Haw. Code R. § 18-235-110.7-10 - Determination of amount of credit

(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.

Notes

Haw. Code R. § 18-235-110.7-10

[Eff 1/18/90] (Auth: HRS §§ 231-3(9), 235-118) (Imp: HRS § 235-110.7)