STAND. COM. REP. 54
Honolulu, Hawaii
, 2003
RE: H.B. No. 521
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 Economic Development and Business Concerns, to which was referred H.B. No. 521 entitled:
"A BILL FOR AN ACT RELATING TO AN ANNUAL GENERAL EXCISE TAX HOLIDAY,"
begs leave to report as follows:
The purpose of this bill is to provide tax relief to Hawaii taxpayers by establishing an annual general excise tax holiday that would last up to seven days.
The Retail Merchants of Hawaii and National Federation of Independent Business submitted testimony in support of this bill. The Department of Taxation supported the intent of this bill.
The Tax Foundation of Hawaii submitted comments.
Upon further consideration, your Committee has amended this bill by:
(1) Reducing the tax holiday period from a maximum of seven to three days;
(2) Requiring the Department of Taxation to report to the Legislature on the fiscal impact of the tax holiday; 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 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. 521, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 521, 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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____________________________ BRIAN SCHATZ, Chair |
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