STAND. COM. REP. NO. 1605

Honolulu, Hawaii

, 2005

RE: S.B. No. 1745

S.D. 1

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 1745, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO RELIEF FOR MANOA FLOOD VICTIMS,"

begs leave to report as follows:

The purpose of this bill is to provide a one-time, nonrefundable tax credit of up to $2,000 to the victims of the Manoa flood of October 2004.

The Department of Taxation opposed this bill. The Tax Foundation of Hawaii offered comments.

Your Committee has amended this measure by:

(1) Clarifying that the tax credit does not include expenses reimbursable by insurance proceeds or disaster relief payments from government agencies or non-profit organizations;

(2) Limiting the tax credit to $2,000 in the aggregate for the two years during which the credit can be claimed;

(3) Prohibiting any taxpayer who claims the tax credit from claiming any other credit for the same non-reimbursable expenses;

(4) Inserting language to conform to standard tax credit statutes; and

(5) Making technical, nonsubstantive amendments for clarity 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 S.B. No. 1745, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1745, S.D. 1, H.D. 1.

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

 

____________________________

DWIGHT TAKAMINE, Chair