026, the expiration will be seven years from the date of their enactment or renewal. This change does not apply to specific sections or credits under part III of the chapter. The bill aims to introduce a systematic review and potential expiration of tax credits to ensure they remain relevant and necessary.