HOUSE OF REPRESENTATIVES

THE TWENTY-FIFTH LEGISLATURE

REGULAR SESSION OF 2010

 

COMMITTEE ON FINANCE

Rep. Marcus R. Oshiro, Chair

Rep. Marilyn B. Lee, Vice Chair

 

Rep. Henry J.C. Aquino

Rep. Scott Y. Nishimoto

Rep. Karen Leinani Awana

Rep. Roland D. Sagum, III

Rep. Tom Brower

Rep. James Kunane Tokioka

Rep. Isaac W. Choy

Rep. Jessica Wooley

Rep. Denny Coffman

Rep. Kyle T. Yamashita

Rep. Sharon E. Har

Rep. Lynn Finnegan

Rep. Gilbert S.C. Keith-Agaran

Rep. Gene Ward

Rep. Chris Lee

 

 

NOTICE OF DECISION MAKING

 

DATE:

Monday, February 22, 2010

TIME:

4:30 P.M.

PLACE:

Conference Room 308

State Capitol

415 South Beretania Street

 

A G E N D A  # 6

 

The following measure(s) were previously heard on Wednesday, February 17, 2010, Agenda # 1:

 

HB 2598

Status

RELATING TO TRANSIENT ACCOMMODATIONS TAX.

Suspends for three years, from July 1, 2010, to June 30, 2013, the distribution of transient accommodations tax revenues to the counties.

 

FIN

HB 2542

Status

RELATING TO NON-GENERAL FUNDS.

Addresses the fiscal year 2009-2010 budget shortfall by transferring to the general fund a total of $10,000,000 in excess balances from certain special funds.

 

FIN

HB 2737

Status

RELATING TO THE DISPOSITION OF PUBLIC LANDS.

Directs the Department of Land and Natural Resources to fund the general fund by disposing of public lands.  Also directs the Department to dispose of public lands leased to not-for-profit organizations meeting certain criteria.

 

FIN

HB 2887

Status

RELATING TO TOBACCO SETTLEMENT MONEYS.

Transfers temporarily to the general fund the portion of moneys from the Hawaii tobacco settlement special fund designated for the Hawaii tobacco prevention and control trust fund.  Requires interest and earnings of the Hawaii tobacco settlement special fund to be deposited into the general fund.  Reduces the portion of moneys from the Hawaii tobacco settlement special fund to be transferred to the tobacco enforcement special fund.  Encourages the nonprofit entity responsible for the Hawaii tobacco prevention and control trust fund to increase its annual expenditures to assist in revitalizing the economy.  Takes effect on 07/01/2010, and sunsets on 06/30/2015.

 

FIN

 

The following measure(s) were previously heard on Wednesday, February 17, 2010, Agenda # 2:

 

HB 2850

Status

RELATING TO THE LIQUOR TAX.

Temporarily increases the liquor tax rates during the period of 7/1/10 to 6/30/15.

 

FIN

HB 2853

Status

RELATING TO THE PUBLIC SERVICE COMPANY TAX.

Increases the public service company tax rate applicable to public utilities.  Takes effect on 07/01/10, and sunsets on 06/30/15.

 

FIN

HB 2872

Status

RELATING TO TAXATION.

Increases the tax rate for banks and other financial corporations.  Repeals requirement that $2,000,000 of tax revenues from banks and other financial corporations be deposited into the compliance resolution fund.  Authorizes the commissioner of financial institutions to expedite the imposition of fees on banks and other financial corporations.  Takes effect on 07/01/10 and sunsets on 12/31/15.  Applies change to entire net income received for calendar year preceding 1/1/11 or fiscal year in which 1/1/11 occurs.

 

FIN

HB 2851

Status

RELATING TO INSURANCE.

Increases the insurance premium tax rates.  Repeals the ceiling on insurance premium taxes payable by a captive insurance company.  Takes effect on 7/1/10 and sunsets on 06/30/15.

 

FIN

HB 2852

Status

RELATING TO THE INSURANCE PREMIUM TAX.

Temporarily makes the insurance premium tax applicable to mutual benefit societies and health maintenance organizations.  Establishes a medical and health promotion tax credit.  Authorizes the insurance commissioner to adjust any inadequate rates for the managed care plans of mutual benefit societies and health maintenance organizations.

 

FIN

HB 2885

Status

RELATING TO THE CONVEYANCE TAX.

Temporarily suspends the distribution of a portion of the conveyance tax to the land conservation fund and rental housing trust fund.  Reduces distribution to the natural area reserve fund.

 

FIN

 

The following measure(s) were previously heard on Wednesday, February 17, 2010, Agenda # 3:

 

HB 2867

Status

RELATING TO TAXATION.

Repeals various income tax credits and deductions.  Takes effect upon approval and sunsets on 12/31/2015.

 

FIN

HB 2866

Status

RELATING TO TAXATION.

Adjusts income tax rates for taxable years beginning after December 31, 2009 and ending before January 1, 2016.

 

FIN

HB 2991

Status

RELATING TO PUBLIC FINANCE.

Creates higher income tax brackets and rates for high-income individual taxpayers.  Eliminates certain corporate tax exemptions.  Provides for taxation of capital gains as ordinary income.  Creates commission to provide a more equitable and progressive tax system.  Also provides a means to fund public education and other high priority programs.

 

FIN

 

 

The following measure(s) were previously heard on Wednesday, February 17, 2010, Agenda # 4:

 

HB 2878

Status

RELATING TO TAXATION.

Repeals certain exemptions under the general excise, use, and public service company taxes.  The Act takes effect on July 1, 2010 and sunsets on June 30, 2015.

 

FIN

HB 2877

Status

RELATING TO TAXATION.

Proposed HD 1:  Temporarily suspends the exemption for certain amounts of gross income or proceeds from the general excise tax and requires the payment of the tax at a one-half per cent rate.  Takes effect on 07/01/2010 and is repealed on 06/30/2015.

 

FIN

HB 2876

Status

RELATING TO TAXATION.

Temporarily increases the general excise and use tax rates from 4% to 5%, the capital goods excise tax credit rate from 4% to 5%, and the refundable food/excise tax credit by $10 per exemption.  Takes effect on 07/01/2010 and is repealed on 06/30/2015.

 

FIN

HB 2880

Status

RELATING TO TAXATION.

Increases the "wholesale" rates under the general excise, use, and public service company taxes to one per cent from one-half per cent.  Effective 7/1/10; repealed 6/30/15.

 

FIN

 

NO TESTIMONY WILL BE ACCEPTED.

 

If you require special assistance or auxiliary aids and/or services to participate in the House public hearing process (i.e., sign or foreign language interpreter or wheelchair accessibility), please contact the Committee Clerk at 586-6200 or email your request for an interpreter to [email protected] at least 24 hours prior to the hearing for arrangements.  Prompt requests submitted help to ensure the availability of qualified individuals and appropriate accommodations.

 

For further information, please call the Committee Clerk at 586-6200.

 

Selected meetings are broadcast live.  Check the current legislative broadcast schedule on the "Capitol TV" Web site at www.capitoltv.org OR call 550-8074.

 

 

 

 

 

________________________________________

Rep. Marcus R. Oshiro

Chair