[§235-110.6]  Fuel tax credit for commercialfishers.  (a)  Each principal operator of a commercial fishing vessel whofiles an individual or corporate net income tax return for a taxable year mayclaim an income tax credit under this section against the Hawaii stateindividual or corporate net income tax.

(b)  The tax credit shall be an amount equal tothe fuel taxes imposed under section 243-4(a) and paid by the principaloperator during the taxable year.

(c)  The tax credit claimed under this section bythe principal operator shall be deductible from the principal operator'sindividual or corporate income tax liability, if any, for the tax year in whichthe credit is properly claimed; provided that a husband and wife filingseparate returns for a taxable year for which a joint return could have beenmade by them shall claim only the tax credit to which they would have beenentitled had a joint return been filed. If the tax credit claimed by theprincipal operator under this section exceeds the amount of the income taxpayments due from the principal operator, the excess of credit over paymentsdue shall be refunded to the principal operator; provided that the tax creditproperly claimed by a principal operator who has no income tax liability shallbe paid to the principal operator; and provided further no refunds or paymentson account of the tax credit allowed by this section shall be made for amountsless than $1.

(d)  The director of taxation shall preparesuch forms as may be necessary to claim a credit under this section, mayrequire proof of the claim for the tax credit, and may adopt rules pursuant tochapter 91.

(e)  All of the provisions relating toassessments and refunds under this chapter and under section 231-23(c)(1) shallapply to the tax credit under this section.

(f)  Claims for the tax credit under thissection, including any amended claims thereof, shall be filed on or before theend of the twelfth month following the taxable year for which the credit may beclaimed.

(g)  As used in this section:

(1)  "Commercial fishing vessel" means anywater vessel which is used to catch or process fish or transport fish loaded onthe high seas.

(2)  "Principal operator" means anyindividual or corporate resident taxpayer who derives at least fifty-one percent of the taxpayer's gross annual income from commercial fishing operations.[L 1981, c 210, §1]

 

Revision Note

 

  In subsection (e), "231-23(c)(1)" substituted for"231-23(d)(1)".