STAND. COM. REP. NO.1257-02
Honolulu, Hawaii
, 2002
S.D. 1
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 Finance, to which was referred S.B. No. 2831, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO AN EXTENSION OF THE RESIDENTIAL CONSTRUCTION AND REMODELING INCOME TAX CREDIT,"
begs leave to report as follows:
The purpose of this bill is to further stimulate the residential construction industry by:
(1) Extending the residential construction and remodeling income tax credit (tax credit) to apply to costs incurred by an unspecified date;
(2) Extending the tax credit to apply through an unspecified taxable year; and
(3) Amending the definition of "construction or remodeling cost" to clarify the costs for which the tax credit may be claimed.
Land Use Research Foundation of Hawaii, Building Industry Association of Hawaii, Subcontractors Association of Hawaii, American Institute of Architects Hawaii State Council, Armstrong Builders, Ltd., Philtonic Marketing Group, Ko Olina Resort and Marina, and several individuals testified in support of the bill. The Department of Taxation submitted testimony in support of the bill with amendments. The Department of Business, Economic Development, and Tourism supported the intent of the measure. The Tax Foundation of Hawaii commented on the bill.
Your Committee has amended this bill by:
(1) Specifying that the tax credit shall be available through 2005; and
(2) Amending the definition of "construction or remodeling cost" to:
(A) Clarify the costs for which the tax credit may be claimed; and
(B) Modify the time period in which the credit may be claimed.
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. 2831, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2831, S.D. 1, H.D. 1.
Respectfully submitted on behalf of the members of the Committee on Finance,
|
DWIGHT Y. TAKAMINE, Chair |
||