Tax Hikes and Special Fund Raids on the Move at the Hawaii State Capitol

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    Hawaii lawmakers passed a number of bills yesterday that the Democratic majority party say will help reduce the state’s $1.2 billion deficit.

    Those bills will increase taxes, raid various special funds and suspend tax credits, all resulting in businesses and taxpayers having to pony up more to feed the insatiable appetite of state government.

    Some of the tax hikes and special fund raid measures that passed 3rd reading in the House and Senate yesterday include:

    HB1907, HD1, to temporarily suspend the income tax net operating loss carryback deduction for losses generated in 2009 and 2010, and places a cap on itemized deductions claimed on state income tax returns

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