CONFERENCE COMMITTEE REP. NO.70
Honolulu, Hawaii
, 2001
RE: H.B. No. 1685
H.D. 1
S.D. 1
C.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Honorable Robert Bunda
President of the Senate
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 1685, H.D. 1, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.
The purpose of this bill is to provide an operating lease investment income tax credit for lessees of "stage 3" aircraft under an operating lease.
"Stage 3" generally refers to aircraft that operate under reduced noise levels as defined by federal regulations.
Your Committee on Conference has amended this measure by deleting its contents and inserting provisions:
(1) Exempting from the general excise tax amounts received as rent for the rental or leasing of aircraft or aircraft engines used for interisland air transportation; and
(2) Clarifying the existing use tax exemption for the rental or leasing of aircraft or aircraft engines used for interisland air transportation.
As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 1685, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 1685, H.D. 1, S.D. 1, C.D. 1.
Respectfully submitted on behalf of the managers:
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ON THE PART OF THE SENATE |
ON THE PART OF THE HOUSE |
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____________________________ CAL KAWAMOTO, Chair |
____________________________ JOSEPH M. SOUKI, Co-Chair |
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____________________________ WILLIE C. ESPERO, Co-Chair |