STAND. COM. REP. NO.  688

 

Honolulu, Hawaii

                , 2015

 

RE:   H.B. No. 345

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 345, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO TAXATION,"

 

begs leave to report as follows:

 

     The purpose of this measure is to impose a conveyance tax on the conveyance or transfer of a controlling interest of an entity that has interest in real property in the State, applicable to conveyances occurring on or after July 1, 2015.

 

     The Nature Conservancy, PHOCUSED, Partners in Care, Alexander & Baldwin, Inc., Catholic Charities Hawaii, and IMUAlliance supported this measure.  Maui Hotel & Lodging Association, Land Use Research Foundation of Hawaii, and Hawaii Lodging & Tourism Association opposed this measure.  The Department of Taxation, Department of Land and Natural Resources, and 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. 345, H.D. 1, and recommends that it pass Third Reading.

 

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

 

 

 

 

____________________________

SYLVIA LUKE, Chair