Friday, July 12, 2024
Hawai'i Free Press

Current Articles | Archives

Monday, February 2, 2015
SB946/SB958: Cut Business GE Tax and Business Income Tax
By Sen. Sam Slom @ 10:56 PM :: 4719 Views :: Small Business, Taxes

A bill to repeal the corporate income tax is set for a public hearing before the committee for Economic Development and Technology on Wednesday, February 4, 2015 at 2:45pm at the Capitol Building, Room 016.

The Public are urged to come and support SB958.

News Release from Office of Sen Sam Slom, February 2, 2015

HONOLULU—Senator Sam Slom has introduced SB958, a bill to repeal the corporate income tax. The Committee for Economic Development and Technology will hold its first public hearing to consider the bill this Wednesday, February 4 at 2:45pm at the Capitol Building, Room 016.

Senator Slom says "The revenue brought to the state by the corporate income tax is not enough to justify how much it stifles small businesses and local entrepreneurship.  Repealing the tax will give a much needed boost to the local economy, by allowing people to grow and expand their businesses.  We are hoping this will in turn promote job growth and lower the price the people of Hawaii must pay for goods and services."

Opponents argue that the corporate income tax should stay in place to ensure that businesses pay their fair share of taxes.

"One argument I often hear for keeping the corporate income tax in place is how much money it brings to the state, which is about $96 million annually," said Senate Minority budget director Paul Harleman.  "But to put that in perspective, that is only 2% of state general fund revenues.  It is simply not a significant source of income for the state."

Proponents of repealing the corporate income tax predict that relief from the tax will benefit consumers by lowering the cost of goods and services.

To view SB958, click here.  The public is invited to submit written testimony online by clicking here, or visiting www.capitol.hawaii.gov, searching for SB958 using the "Search by Measure" feature and clicking "Submit Testimony."

  *   *   *   *   *

Also set for hearing on Wednesday is SB946, a bill to remove the general excise tax on business-to-business transactions.  The public is encouraged to get involved and submit written testimony to the committee here or by using the "Search by Measure" feature outlined above.

According to the Council on State Taxation, Hawaii businesses pay 40% of the GET which amounts to $1.2 billion dollars.

Senator Slom says "Hawaii's businesses are overburdened.  It is time to ease the burden, and make the state of Hawaii a better place to do business."

As a reminder to the public, the most effective testimony is a combination of written and oral testimony.  Written testimony must be submitted 24 hours before the hearing, but if that deadline has passed, individuals are welcome to attend the hearing and give their testimony in person.

# # # # #

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii