STAND. COM. REP. NO. 777

Honolulu, Hawaii

, 2005

RE: S.B. No. 1793

S.D. 2

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 1793, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO LEASEHOLD CONVERSION,"

begs leave to report as follows:

The purpose of this measure is to encourage the conversion of residential leasehold properties.

This measure will provide, for a limited time, that any proceeds received by a taxpayer from the sale of the fee interest in multi-family or single family residential leasehold property to a residential leasehold lessee shall be excluded from the taxpayer's taxable income.

Your Committee has amended this measure by changing its effective date to facilitate further discussion on this matter and by making technical nonsubstantive changes for clarity and consistency.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1793, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1793, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

BRIAN T. TANIGUCHI, Chair