CONFERENCE COMMITTEE REP. NO. 111-14

Honolulu, Hawaii

                 , 2014

RE:    H.B. No. 2464

       H.D. 1

       S.D. 1

       C.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Sir and Madam:

     Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 2464, H.D. 1, S.D. 1, entitled:

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

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

     The purpose of this measure is to clarify how the important agricultural land qualified agricultural cost tax credit is to be calculated.

     Your Committee on Conference has amended this measure by:

     (1)  Removing the authorization for taxpayers who filed claims for taxable years ending prior to January 1, 2014, to claim the additional tax credits allowed under this measure; and

     (2)  Changing its effective date to apply, upon approval, to taxable years beginning after July 1, 2008.

     As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 2464, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 2464, H.D. 1, S.D. 1, C.D. 1.

Respectfully submitted on behalf of the managers:

ON THE PART OF THE SENATE

ON THE PART OF THE HOUSE

____________________________ CLARENCE K. NISHIHARA, Chair	____________________________ KYLE T. YAMASHITA, Chair
____________________________ DAVID Y. IGE, Co-Chair