STAND. COM. REP. NO.  1480

 

Honolulu, Hawaii

                , 2011

 

RE:   S.B. No. 1241

      S.D. 1

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred S.B. No. 1241, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO CONVEYANCE TAX,"

 

begs leave to report as follows:

 

     The purpose of this bill is to assist the State in addressing its financial difficulties by repealing the conveyance tax exemption for the sale or transfer of real property that has been certified by the Hawaii Housing Finance and Development Corporation (HHFDC) for low-income housing development. 

 

     HHFDC and Catholic Charities Hawaii supported this bill.  The Department of Taxation and Tax Foundation of Hawaii submitted comments.

 

     Your Committee has amended this measure by changing its effective date to July 1, 2011.

 

     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. 1241, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1241, S.D. 1, H.D. 1.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair