STAND. COM. REP. NO.  1111-10

 

Honolulu, Hawaii

                , 2010

 

RE:   S.B. No. 2834

      S.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred S.B. No. 2834, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO TAXATION,"

 

begs leave to report as follows:

 

     The purpose of this bill is to bring Hawaii into conformity with the Internal Revenue Code on the treatment of wagering winnings and losses, and to eliminate the confusion of taxpayers who travel to gambling destinations.  Specifically, this bill allows gambling losses to be deducted up to the amount of gambling winnings for state income tax purposes.

 

     The Department of Taxation and a concerned individual testified in support of this bill.  The Tax Foundation of Hawaii provided 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 S.B. No. 2834, S.D. 1, 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