STAND. COM. REP. NO.  686-14

 

Honolulu, Hawaii

                , 2014

 

RE:   H.B. No. 2370

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 2370 entitled:

 

"A BILL FOR AN ACT RELATING TO TAXATION,"

 

begs leave to report as follows:

 

     The purpose of this measure is to amend the existing law on partial payment of taxes by requiring that partial payment of taxes be credited in equal amounts to interest, penalties, and principal.

 

     The Chamber of Commerce of Hawaii and an individual provided testimony in support of this measure.  The Department of Taxation and Tax Foundation of Hawaii provided comments on this measure.

 

     Your Committee has amended this measure by:

 

     (1)  Changing its effective date to July 1, 2030, for the purpose of facilitating further discussion; and

 

     (2)  Making technical, nonsubstantive amendments for the purposes of 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 H.B. No. 2370, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2370, H.D. 1, and be placed on the calendar for Third Reading.

 

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

 

 

 

 

____________________________

SYLVIA LUKE, Chair