Business/In Brief • Dec. 19, 2014
Kauai council kills GMO research tax
LIHUE – The Kauai County Council has killed a bill that may have resulted in higher taxes for companies researching genetically modified crops.
The bill would have changed the way taxes are assessed on biotechnology research companies. It had passed the Kauai County Council but was vetoed by Mayor Bernard Carvalho Jr.
The Garden Island reported that the council affirmed the mayor’s veto Wednesday in a 5-1 vote.
The bill had proposed to use lease amounts, instead of fair market values, to calculate property tax assessments on biotech companies.
County spokeswoman Beth Tokioka says Carvalho vetoed the bill because it would have unfairly targeted businesses.