SB 32

RELATING TO INCOME TAX

By Senator(s) LEVIN

Keywords: FOREIGN AND INTERNATIONAL BUSINESS, INCOME TAX, TAX DEDUCTIONS, TAXATION

Report Title: Income Tax; Foreign Income

Description: Conforms state income tax to federal Internal Revenue Code exclusion of foreign earned income with limits of, $72,000 in 1998, with an additional $2,000 exclusion annually until 2002 and thereafter where exclusion is $80,000. Authorizes same exclusion for income earned out-of-state.

     -                                                                     
 1-20-99        S Prefiled                                                 
 1-20-99        S Introduced and passed First Reading                      
 1-21-99        S Referred to WAM                                          
 2- 3-99        S Bill scheduled to be heard by WAM on 02-09-99 at
                  9:00 a.m. in conference room 211
 2- 9-99        S The measure is deferred.                                 
 3- 2-99        S Notice of public decision making by WAM on 03-05-99         
                  at 9:00 a.m. in conference room 211.
 3- 5-99        S The committee on WAM recommends that the measure be         
                  PASSED, UNAMENDED.
 3- 5-99        S The votes in WAM were as follows: 12 Ayes:
                  Senator(s) Fukunaga, Levin, Buen, Chun, Chun
                  Oakland, D. Ige, M. Ige, Iwase, Kawamoto, Nakata,
                  Tam, Anderson; Ayes with reservations: Senator(s) ;         
                  none Noes: Senator(s) ; and 1 Excused: Senator(s)
                  Taniguchi
 3- 5-99        S Reported from WAM (Stand. Com. Rep. No. 687) with
                  recommendation of passage on Second Reading and
                  placement on the calendar for Third Reading
 3- 5-99        S Report adopted; Passed Second Reading                    
 3- 5-99        S One day notice                                           
 3- 9-99        S Passed Third Reading. Ayes, 25.  Noes, none. 
                  Excused, none.
 3- 9-99        S Transmitted to House                                     
 3- 9-99        H Received from Senate (Sen. Com. No. 50)                  
 3-11-99        H Introduced and passed First Reading                      
 3-11-99        H Referred to the committee on FIN, referral sheet 26