STAND. COM. REP. NO. 719

Honolulu, Hawaii

, 2021

RE: H.B. No. 133

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-First State Legislature

Regular Session of 2021

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 133, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO CAPITAL GAINS,"

begs leave to report as follows:

The purpose of this measure is to increase the capital gains tax threshold from 7.25 percent to nine percent.

Your Committee received testimony in support of this measure from the Americans for Democratic Action, League of Women Voters of Hawaii, Kauai Women's Caucus, Hawaii State Teachers Association, Hawai‘i Children's Action Network Speaks!, Hawai‘i Budget & Policy Center, Young Progressives Demanding Action, Imua Alliance, Our Revolution Hawaii, Hawai‘i Health & Harm Reduction Center, and seven individuals. Your Committee received testimony in opposition to this measure from six individuals. Your Committee received comments on this measure from the Department of Taxation, Tax Foundation of Hawaii, Democratic Party of Hawai‘i Education Caucus, and Grassroot Institute of Hawaii.

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. 133, H.D. 1, and recommends that it pass Third Reading.

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

____________________________

SYLVIA LUKE, Chair