STAND. COM. REP. NO.  1149

Honolulu, Hawaii

                , 2011

RE:   S.B. No. 1241

      S.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

Sir:

     Your Committees on Water, Land, & Ocean Resources and Housing, to which was referred S.B. No. 1241, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO CONVEYANCE TAX,"

beg leave to report as follows:

     The purpose of this bill to assist the State in addressing its financial difficulties by repealing the conveyance tax exemption for the sale or transfer of real property that has been certified by the Hawaii Housing Finance and Development Corporation for low-income housing development.

     The Hawaii Housing Finance and Development Corporation testified in support of this bill.  The Department of Taxation and Tax Foundation of Hawaii offered comments.

     As affirmed by the records of votes of the members of your Committees on Water, Land, & Ocean Resources and Housing that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 1241, S.D. 1, and recommend that it pass Second Reading and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committees on Water, Land, & Ocean Resources and Housing,

____________________________ RIDA T.R. CABANILLA, Chair

____________________________ JERRY L. CHANG, Chair