Senator Jill N. Tokuda, Chair |
Senator Ronald D. Kouchi, Vice Chair |
NOTICE OF HEARING
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9:00 am |
PLACE: |
Conference Room 211 State Capitol 415 South Beretania Street |
RELATING TO THE GENERAL FUND EXPENDITURE CEILING. Recalibrates the general fund expenditure ceiling from the fiscal year 2019-2020. Requires the recalibration to be based on the previous fiscal year's general fund appropriation, rather than general fund expenditure ceiling.
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RELATING TO INCOME TAX. Reduces or eliminates the state income tax liability for taxpayers with a federal adjusted gross income of less than 125% of the federal poverty guidelines set forth each year by the United States Department of Health and Human Services. Applies to taxable years beginning after 12/31/2015.
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RELATING TO TAXATION. Establishes a refundable state earned income tax credit. Requires DOTAX to prepare an annual report on the tax credit's usage for the previous year. Applies to taxable years beginning after 12/31/2015.
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RELATING TO TAX CREDITS. Amends the refundable food/excise tax credit. Ties the credit to increases in the consumer price index. Applies to taxable years beginning after 12/31/2015.
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RELATING TO TAX CREDITS. Increases the adjusted gross income and credit per exemption amounts regarding the refundable food/excise tax credit. Requires these dollar amounts to be adjusted for inflation beginning in tax year 2016.
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RELATING TO INCOME TAXATION. Increases the income tax standard deduction for an individual who is not married and not a surviving spouse or a head of household or an individual who is married and filing a separate return.
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RELATING TO CONFORMANCE OF STATE PERSONAL EXEMPTION TO FEDERAL PERSONAL EXEMPTION. Conforms the State personal exemption amount to the federal personal exemption amount.
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RELATING TO BUDGETING. Requires the inclusion of efficiency measures in the budget documents. States intent that the provisions also apply to the judiciary budget by operation of existing law. Takes effect on 07/01/16; except that preparation of efficiency measures shall commence from the date of approval.
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RELATING TO THE BUDGET. Requires the inclusion in the six-year program and financial plan and budget of information on the debt service for bonds issued to finance a proposed capital improvement project. States intent that the provisions also apply to the judiciary budget by operation of existing law. Effective 07/01/16.
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Decision Making to follow, if time permits.
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FOR AMENDED NOTICES: Measures that have been deleted are stricken through and measures that have been added are underscored. If a measure is both underscored and stricken through, that measure has been deleted from the agenda.
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FOR FURTHER INFORMATION, PLEASE CALL THE COMMITTEE CLERK AT (808) 586-6800
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_____________________________________ Senator Jill N. Tokuda Chair |
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