§235-20.5 - Tax administration special fund; established.
§235-20.5 Tax administration special fund; established. [Repeal and reenactment on January 1, 2011 by L 2007, c 206, §8 and on June 30, 2014 by L 2009, c 134, §13(3).] (a) There is established a tax administration special fund, into which shall be deposited:
(1) Fees collected under sections 235-20, 235-110.9, and 235-110.91;
(2) Penalties collected under section 2 of Act 206, Session Laws of Hawaii 2007; and
(3) Revenues collected by the special enforcement section pursuant to section 231-85; provided that in each fiscal year, of the total revenues collected by the special enforcement section, all revenues in excess of $500,000 shall be deposited into the general fund.
(b) The moneys in the fund shall be used for the following purposes:
(1) Issuing comfort letters, letter rulings, written opinions, and other guidance to taxpayers;
(2) Administering the tax credits under sections 235-110.9 and 235-110.91; and
(3) Administering the operations of the special enforcement section. [L 2004, c 215, pt of §3; am L 2007, c 206, §3; am L 2009, c 134, §5]
Note
The 2007 amendment applies to investments received by a qualified high technology business after June 30, 2007. L 2007, c 206, §8.
The 2009 amendment is exempt from the January 1, 2011 repeal and reenactment condition of L 2007, c 206, §8. L 2009, c 134, 13(1).