Bill Text: HI HB418 | 2012 | Regular Session | Amended

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Bill Title: Taxation; Electronic Payment

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2011-12-01 - Carried over to 2012 Regular Session. [HB418 Detail]

Download: Hawaii-2012-HB418-Amended.html

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STAND. COM. REP. NO.  671

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 418

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 418 entitled:

 

"A BILL FOR AN ACT RELATING TO GENERAL EXCISE TAX LAW,"

 

begs leave to report as follows:

 

     The purpose of this bill is to facilitate the remittance of general excise taxes by permitting the payment of general excise taxes at certain chartered or licensed financial institutions.  This measure requires these financial institutions to pay remittances to the state treasury and report receipts to the Department of Taxation.

 

     The Hawaii Bankers Association opposed this bill.  The Department of Taxation, Tax Foundation of Hawaii, and a concerned individual provided comments.

 

     Your Committee has amended this bill by deleting its contents and replacing them with provisions that:

 

     (1)  Decrease from $100,000 to $50,000, the tax liability threshold at which the Director of Taxation is authorized to require the person to remit taxes by one of the approved electronic funds transfer methods; and

 

     (2)  Decrease from $40,000 to $20,000, the threshold of annual tax liabilities applying to the withholding of taxes on wages at which the Director of Taxation is authorized to require the person to remit taxes by one of the approved electronic funds transfer methods.

 

     Your Committee has further amended this bill by changing its effective date to July 1, 2030, to encourage further discussion.

 

     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. 418, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 418, 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