STAND. COM. REP. 1376

Honolulu, Hawaii

, 2003

RE: S.B. No. 1394

S.D. 2

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 1394, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO CONFORMITY OF THE HAWAII INCOME TAX LAW TO THE INTERNAL REVENUE CODE,"

begs leave to report as follows:

The purpose of this bill is to conform Hawaii's income tax law to changes in the federal Internal Revenue Code (IRC).

The Department of Taxation supported the intent of this bill. The Tax Foundation of Hawaii offered comments.

Your Committee has amended this measure by:

(1) Deleting the provision that adds section 62(a)(2)(D) of the IRC, relating to deductions for classroom materials paid for by educators, on the list of IRC provisions that are not operative under Hawaii income tax law; and

(2) Making technical, nonsubstantive amendments for purposes of style and clarity.

 

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 S.B. No. 1394, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1394,

S.D. 2, H.D. 1, and be placed on the calendar for Third Reading.

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

 

____________________________

DWIGHT Y. TAKAMINE, Chair