Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2511 entitled:

begs leave to report as follows:

The purpose of this bill is to conform the state tax withholding remittance date for employers with an annual state withholding tax liability exceeding $40,000, to the remittance date required under federal employment tax provisions, which provides for a semi-weekly remittance date, as opposed to the current monthly remittance.

The Department of Taxation supported this bill with amendments. The Tax Foundation of Hawaii submitted comments.

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. 2511 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.