STAND. COM. REP. NO. 1477-06
Honolulu, Hawaii
, 2006
RE: S.B. No. 3037
S.D. 2
H.D. 2
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Third State Legislature
Regular Session of 2006
State of Hawaii
Sir:
Your Committee on Finance, to which was referred S.B. No. 3037, S.D. 2, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO RELIEF OF MANOA FLOOD VICTIMS,"
begs leave to report as follows:
The purpose of this bill is to help Manoa flood victims recover losses incurred by providing a one-time, refundable tax credit. Among other things, the tax credit:
(1) Shall not exceed $10,000;
(2) Shall be equivalent to ten percent of the total losses incurred that is not reimbursable by insurance proceeds or disaster relief payments from government agencies or non-profit organizations; and
(3) Is provided to individuals who earn an annual gross income of less than $75,000.
The Department of Taxation and Department of Defense supported the intent of this measure. The Tax Foundation of Hawaii offered comments.
Your Committee has amended this bill by:
(1) Changing the effective date to July 1, 2020, to encourage further discussion; and
(2) Making technical, nonsubstantive amendments for clarity and style.
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. 3037, S.D. 2, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 3037, S.D. 2, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT TAKAMINE, Chair |
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