Hawaii Administrative Rules
Title 18 - DEPARTMENT OF TAXATION
Chapter 234 - NATURAL DISASTER CLAIMS COMMISSIONS
Section 18-234-08 - Allowance of tax relief

Universal Citation: HI Admin Rules 18-234-08

Current through August, 2024

(a) Upon receipt of the certification of losses, the director shall remit, refund, or forgive real property and general excise taxes in the following amounts:

(1) General excise taxes in an amount not to exceed $25,000; and

(2) Real property taxes in an amount not to exceed $35,000.

In no event shall the maximum allowable tax relief including general excise tax and real property taxes exceed $35,000, and the total amount of tax relief shall not exceed the amount of losses certified by the commission.

(b) If the claimant has claimed casualty losses on the claimant's State income tax return and has received tax benefits resulting from a casualty loss deduction, the amount of that benefit shall be deducted from the losses certified by the commission.

(c) Tax relief shall be given for a period not to exceed five years commencing January 1 of the year the disaster occurred.

(d) Tax relief received under this section shall apply only to tax liability arising from real property, trade, or business located on the island on which the losses were incurred.

(e) The following persons may receive the tax relief allowed by this section;

(1) Claimant;

(2) Transferee, heir, or assignee who is either a spouse or child of the claimant;

(3) Corporation;

(4) Partnership; or

(5) Any legal entity recognized as a separate entity by the director for purposes of chapter 235, Hawaii Revised Statutes, which is a claimant as defined under this chapter.

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