STAND. COM. REP. NO.  1152

 

Honolulu, Hawaii

                , 2019

 

RE:   H.B. No. 1041

 

 

 

 

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 1041 entitled:

 

"A BILL FOR AN ACT RELATING TO CONFORMITY TO THE INTERNAL REVENUE CODE,"

 

begs leave to report as follows:

 

     The purpose of this measure is to align state tax laws with updated provisions of federal law by:

 

     (1)  Conforming Hawaii's income and estate and generation-skipping transfer tax laws to the Internal Revenue Code of 1986, as amended as of December 31, 2018; and

 

     (2)  Effectuating federal tax benefits for opportunity zone investments and limiting those benefits to investments in opportunity zones designated by the Governor.

 

     The Department of Taxation submitted testimony in support of this measure.  Tax Foundation of Hawaii provided comments.

 

     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 H.B. No. 1041 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

 

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

 

 

 

 

____________________________

SYLVIA LUKE, Chair