STAND. COM. REP. NO. 940

Honolulu, Hawaii

, 2021

RE: H.B. No. 1184

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-First State Legislature

Regular Session of 2021

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1184, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO TAXATION,"

begs leave to report as follows:

The purpose of this measure is to exempt the sale of precious metal bullion within the State from the general excise tax.

Your Committee received testimony in support of this measure from the Sound Money Defense League and two individuals. Your Committee received testimony in opposition to this measure from Americans for Democratic Action. Your Committee received comments on this measure from the Department of Taxation; Tax Foundation of Hawaii; Foundation for the Advancement of Monetary Education, Ltd; Industry Council for Tangible Assets, Inc.; and Liberty Coin Service.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1184, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

SYLVIA LUKE, Chair