Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2566, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to make various amendments to Hawaii's income tax law to conform with changes to the Internal Revenue Code.

The Department of Taxation and Department of Human Resources Development testified in support of this measure. The Tax Foundation of Hawaii submitted comments.

Your Committee has amended this bill by:

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. 2566, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2566, H.D. 2, and be placed on the calendar for Third Reading.