Examples of Rental Proceeds in a sentence
Act 185 also amended the definition of Gross Rental Proceeds to exclude the imposition of the TAT itself, as discussed, infra.Hawaii and the people of this state have carried the burden of improving the State of Hawaii in every area so that we can allow our visitors who come to Hawaii to enjoy the amenities that we now have at the present time.
Department Testimony on S.B. No. 1712, S.D. 3, H.D. 1, Relating to Transient Accommodations (March 31, 1982) (emphasis added).By enacting the 1988 and 1990 amendments to the definition of Gross Rental Proceeds, the legislature indicated that the TAT was not merely assessed on a gross room rate.
By creating a TAT Apportioning Provision, the legislature made itclear that, where a travel agency or tour packager had made the room arrangements for the transient, the TAT was not to be charged on the gross rate paid by the transient but only on the Gross Rental Proceeds allocated to or distributed to the operator.
Accordingly, the same purpose is attributed to the TAT Apportioning Provision as was expressed by the legislature in its concurrent enactment of the GET Apportioning Provision: to protect the hotel and visitor industry from the TAT being unfairly assessed on grossed up revenues.In addition to adding the TAT Apportioning Provision, Act 241 also specified that the Gross Rental Proceeds exclude amounts charged for the GET.
The OTCs state that the TAT can only be imposed on Gross Rental Proceeds derived from furnishing transient accommodations.
The exclusion of the GET from Gross Rental Proceeds was intended to prevent additional taxation on the privilege of doing business in Hawaiʻi.Your Committee believes that the charge for doing business in Hawaii is already imposed under the [GET] which is a tax on gross proceeds.
As a result, whereas the GET Apportioning Provision holds both parties liable for the GET, the TAT Apportioning Provision provides that only the operator is liable for the TAT.If the OTCs are operators, the OTCs cannot apply the TAT Apportioning Provision to split their Gross Rental Proceeds with the hotels.
If those moneys are not paid into the Rental Proceeds Account directly, you must pay those moneys into the Rental Proceeds Account within 3 Business Days of their receipt by you or by any other person on your behalf.
No. 198, 1987 House Journal, at 1178 (emphasis added).The definition of Gross Rental Proceeds was further amended in 1990 to specify that it excludes any amount collected for the TAT.
The results revealed that the tolerance values of all variables in the current study were greater than 0.1, and thus the Variance Inflation Factor values were less than the threshold value of 10 proposed by Hair et al (2010).