STAND. COM. REP. NO.1378
Honolulu, Hawaii
, 2001
RE: S.B. No. 751
S.D. 1
H.D. 2
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 S.B. No. 751, S.D. 1, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
The purpose of this bill is to provide a general excise exemption for interisland transportation aircraft and engine rentals or leases.
A proposed H.D. 2 was made available to interested agencies and organizations to elicit testimony on the proposed draft which replaced the contents of the H.D. 1 with:
(1) A food tax credit based on adjusted gross income;
(2) An earned income tax credit equal to a percentage of the federal earned income tax credit; and
(3) An increased standard income tax deduction for 2001.
The American Friends Service Committee supported the measure. The Department of Taxation, the Department of Budget and Finance, and the Tax Foundation of Hawaii submitted comments.
Your Committee has amended the proposed H.D. 2 by:
(1) Changing the language relating to the complete phase-out from "Over $30,000" to "$30,000 and over"; and
(2) Making technical, nonsubstantive amendments for purposes of clarity and style.
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. 751, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 751, S.D. 1, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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