STAND. COM. REP. NO.559-02
RE: H.B. No. 1996
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Your Committee on Finance, to which was referred H.B. No. 1996 entitled:
"A BILL FOR AN ACT RELATING TO THE ADMINISTRATION OF TAXES,"
begs leave to report as follows:
The purpose of this bill is to provide income tax relief by:
(1) Lowering the adjusted gross income threshold for individuals required to make annual payments for their estimated income taxes from $150,000 to $50,000; and
(2) Reducing the percentages used to determine the required annual payment from 90 percent to 60 percent.
The Department of Taxation and the Tax Foundation of Hawaii offered comments.
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. 1996 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