STAND. COM. REP. NO. 941

 

Honolulu, Hawaii

, 2021

 

RE: H.B. No. 1388

H.D. 1

 

 

 

 

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-First State Legislature

Regular Session of 2021

State of Hawaii

 

Sir:

 

Your Committee on Finance, to which was referred H.B. No. 1388, 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:

 

(1) Eliminate the home mortgage interest deduction for second homes under the Hawaii income tax law; and

 

(2) Require the Department of Budget and Finance, in consultation with the Department of Taxation, to report to the Legislature on the administration of this measure.

 

Your Committee received testimony in support of this measure from the Americans for Democratic Action. Your Committee received testimony in opposition to this measure from the Hawaii Association of REALTORS and two individuals. Your Committee received comments on this measure from the Department of Taxation, Tax Foundation of Hawaii, and Grassroot Institute of Hawaii.


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. 1388, 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