STAND. COM. REP. NO. 563
Honolulu, Hawaii
RE: S.B. No. 1133
S.D. 1
Honorable Donna Mercado Kim
President of the Senate
Twenty-Eighth State Legislature
Regular Session of 2015
State of Hawaii
Madam:
Your Committee on Ways and Means, to which was referred S.B. No. 1133 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 to the Internal Revenue Code.
Your Committee received testimony in support of this measure from the Department of Taxation. Your Committee received comments on this measure from the Tax Foundation of Hawaii.
Your Committee finds that, according to section 235-3, Hawaii Revised Statutes, the intent of the state income tax law is to conform as closely as possible to the Internal Revenue Code. Your Committee further finds that this measure is the annual tax conformity bill submitted by the Department of Taxation pursuant to section 235-2.5, Hawaii Revised Statutes, to conform the state income tax law with the federal Internal Revenue Code by adopting changes made during the previous year that are appropriate for Hawaii law.
Your Committee has amended this measure by:
(1) Adding a new section to the bill that amends section 235-2.4, Hawaii Revised Statutes, to make section 529A of the Internal Revenue Code operative; and
(2) Making a correction to accurately reflect the text of section 235-2.3, Hawaii Revised Statutes.
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. 1133, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1133, 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,
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____________________________ JILL N. TOKUDA, Chair |
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