STAND. COM. REP. NO. 115
Honolulu, Hawaii
RE: S.B. No. 1497
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 Economic Development and Taxation, to which was referred S.B. No. 1497 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 short form bill is to amend Hawaii's income tax law to conform to changes to the Internal Revenue Code.
Your Committee finds that this bill would bring Hawaii tax law into compliance with the following federal acts, which were enacted in 2006, and amended the Internal Revenue Code:
(1) The Tax Increase Prevention and Reconciliation Act of 2005. (P.L. No. 109-222; May 17, 2005);
(2) The Heroes Earned Retirement Opportunity Act of 2006. (P.L. No. 109-227; May 29, 2006);
(3) The Pension Protection Act of 2006. (P.L. No. 109-280; August 17, 2006);
(4) An Act to Complete the Codification of Title 46, United States Code, "Shipping", as positive law. (P.L. No. 109-304; October 6, 2006); and
(5) The Tax Provisions of the Tax Relief and Health Care Act of 2006. (P.L. No. 109-432; December 20, 2006).
Your Committee has amended this bill by amending section 235‑2.3(a), Hawaii Revised Statutes, to replace the date December 31, 2005, with December 31, 2006.
As affirmed by the record of votes of the members of your Committee on Economic Development and Taxation that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1497, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1497, S.D. 1, and be recommitted to the Committee on Economic Development and Taxation, for further consideration.
Respectfully submitted on behalf of the members of the Committee on Economic Development and Taxation,
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____________________________ CAROL FUKUNAGA, Chair |
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