STAND. COM. REP. NO.  530-10

 

Honolulu, Hawaii

                , 2010

 

RE:   H.B. No. 2866

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 2866 entitled:

 

"A BILL FOR AN ACT RELATING TO TAXATION,"

 

begs leave to report as follows:

 

     The purpose of this bill is to work to address the fiscal crisis facing Hawaii by adjusting income tax rates for taxable years beginning after December 31, 2009, and ending before January 1, 2016.

 

     The Policy Advisory Board for Elder Affairs; United Public Workers, AFSCME, Local 646, AFL-CIO; and Hawaii Government Employees Association testified in support of this bill.  The Department of Taxation opposed this measure.  Tax Foundation of Hawaii provided comments.

 

     Upon further consideration, your Committee has amended this bill by deleting its contents and replacing it with language that provides the State with the ability to capture the state death tax credit as it existed in the Internal Revenue Code on December 31, 2009.


     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. 2866, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2866, 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