Bill Text: HI HB2313 | 2010 | Regular Session | Amended

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Bill Title: Income Tax; Gambling Losses

Spectrum: Partisan Bill (Democrat 35-0)

Status: (Engrossed - Dead) 2010-03-03 - (S) Referred to WAM. [HB2313 Detail]

Download: Hawaii-2010-HB2313-Amended.html

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STAND. COM. REP. NO.  516-10

 

Honolulu, Hawaii

                , 2010

 

RE:   H.B. No. 2313

      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. 2313 entitled:

 

"A BILL FOR AN ACT RELATING TO TAXATION,"

 

begs leave to report as follows:

 

     The purpose of this bill is to reestablish the deduction of wagering losses by repealing the income tax provision that requires the reporting of gambling winnings but not losses.

 

     The Iron Workers Stabilization Fund and several concerned individuals testified in support of this bill.  The Department of Taxation and Tax Foundation of Hawaii offered comments.

 

     Your Committee has amended this bill by:

 

     (1)  Making the deduction for the wagering losses commence January 1, 2009, instead of January 1, 2010; and

 

     (2)  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. 2313, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2313, 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