STAND.
COM. REP. NO. 164
Honolulu, Hawaii
, 2023
RE: H.B. No. 493
H.D. 1
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-Second State Legislature
Regular Session of 2023
State of Hawaii
Sir:
Your Committee on Economic Development, to which was referred H.B. No. 493 entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
Your Committee received testimony in support of this measure from Hawaii Children's Action Network Speaks!, Hawai‘i Health & Harm Reduction Center, and three individuals. Your Committee received comments on this measure from the Department of Taxation, Department of Budget and Finance, and Tax Foundation of Hawaii.
Your Committee finds that Hawaii has the highest cost of living in the nation, with one of the main contributing factors being the high cost of food in the State. Your Committee further finds that Hawaii places one of the highest tax burdens on low-income households in the nation. Families in Hawaii who earn less than $20,000 per year pay roughly fifteen percent of their income to state and local taxes. In comparison, those who make over $450,000 pay only about nine percent. This measure would create a more equal tax system and provide some financial relief to those who need it the most by allowing more families to qualify for the refundable food/excise tax credit.
Your Committee has amended this measure by changing its effective date to June 30, 3000, to encourage further discussion.
As affirmed by the record of votes of the members of your Committee on Economic Development that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 493, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 493, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Economic Development,
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____________________________ DANIEL HOLT, Chair |
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