For Wednesday, June 15, 2011
POSTED: 01:30 a.m. HST, Jun 15, 2011
Gov. Neil Abercrombie signed a bill into law Tuesday that temporarily suspends general excise tax exemptions for nearly two dozen business activities, the largest source of new revenue to help balance the state budget.
Discontinuing the exemptions for contractors, businesses that sublease, airlines and others could generate about $200 million a year. The law is scheduled to expire in June 2013.
Abercrombie also signed a bill that repeals a state income tax deduction for higher-income taxpayers, limits itemized deductions for higher-income taxpayers and delays an increase in the standard deduction and personal exemption.
Lawmakers turned to the tax changes, along with spending cuts for state programs and labor savings from public-sector unions, to close a projected $1.3 billion deficit over two years.
People age 16 to 21 are invited to take part in a natural resource stewardship summer program at Hanauma Bay Nature Preserve. To register for the E Malama Hanauma Youth Stewardship Volunteer Program, contact Gavin Iwai at 397-5840, firstname.lastname@example.org or HanaumaBayEducation.org.