STAND. COM. REP. NO. 562

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1134

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1134 entitled:

 

"A BILL FOR AN ACT RELATING TO THE ESTATE AND GENERATION-SKIPPING TRANSFER TAXES,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to conform the state estate and generation-skipping transfer tax to the Internal Revenue Code.

 

     Your Committee received testimony in support of this measure from the Department of Taxation.  Your Committee received comments on this measure from the Tax Foundation of Hawaii.

 

     Your Committee finds that, according to section 236E-5, Hawaii Revised Statutes, the intent of the state estate and generation-skipping transfer tax law is to conform as closely as possible to the Internal Revenue Code.  Your Committee further finds that this measure is the annual tax conformity bill submitted by the Department of Taxation pursuant to section 236E-4, Hawaii Revised Statutes, to conform the state estate and generation-skipping transfer tax with the federal Internal Revenue Code by adopting changes made to the Internal Revenue Code during the previous year that are appropriate for Hawaii law.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1134 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 Ways and Means,

 

 

 

____________________________

JILL N. TOKUDA, Chair