STAND. COM. REP. NO. 586-04

Honolulu, Hawaii

, 2004

RE: H.B. No. 1712

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1712 entitled:

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

begs leave to report as follows:

The purpose of this bill is to provide taxpayers with a larger share of their available income that can be used to help stimulate our economy. This bill changes the maximum rate at which income taxes shall be withheld from eight percent to an unspecified amount.

The Tax Foundation of Hawaii offered comments, and the Department of Taxation opposed this bill.

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. 1712 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

 

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

 

____________________________

DWIGHT Y. TAKAMINE, Chair