STAND. COM. REP. NO. 963-20

Honolulu, Hawaii

, 2020

RE: H.B. No. 1957

H.D. 2

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2020

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1957, H.D. 1, entitled:

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

begs leave to report as follows:

The purpose of this measure is to adjust the amount of the income tax credit for low-income household renters based on adjusted gross income and taxpayer filing status and automatically adjust the tax credit based on the Consumer Price Index.

Your Committee received testimony in support of this measure from the Hawaii Alliance for Community-Based Economic Development, Hawaii Appleseed Center for Law & Economic Justice, IMUAlliance, League of Women Voters, Parents and Children Together, Americans for Democratic Action, Hawaii State Coalition Against Domestic Violence, Our Revolution Hawaii, and three individuals. Your Committee received comments on this measure from the Department of Taxation and Tax Foundation of Hawaii.

Your Committee has amended this measure by:

(1) Changing the credit per exemption amounts to unspecified amounts; and

(2) Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

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. 1957, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1957, H.D. 2.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

SYLVIA LUKE, Chair