Bill Text: HI HB694 | 2013 | Regular Session | Amended

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Bill Title: Taxation; Income Tax Rates

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Enrolled - Dead) 2013-04-26 - Conference Committee Meeting will reconvene on Friday, 04-26-13 at 4:30PM in Conference Room 309. [HB694 Detail]

Download: Hawaii-2013-HB694-Amended.html

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STAND. COM. REP. NO.  746

 

Honolulu, Hawaii

                , 2013

 

RE:   H.B. No. 694

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 694 entitled:

 

"A BILL FOR AN ACT RELATING TO TAXATION,"

 

begs leave to report as follows:

 

     The purpose of this measure is to repeal the temporary increase in income tax rates established by Act 60, Session Laws of Hawaii 2009, one year ahead of the scheduled sunset date.

 

     The Department of Taxation and the Tax Foundation of Hawaii provided comments on this measure.

 

     Your Committee notes that the intent of this measure is to provide tax relief to individuals filing taxes in the State.

 

     Your Committee has amended this measure by:

    

     (1)  Imposing on every taxpayer filing jointly, as a surviving spouse, head of household, unmarried individual, or married individual not filing jointly, new unspecified tax rates to apply to taxable years beginning after December 31, 2014;

 

     (2)  Changing its effective date to January 1, 2030, to encourage further discussion; and

 

     (3)  Making technical, nonsubstantive amendments for clarity, consistency, 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 H.B. No. 694, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 694, H.D. 1, and be placed on the calendar for Third Reading.

 

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

 

 

		____________________________ SYLVIA LUKE, Chair