STAND. COM. REP. NO.  126-10

Honolulu, Hawaii

                , 2010

RE:   H.B. No. 1953

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

Sir:

     Your Committee on Water, Land, & Ocean Resources, to which was referred H.B. No. 1953 entitled:

"A BILL FOR AN ACT RELATING TO TAXATION,"

begs leave to report as follows:

     The purpose of this bill is to help accommodate land development and population growth resulting from land use plans and policies by funding infrastructure projects through the imposition of a general excise tax of 1 percent on the gross proceeds from the sale of certain real property less specified deductions.

     The Department of Taxation, Hawaii Association of REALTORS, and Land Use Research Foundation of Hawaii opposed this bill.  The Tax Foundation of Hawaii provided comments.

     As affirmed by the record of votes of the members of your Committee on Water, Land, & Ocean Resources that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1953 and recommends that it pass Second Reading and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Water, Land, & Ocean Resources,

____________________________

KEN ITO, Chair