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Abercrombie signs tax bills into law
POSTED: 10:47 a.m. HST, Jun 19, 2011
LAST UPDATED: 01:47 p.m. HST, Jun 19, 2011
Hawaii Gov. Neil Abercrombie has signed into law most of the tax increases passed by the state Legislature.
The Democratic governor approved measures eliminating business exemptions, raising vehicle fees and shrinking deductions.
In all, the Legislature passed more than $600 million worth of tax hikes over the next two years to help balance a $1.3 billion projected deficit.
The largest tax measure removes exemptions to the state’s general excise tax currently granted to businesses including subcontractors, subleasors and Hawaiian Airlines, raising about $200 million a year.
The next-biggest tax bill standardizes rental car surcharges at $7.50 per day and diverts $60 million of those fees to the general fund.
Another bill, worth about $57 million a year, targets higher-income earners by removing state income tax deductions and limiting itemized deductions.
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