Bill Text: HI HB1947 | 2010 | Regular Session | Amended

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Bill Title: Income Tax; Employee Annuities; Compensation Plans

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Engrossed - Dead) 2010-04-26 - (S) The committee on LBR deferred the measure. [HB1947 Detail]

Download: Hawaii-2010-HB1947-Amended.html

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STAND. COM. REP. NO.  521-10

 

Honolulu, Hawaii

                , 2010

 

RE:   H.B. No. 1947

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 1947 entitled:

 

"A BILL FOR AN ACT RELATING TO TAXATION,"

 

begs leave to report as follows:

 

     The purpose of this bill is to repeal the applicability of state income tax to rollovers made by employees of state and county agencies and tax-exempt organizations from qualifying annuity plans and qualifying deferred compensation plans to eligible retirement plans or individual retirement accounts.

 

     The Hawaii State Teachers Association and Hawaii Government Employees' Association testified in support of this bill.  A concerned individual opposed this measure.  The Department of Taxation and Tax Foundation of Hawaii offered comments.

 

     Your Committee has amended this bill by 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. 1947, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1947, H.D. 1, and be placed on the calendar for Third Reading.

 

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

 

 

		____________________________ MARCUS R. OSHIRO, Chair