STAND. COM. REP. NO.696
Honolulu, Hawaii
, 2001
RE: H.B. No. 424
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 424 entitled:
"A BILL FOR AN ACT RELATING TO THE INCOME TAX,"
begs leave to report as follows:
The purpose of this bill is to increase the standard deductions for the State Income Tax as follows:
(1) $2,400 for married couples filing joint returns;
(2) $2,100 for heads of households;
(3) $1,900 for single persons; and
(4) $1,200 for married individuals filing separately.
The Department of Taxation supported the intent of this bill. The Tax Foundation of Hawaii submitted comments.
Your Committee has:
(1) Retained the current provisions of this bill; and
(2) Amended this bill by increasing the standard deductions for taxable years after 2001 as follows:
(A) $3,000 for married couples filing joint returns;
(B) $2,500 for heads of households;
(C) $2,100 for single persons; and
(D) $1,500 for married individuals filing separately.
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 H.B. No. 424, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 424, H.D. 1 and be placed on the calendar for Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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