STAND. COM. REP. NO.  958

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 238

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 238 entitled:

 

"A BILL FOR AN ACT RELATING TO THE SALE OF REAL PROPERTY,"

 

begs leave to report as follows:

 

     The purpose of this bill is to increase the withholding tax amount, from five percent to eight and one-quarter percent, on the disposition of real property by a non-resident seller.

 

     The Hawaii Association of REALTORS and Wyndham Vacation Ownership, Inc., opposed this bill.  The Department of Taxation and 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. 238 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,

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair