Bill Text: HI HB2605 | 2012 | Regular Session | Amended

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Bill Title: Income Tax; Conformity to the Internal Revenue Code for 2011

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-06-29 - (S) Act 179, 6/28/2012 (Gov. Msg. No. 1282). [HB2605 Detail]

Download: Hawaii-2012-HB2605-Amended.html

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STAND. COM. REP. NO. 3035

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 2605

       H.D. 1

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 2605, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO CONFORMITY OF THE HAWAII INCOME TAX LAW TO THE INTERNAL REVENUE CODE,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to update state income tax law to conform to changes made to the Internal Revenue Code in calendar year 2011.  

 

     The Department of Taxation testified in support of this measure.

 

     Your Committee finds that this measure provides conformity with certain federal income tax laws.

 

     Your Committee has amended this measure by providing that the state income tax law amendments shall apply to taxable years beginning after December 31, 2011.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2605, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2605, H.D. 1, S.D. 1, and be placed on the calendar for Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

		____________________________ DAVID Y. IGE, Chair