Thursday, May 16, 2013

Act 105 to Sunset

Act 105 (2011), which temporarily suspended the exemption for the subcontractors' deduction, will sunset on June 30, 2013! Beginning July 1, 2013, contractors will once again be able to deduct subcontractor expense when calculating GE Tax.

However, until then, it is unclear how the current law will be applied. The Department of Taxation is planning to release a Tax Announcement sometime in June regarding the sunset of Act 105. When it is finalized, it will be posted on their website at www.tax.hawaii.gov.

BIA will also work with DoTax to get the information to circulate to our membership as soon as it's posted.

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