STAND. COM. REP. 704
Honolulu, Hawaii
, 2003
RE: H.B. No. 626
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Second State Legislature
Regular Session of 2003
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 626 entitled:
"A BILL FOR AN ACT RELATING TO INDIVIDUAL DEVELOPMENT ACCOUNT CONTRIBUTION TAX CREDIT,"
begs leave to report as follows:
The purpose of this bill is to change the amount of the Individual Development Account (IDA) Contribution Tax Credit (Tax Credit) from 50 percent of the amount contributed by a taxpayer towards an IDA to 100 percent of the amount contributed.
The Department of Taxation and Tax Foundation of Hawaii offered comments.
Your Committee has amended this measure by:
(1) Changing the amount of the Tax Credit to 75 percent of the amount contributed by a taxpayer towards an IDA;
(2) Changing the effective date to July 1, 2010; and
(3) Making technical, nonsubstantive amendments for purposes of style and clarity.
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. 626, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 626, H.D. 1, and be placed on the calendar for Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
|
____________________________ DWIGHT Y. TAKAMINE, Chair |
||