STAND. COM. REP. NO. 592

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1197
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No.
1197 entitled: 

     "A BILL FOR AN ACT RELATING TO CONFORMITY OF THE HAWAII
     INCOME TAX LAW TO THE INTERNAL REVENUE CODE,"

begs leave to report as follows:

     The purpose of this bill is to conform the Hawaii Income Tax
Law to the Internal Revenue Code.

     H.B. No. 1197 was introduced as a short-form bill, which is
sometimes referred to as a "vehicle" bill primarily used to
introduce a bill containing only a general ideas as to the
purpose of the bill without specific details in long form.

     Your Committee has amended the bill to provide the
substantive contents of the bill in long form so that a public
hearing may be properly held on its substantive contents.

     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 action to report out H.B. No.
1197, as amended herein, and recommends that it be recommitted to
the Committee on Finance, for the purpose of holding a public
hearing thereon, in the form attached hereto as H.B. No. 1197,
H.D. 1.

 
 
 
 
 
                                 STAND. COM. REP. NO. 592
                                 Page 2

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



                                   
                                   DWIGHT Y. TAKAMINE, Chair