STAND. COM. REP. NO. 782

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1197
                                     H.D. 2




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No.
1197, H.D. 1, entitled: 

     "A BILL FOR AN ACT RELATING TO CONFORMITY OF THE HAWAII
     INCOME TAX LAW TO THE INTERNAL REVENUE CODE,"

begs leave to report as follows:

     The purpose of this bill is to conform the Hawaii Income Tax
Law to the Internal Revenue Code.

     The Department of Taxation testified in support of this
measure.  The Tax Foundation of Hawaii submitted comments.

     Your Committee has amended this measure by making technical,
nonsubstantive amendments for the purposes of style and clarity.

     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.
1197, H.D. 1, as amended herein, and recommends that it pass
Second Reading in the form attached hereto as H.B. No. 1197, H.D.
2, and be placed on the calendar for Third Reading.

 
 
 
 
 
 
 
 
 
                                 STAND. COM. REP. NO. 782
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                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Finance,



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair