STAND. COM. REP. NO. 522-14
Honolulu, Hawaii
, 2014
RE: H.B. No. 1726
H.D. 1
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Seventh State Legislature
Regular Session of 2014
State of Hawaii
Sir:
Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 1726 entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
Your Committee has amended this measure by clarifying the procedure and method, including the addition of technical and conforming amendments, under which this measure subjects real estate investment trusts to State income taxation pursuant to the general adoption of section 857 of the Internal Revenue Code (relating to the taxation of real estate investment trusts).
Your Committee respectfully requests that your Committee on Finance examine the fiscal impacts of this measure.
As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1726, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1726, H.D. 1, and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,
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____________________________ ANGUS L.K. McKELVEY, Chair |
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