STAND. COM. REP. NO. 1445

Honolulu, Hawaii

RE:    H.B. No. 1411

       H.D. 2

       S.D. 1

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 1411, H.D. 2, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO CONFORMITY OF THE HAWAII INCOME TAX LAW TO THE INTERNAL REVENUE CODE,"

begs leave to report as follows:

     The purpose of this measure is to amend Hawaii's income tax law to conform with changes to the Internal Revenue Code.

     The Department of Taxation submitted written testimony in support of this measure.  The Tax Foundation of Hawaii submitted written comments on the measure.

     Your Committee finds that this annual conformity legislation is necessary to ensure that Hawaii tax law conforms with appropriate federal tax law.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1411, H.D. 2, S.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

ROSALYN H. BAKER, Chair