STAND. COM. REP. NO. 83

Honolulu, Hawaii

, 2005

RE: H.B. No. 731

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Economic Development & Business Concerns, to which was referred H.B. No. 731 entitled:

"A BILL FOR AN ACT RELATING TO INCOME TAX WITHHOLDING,"

begs leave to report as follows:

The purpose of this bill is to clarify the state withholding tax remittance due dates by amending Hawaii's income tax withholding provisions.

The Department of Taxation testified in support of the measure. The Tax Foundation of Hawaii provided comments.

Your Committee finds that these amendments will ease compliance for employers, banks, and payroll companies by providing three banking days to remit withholding taxes for federal and state purposes, while also easing the administrative burden of the Department of Taxation and other agencies.

As affirmed by the record of votes of the members of your Committee on Economic Development & Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 731 and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

 

Respectfully submitted on behalf of the members of the Committee on Economic Development & Business Concerns,

 

____________________________

ROBERT N. HERKES, Chair