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June 16, 2003
RE: Act 100, Session Laws of Hawaii 2003, Relating to Taxation (Act 100)

On May 29, 2003, Governor Linda Lingle signed into law Act 100 (S.B. No. 377, S.D. 1, H.D. 2, C.D. 1), which provides a nonrefundable attractions and educational facilities tax credit equal to 100% of certain costs incurred after May 31, 2003, and before June 1, 2009, for the development of such facilities at Ko Olina Resort and Marina and the Makaha Resort. Qualifying facilities include a world-class aquarium, marine science and mammal research facilities, international sports training complex, a travel industry management intern campus, infrastructure related to those facilities.

The new credit offered by Act 100 may be claimed for taxable years beginning after December 31, 2004. Before a qualifying taxpayer may claim the credit, the Department of Business, Economic Development, and Tourism (DBEDT) must vertify that the costs incurred for the construction projects meet certain criteria under Act 100 and issue a certificate to the taxpayer. For each year that the credit is available, DBEDT may certify up to $7,500,000 (in the aggregate for all taxpayers) in costs that qualify for the credit; provided that no more than $75,000,000 (in the aggregate for all taxpayers) in credits may be certified over the six (6) year period from June 1, 2003, to May 31, 2009. Taxpayers may use this credit to offset income, general excise, transient accommodations, use, public service company, franchise, and insurance premium taxes. Any unused credits may be carried forward until exhausted.

The Department of Taxation will be working closely with DBEDT to administer this new credit, including developing new forms for certification of and claims for the credit.

Other forms and tax information may be downloaded from the Department's website at On Oahu, forms may be ordered by calling the Department's Forms Request Line at 587-7572. Persons who are not calling from Oahu may call 1-800-222-7572 to receive forms by mail or fax.

Kurt Kawafuchi
Director of Taxation

HRS Section Explained: HRS Sections 235-__
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