STAND. COM. REP. NO.921

Honolulu, Hawaii

, 2003

RE: S.B. No. 506

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 506 entitled:

"A BILL FOR AN ACT RELATING TO GEOTHERMAL ROYALTIES,"

begs leave to report as follows:

The purpose of this measure is to allocate $250,000 per year of all royalties received by the State from geothermal resources to the Department of Business, Economic Development, and Tourism for hydrogen research and development as an alternative energy source.

Your Committee finds that scientists have recognized hydrogen as a potential source of fuel for many years and that, with further research and development, hydrogen could competitively serve as an alternative source of energy for fueling vehicles and generating electricity. Your Committee further notes that the United States Department of Energy and the private sector have funded hydrogen research and development programs for several years.

Your Committee finds that although there has been significant progress in hydrogen research and development in Hawaii, establishing a dedicated source of funding for hydrogen research and development will enable the State to attract advanced technology development companies for both research and development, testing, and deployment. Your Committee believes that this will eventually lead to the development of a hydrogen-based economy in which Hawaii produces more of its own environmentally clean fuels, thereby reducing its dependence on fossil fuels and resulting in job growth, reduced pollution, and a more robust state economy.

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. 506 and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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BRIAN T. TANIGUCHI, Chair