Hawaii Administrative Rules
Title 18 - DEPARTMENT OF TAXATION
Chapter 235 - INCOME TAX LAW
Subchapter 6 - RETURNS AND PAYMENTS; ADMINISTRATION
Section 18-235-110.7-10 - Determination of amount of credit
Universal Citation: HI Admin Rules 18-235-110.7-10
Current through August, 2024
(a) The amount of credit available is determined by applying the following rates against the basis of eligible property:
(1) For calendar
years prior to 1988, there is no credit;
(2) For calendar year 1988, the rate is three
percent;
(3) For calendar years
beginning after December 31, 1988, the rate is four percent; and
(4) For taxpayers with fiscal taxable years,
the rate is the rate for the calendar year in which the eligible property is
placed in service within Hawaii.
(b) Limitation on credit for eligible property for which a credit for sales or use taxes paid to another state is allowable under section 238-3(i), HRS. In the case of eligible property for which a credit for sales or use taxes paid to another state is allowable under section 238-3(i), HRS, the amount of capital goods excise tax credit allowable shall not exceed the amount of use tax actually paid under chapter 238, HRS, with regard to the eligible property.
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