STAND. COM. REP. NO.  1815

 

Honolulu, Hawaii

                , 2007

 

RE:   S.B. No. 148

      S.D. 2

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred S.B. No. 148, S.D. 2, entitled:

 

"A BILL FOR AN ACT RELATING TO INCOME TAX CREDIT,"

 

begs leave to report as follows:

 

     The purpose of this bill is to satisfy the Hawaii state constitutional requirement that taxpayers receive a tax credit or refund when the balance of the General Fund exceeds five percent of general revenues for each of two successive fiscal years.

 

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

 

     Your Committee has amended this bill by:

 

     (1)  Inserting $1, multiplied by the number of qualified exemptions, as the amount of the income tax credit; and

 

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

 


     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. 148, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 148, 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,

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair