STAND. COM. REP. NO. 1336-00

                                 Honolulu, Hawaii
                                                   , 2000

                                 RE: S.B. No. 2942
                                     




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No.
2942 entitled: 

     "A BILL FOR AN ACT RELATING TO THE GENERAL FUND EXPENDITURE
     CEILING REPORTING DATES,"

begs leave to report as follows:

     The purpose of this bill is to improve the accuracy of the
official forecasts of total state personal income by changing:

     (1)  The dates on which the Director of Finance must
          determine estimates of the state growth and expenditure
          ceiling from August 1 and November 1, to August 15 and
          November 15, respectively; and

     (2)  The dates on which the Council on Revenues must report
          its estimates of total state personal income to the
          Director of Finance, the Governor, the Chief Justice,
          and the Legislature from July 20 and October 20 to
          August 5 and November 5, respectively.

     The Department of Taxation testified in support of this
bill.  The Council on Revenues and the Tax Foundation of Hawaii
offered comments.


 
 
 
 
 
 
                                 STAND. COM. REP. NO. 1336-00
                                 Page 2

 
     As affirmed by the record of votes of the members of your
Committee on Finance that is attached to this report, your
Committee is in accord with the intent and purpose of S.B. No.
2942 and recommends that it pass Second Reading and be placed on
the calendar for Third Reading.

                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Finance,



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair