STAND. COM. REP. NO.  946

Honolulu, Hawaii

                , 2007

RE:   H.B. No. 501

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 501 entitled:

"A BILL FOR AN ACT RELATING TO LOW-INCOME REFUNDABLE TAX CREDIT,"

begs leave to report as follows:

     The purpose of this bill is to provide tax relief to low-income individuals by increasing the Low-income Refundable Tax Credit.

     The Department of Taxation and Tax Foundation of Hawaii submitted comments.

     Your Committee has amended this bill by removing specific credit per exemption dollar amounts to facilitate further discussion.

     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. 501, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 501, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair