STAND. COM. REP. NO. 55

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 763

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Madam:

 

     Your Committee on Commerce, Consumer Protection, and Affordable Housing, to which was referred S.B. No. 763 entitled:

 

"A BILL FOR AN ACT RELATING TO TAXATION,"

 

begs leave to report as follows:

 

     The purpose of this measure is to provide additional assistance to low-income renters by providing an increase in the low-income household renter tax credit.

 

     Your Committee received testimony in support of this measure from one individual.  The Department of Taxation provided comments on this measure.

 

     Your Committee finds that the lack of affordable rentals and the continual increase in rent prices makes it difficult for low-income renters to be able to find affordable rentals and to continue to pay their ever increasing rent.  This tax credit, which has not been increased since 1981, will provide some assistance to low-income renters by increasing the tax credit for low-income household renters to an unspecified amount, to be multiplied by the number of qualified exemptions, for taxable years beginning December 31, 2006. 

 

     The Department of Taxation testified that, because the amount of the tax credit is unspecified, they are not able to ascertain the measure's fiscal impact.

 

     As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection, and Affordable Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 763 and recommends that it pass Second Reading and be referred to the Committee on Economic Development and Taxation.

 

Respectfully submitted on behalf of the members of the Committee on Commerce, Consumer Protection, and Affordable Housing,

 

 

 

____________________________

BRIAN T. TANIGUCHI, Chair