STAND. COM. REP. NO.  763

Honolulu, Hawaii

                , 2009

RE:   H.B. No. 1584

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 1584 entitled:

"A BILL FOR AN ACT RELATING TO THE RATE OF INTEREST APPLICABLE TO OVERPAYMENTS OF TAX,"

begs leave to report as follows:

     The purpose of this bill is to protect the State's financial interests by reducing the rate of interest on the overpayment of taxes from two-thirds of one percent for each month or fraction thereof, to one-third of one percent for each month or fraction thereof.

     The Department of Taxation and the Tax Foundation of Hawaii provided comments. 

     Your Committee has amended this bill by making technical, nonsubstantive amendments for style, clarity, and consistency.

     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. 1584, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1584, 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