SB430 amends Hawaii tax laws to modify the refund process for overpayments and interest on refunds.
SB430 amends Hawaii tax laws to change how refunds for overpayments are handled and interest is calculated. If a taxpayer overpays taxes, they must be refunded within ninety days. If the refund isn't made within this period, interest is charged at a specific rate. The bill also adjusts how interest is applied in cases of net operating losses and credits. These changes apply to taxable years beginning after December 31, 2024.
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