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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: June 2, 1998 Re: Comm. No. 855/Res. No. 275-98 <br /> PLACE: Councilroom <br /> TIME: 10:45 A.M. <br /> Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Resolution No. 275-98, reports as follows: <br /> Resolution No. 275-98, transmitted by Council Member Al Smith, via Communication No. 855, <br /> dated May l4, 1998, requests the support of the National Association of Counties' (NACo) <br /> position on the Cax amendment to the Internet Tax Freedom Act. <br /> U.S. Representative Christopher Cox has drafted a new Internet tax bill that would be offered as <br /> a substitute amendment to the Internet Tax Freedom Act (HR 1054) which is currently before <br /> Congress. The new bill would impose athree-year moratorium on collecting six specific types <br /> of state and local taxes that directly affect electronic commerce. Further, the bill would establish <br /> a Commission on Internet Commerce to examine a number of issues involving sales and use <br /> taxes on remote commerce, and submit proposed legislation to the President of the United States. <br /> NACo has endorsed the Cox amendment to the Internet Tax Freedom Act (HR 1054). <br /> In addition, NACo has gone on record opposing federal preemption of state and local taxing <br /> authority, and opposing the establishment of an unlimited moratorium on state and local taxation <br /> of electronic commerce. NACo has urged a delay of federal legislation until a thorough and <br /> impartial study is completed on the taxation of electronic commerce and its impact on local <br /> <br /> businesses. <br /> Your Committee on Finance is in accord with the purpose and intent of Resolution No. 275-98 <br /> and recommends its adoption. <br /> tci <br /> Ayes Nors A&E EX <br /> Respectfully submitted <br /> CHUNG X <br /> LEITHEAD-TODD x COMM~ITT~EE ON FINANCE <br /> RAV - X C"' <br /> SANTANCELO X <br /> SMITH X <br /> TvLER X AARON S.Y. CHUNG, CHAIR <br /> vncorvc X FC REPORT NO. 253 <br /> ARAKAKI, s.o.n~. .ADOPTED: JUN-1~~ <br /> <br />