STAND.
COM. REP. NO. 474
Honolulu, Hawaii
, 2023
RE: H.B. No. 954
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. 954 entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
Your Committee finds that the state earned income tax credit provides essential tax relief by reducing the tax burden for low- to moderate-income taxpayers or giving a tax refund to taxpayers with little to no tax liability. Your Committee further finds that this measure will build upon the success of Act 114, Session Laws of Hawaii 2022 (Act 114), which made the state earned income tax credit permanent and refundable. The enactment of Act 114 was predicted to lift benefits for existing recipients by $139, and this measure is intended to increase the amount of the state earned income tax credit that may be claimed.
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. 954, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 954, 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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