STAND. COM. REP. 1420

Honolulu, Hawaii

, 2003

RE: S.B. No. 1621

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 1621 entitled:

"A BILL FOR AN ACT RELATING TO STANDARD DEDUCTION AMOUNT,"

begs leave to report as follows:

The purpose of this bill is to provide unspecified new standard deduction amounts for state income tax purposes.

The Department of Taxation supported the intent of this bill. The Tax Foundation of Hawaii submitted comments.

Your Committee has amended this bill by making the new standard deduction amounts operative upon a declaration by the Governor that general fund tax collections have increased by at least 7.5 percent in each of two successive fiscal years.

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 S.B. No. 1621, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1621, H.D. 1, and be placed on the calendar for Third Reading.

 

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

 

____________________________

DWIGHT Y. TAKAMINE, Chair