STAND. COM. REP. NO. 871

Honolulu, Hawaii

, 2005

RE: H.B. No. 329

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 329 entitled:

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

begs leave to report as follows:

The purpose of this bill is to support military families in Hawaii by establishing a Military Dependent Tax Credit (Tax Credit) for certain members of the Hawaii National Guard and the Reserves of the United States Army, Navy, Air Force, Marine Corps, and Coast Guard. Specifically, this bill establishes the Tax Credit at $100 for each member who claims a qualified dependent.

The Chamber of Commerce of Hawaii, Hawaii National Guard Enlisted Association, and a concerned citizen supported this bill. The Department of Defense supported the intent of this bill. The Department of Taxation and Tax Foundation of Hawaii offered comments.

Your Committee notes that while its members appreciate the valiant efforts and sacrifices made by all of Hawaii's military, this legislation is intended, especially, to help those enlisted members, non-commissioned officers, and junior officers who can most benefit from the Tax Credit contained within.

 

Your Committee has amended this bill by:

(1) Changing the amount of the Tax Credit to an unspecified amount to promote further discussion; and

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

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. 329, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 329, H.D. 1.

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

 

____________________________

DWIGHT TAKAMINE, Chair