STAND. COM. REP. NO. 612-04

Honolulu, Hawaii

, 2004

RE: H.B. No. 2516

H.D. 1

 

 

 

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. 2516, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE GENERAL EXCISE TAX WHOLESALE RATE,"

begs leave to report as follows:

The purpose of this bill is to reinstate the one-half percent general excise tax rate applied on wholesale transactions which was inadvertently repealed in Act 135, Session Laws of Hawaii 2003.

The Department of Taxation supported this bill. The Tax Foundation of Hawaii submitted 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. 2516, H.D. 1, and recommends that it pass Third Reading.

 

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

 

____________________________

DWIGHT Y. TAKAMINE, Chair