Tax News

CCH (cch.taxgroup.com) reports:

  Hawaii Governor Linda Lingle has signed legislation that amends Hawaii's corporate and personal income tax laws to conform to the Internal Revenue Code (IRC) as of December 31, 2007, for taxable years beginning after December 31, 2007 (previously, December 31, 2006, for taxable years beginning after December 31, 2006), but decouples from the provisions of the federal Economic Stimulus Act of 2008 (P.L. 110-185) that increased the dollar and investment limits for the IRC §179 asset expense election. The legislation also provides that prospective provisions in federal Public Laws amending sections of the IRC that are operative for Hawaii income tax purposes and affect taxable years beginning or ending before the state's IRC conformity date will be operative for Hawaii income tax purposes. Senate and House actions approving the legislation were previously reported. (TAXDAY, 2008/03/28, S.8; TAXDAY, 2008/04/14, S.5; TAXDAY, 2008/05/05, S.4)

Act. 93 (H.B. 3191), Laws 2008, effective May 22, 2008, and applicable as noted above.