STAND. COM. REP. NO. 2477
Honolulu, Hawaii
RE: S.B. No. 2838
S.D. 1
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fourth State Legislature
Regular Session of 2008
State of Hawaii
Madam:
Your Committees on Human Services and Public Housing and Economic Development and Taxation, to which was referred S.B. No. 2838 entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
beg leave to report as follows:
The purpose of this measure is to allow income tax refunds to be deposited electronically in a maximum of three checking and savings accounts.
Testimony in support of this measure was submitted by the Hawai‘i Alliance for Community-Based Economic Development. Testimony in opposition to this measure was submitted by the Department of Taxation. Comments on the measure were submitted by the Tax Foundation of Hawaii.
Your Committees find that allowing tax refunds to be deposited automatically into more than one financial account provides a convenient opportunity for individuals to save a lump sum of money, and encourages saving and asset building particularly among individuals earning lower incomes.
Your Committees have amended this measure by incorporating the comments of the Department of Taxation by allowing the electronic deposit of tax refunds into up to three financial accounts only for those who file tax returns electronically.
As affirmed by the records of votes of the members of your Committees on Human Services and Public Housing and Economic Development and Taxation that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 2838, as amended herein, and recommend that it pass Second Reading in the form attached hereto as S.B. No. 2838, S.D. 1, and be referred to the Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committees on Human Services and Public Housing and Economic Development and Taxation,
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____________________________ CAROL FUKUNAGA, Chair |
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____________________________ SUZANNE CHUN OAKLAND, Chair |
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