Bill Text: HI SB1316 | 2012 | Regular Session | Amended

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Bill Title: Hawaii Income Tax; Conformity to Internal Revenue Code for 2010

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2011-12-01 - Carried over to 2012 Regular Session. [SB1316 Detail]

Download: Hawaii-2012-SB1316-Amended.html

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STAND. COM. REP. NO. 571

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1316

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1316 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 conform the state income tax law to the Internal Revenue Code by making conforming amendments based upon amendments to the Internal Revenue Code made in calendar year 2010.

 

     Your Committee conducted a public decision making on a proposed draft of this bill, the purpose of which is also to make conforming amendments to the state income tax law based upon amendments to the Internal Revenue Code made in calendar year 2010.  The provisions of the proposed draft implement the conforming amendments to several other sections of state tax law, as well as those made in the original measure.

 

     Your Committee received testimony in support of the original measure from Frederick D. Pablo, Interim Director, Department of Taxation.  Your Committee received comments on both the original measure and the proposed draft from the Tax Foundation of Hawaii.

 

     Your Committee finds that the proposed draft makes amendments necessary to conform state income tax law with regard to the overall limitation on itemized deductions, deduction of sales tax, and election to expense certain depreciable business assets.

 

     Your Committee has amended this measure by replacing its contents with the contents of the proposed draft.

 

     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 S.B. No. 1316, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1316, 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