STAND. COM. REP. NO.  957

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 1434

 

 

 

 

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 H.B. No. 1434 entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this bill is to provide for an income tax credit, to be multiplied by the number of the taxpayer's qualified exemptions, to every resident, individual taxpayer of the state to satisfy constitutionally mandated requirements.

 

     The Department of Taxation supported the intent of this bill.  The Hawaii Government Employees Association opposed this measure.  The Tax Foundation of Hawaii submitted comments.

 

     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. 1434 and recommends that it pass Second Reading 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