STAND. COM. REP. NO.1250
Honolulu, Hawaii
, 2001
RE: S.B. No. 854
S.D. 1
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 S.B. No. 854, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
The purpose of this bill is to:
(1) Provide a 20 percent earned income tax credit to resident taxpayers;
(2) Require the Department of Taxation (DOTAX) to include annual statistical information in its reports on tax credits; and
(3) Amend various tax laws to conform to federal law.
The Office of Community Services, Hawaii State Commission on the Status of Women, American Friends Service Committee, and the Kokua Council testified in support of this bill. The Department of Budget and Finance testified in opposition to this bill. DOTAX and Tax Foundation of Hawaii commented on this bill.
Your Committee has amended this bill by:
(1) Removing the earned income tax credit;
(2) Removing the requirement that DOTAX include annual statistical information in its reports on tax credits; and
(3) 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. 854, S.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 854, S.D. 1, 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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