STAND. COM. REP. NO.227-02
Honolulu, Hawaii
, 2002
RE: H.B. No. 808
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Sir:
Your Committee on Economic Development and Business Concerns, to which was referred H.B. No. 808 entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
The purpose of this bill is to establish high technology tax incentives to encourage the continued growth and development of high technology businesses in Hawaii.
No testimony was submitted on this bill. However, the Department of Taxation commented on the proposed H.D. 1, that provided for tax exemptions and credits for live performances, that was circulated during the hearing.
Your Committee has amended this measure by deleting its contents and replacing it with the following provisions:
(1) The establishment of an income tax exemption for amounts received up to $20,000 from live performances; and
(2) For employers of live performers, the establishment of an income tax credit of 10 per cent of the increase in performers' salaries, payroll taxes, and benefits over the amount reported in the employer's 2001 tax return incurred in hiring Hawaii residents for live performances.
As affirmed by the record of votes of the members of your Committee on Economic Development and Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 808, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 808, H.D. 1, and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Economic Development and Business Concerns,
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____________________________ LEI AHU ISA, Chair |
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