06-26-2016, 02:59 PM
It's probably true, but there is one possible bright side in that you probably will be able to recoup a large portion of the expense through Act 120.
From http://health.hawaii.gov/wastewater/home/taxcredit/
Act 120 provides a temporary income tax credit for the cost of upgrading or converting a qualified cesspool to a septic tank system or an aerobic treatment unit system, or connecting to a sewer system. A taxpayer may apply for a tax credit of up to $10,000 for each qualified cesspool. Tax credits are available for five years. The tax credit starts in tax year 2016, January 1, 2016 and ends in tax year 2020, December 31, 2020. There is a $5,000,000 cap that is available for each tax year. Any taxpayer who is not eligible to claim the credit in a taxable year shall be eligible to claim the credit in the subsequent taxable years from 2017 to 2020.
Pay attention to the above in that it is a short lived program that is best jumped on immediately rather than otherwise.
From http://health.hawaii.gov/wastewater/home/taxcredit/
Act 120 provides a temporary income tax credit for the cost of upgrading or converting a qualified cesspool to a septic tank system or an aerobic treatment unit system, or connecting to a sewer system. A taxpayer may apply for a tax credit of up to $10,000 for each qualified cesspool. Tax credits are available for five years. The tax credit starts in tax year 2016, January 1, 2016 and ends in tax year 2020, December 31, 2020. There is a $5,000,000 cap that is available for each tax year. Any taxpayer who is not eligible to claim the credit in a taxable year shall be eligible to claim the credit in the subsequent taxable years from 2017 to 2020.
Pay attention to the above in that it is a short lived program that is best jumped on immediately rather than otherwise.