STAND. COM. REP. NO. 616-12
Honolulu, Hawaii
, 2012
RE: H.B. No. 2240
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Sixth State Legislature
Regular Session of 2012
State of Hawaii
Sir:
Your Committees on Economic Revitalization & Business and International Affairs, to which was referred H.B. No. 2240 entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
beg leave to report as follows:
Your Committees have amended this measure by:
(1) Eliminating the tax credit provided;
(2) Providing tax exemptions to certain eligible businesses that relocate their corporate headquarters to the State from outside the State; and
(3) Specifying, among other things, that qualifying businesses must have had worldwide revenues of at least $100,000,000 in the year preceding the business's application for an exemption.
As affirmed by the records of votes of the members of your Committees on Economic Revitalization & Business and International Affairs that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 2240, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 2240, H.D. 1, and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committees on Economic Revitalization & Business and International Affairs,
____________________________ KAREN L. AWANA, Chair |
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____________________________ ANGUS L.K. McKELVEY, Chair |
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