STAND. COM. REP. NO. 414-16
Honolulu, Hawaii
, 2016
RE: H.B. No. 1958
H.D. 1
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Eighth State Legislature
Regular Session of 2016
State of Hawaii
Sir:
Your Committees on Housing and Human Services, to which was referred H.B. No. 1958 entitled:
"A BILL FOR AN ACT RELATING TO A GENERAL EXCISE TAX EXEMPTION FOR LOW INCOME RENTAL SUBSIDIES,"
beg leave to report as follows:
Your Committees note the comments raised by the Department of Taxation on this measure, which states that the fiscal implications of this measure may mean a loss of revenue of over $4,000,000 to $5,000,000 annually.
Your Committees have amended this measure by:
(1) Changing the application date of this measure to gross income or gross proceeds received after December 31, 2016; and
(2) Changing its effective date to July 1, 2050, to encourage further discussion.
As affirmed by the records of votes of the members of your Committees on Housing and Human Services that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 1958, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 1958, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committees on Housing and Human Services,
____________________________ DEE MORIKAWA, Chair |
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____________________________ MARK J. HASHEM, Chair |
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