STAND. COM. REP. 843
Honolulu, Hawaii
, 2003
RE: H.B. No. 339
H.D. 2
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. 339, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO A COLLEGE SAVINGS PROGRAM TAX CREDIT,"
begs leave to report as follows:
The purpose of this bill is to establish a refundable College Savings Program Tax Credit (Tax Credit) based on contributions made on or after January 1, 2006, and before January 1, 2011, to the account of a designated beneficiary under the Hawaii College Savings Program.
The University of Hawaii supported the intent of this bill. The Department of Taxation and Tax Foundation of Hawaii offered comments.
Your Committee has amended this measure by:
(1) Deleting all percentages and adjusted gross income values in the Tax Credit schedules to promote further discussion;
(2) Establishing a tax credit schedule for taxpayers filing as heads of households;
(3) Making the Tax Credit nonrefundable; and
(4) 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. 339, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 339, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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