Bill Text: HI SB2749 | 2010 | Regular Session | Amended

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Bill Title: Income Tax Credits; Ordering of Credit Claims

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2010-03-30 - (H) The committee(s) recommends that the measure be deferred. [SB2749 Detail]

Download: Hawaii-2010-SB2749-Amended.html

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STAND. COM. REP. NO. 2343

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2749

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2749 entitled:

 

"A BILL FOR AN ACT RELATING TO TAX CREDITS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to clarify that refundable income tax credits must be claimed first, followed by nonrefundable income tax credits.  This measure will apply to tax years beginning on or after January 1, 2010.

 

     Testimony in support of this measure was submitted by the Department of Taxation.  Comments were submitted by the Tax Foundation of Hawaii.  Written testimony presented to the Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that this measure will help ensure the effective administration and application of Hawaii income tax credits.  Your Committee has amended this measure by making technical nonsubstantive amendments for the purposes of conformity, clarity, and style.

 

     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. 2749, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2749, 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,

 

		____________________________ DONNA MERCADO KIM, Chair