Bill Text: HI HB798 | 2012 | Regular Session | Amended
Bill Title: Taxation; General Excise Tax; Exemptions; Repeal
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Enrolled - Dead) 2012-04-13 - (S) Received notice of disagreement (Hse. Com. No. 547). [HB798 Detail]
Download: Hawaii-2012-HB798-Amended.html
STAND. COM. REP. NO. 108
Honolulu, Hawaii
, 2011
RE: H.B. No. 798
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Sixth State Legislature
Regular Session of 2011
State of Hawaii
Sir:
Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 798 entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
The purpose of this bill is to assess the general excise tax on the death benefit or other gross income derived from life settlement, bank-owned life, and corporate-owned life insurance policies issued after June 30, 2011. Compensation received by an insured for the transfer of a policy or designation of a beneficiary, or death benefits paid to a person related to the insured are exempted.
The Department of Taxation testified in support of this bill. The Chamber of Commerce of Hawaii, the Hawaii Bankers Association, the Hawaii Business League, the American Council of Life Insurers, and the National Association of Insurance and Financial Advisors Hawaii opposed this measure. The Tax Foundation of Hawaii and Prudential Financial offered comments.
As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 798 and recommends that it pass Second Reading and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,
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____________________________ ROBERT N. HERKES, Chair |
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