SB628 amends Hawaii's general excise tax rates and distribution of revenues.
SB628 modifies Hawaii's general excise tax rates and the distribution of revenues. It sets a tax rate of 4.5% on various businesses, including manufacturers, sellers of tangible personal property, and service providers. The bill also adjusts the tax on mobile telecommunications services and specifies deductions for certain activities. Additionally, it establishes a teacher salary special fund and a school facilities special fund, with 50% of the additional revenues from the tax increase going to each fund. The changes take effect on July 1, 2025.
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