STAND. COM. REP. NO. 1711

                                   Honolulu, Hawaii
                                                     , 1999

                                   RE:  S.C.R. No. 194
                                        S.D. 1




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred
S.C.R. No. 194, S.D. 1, entitled:

     "SENATE CONCURRENT RESOLUTION SUPPORTING THE USE OF
     INDIVIDUAL DEVELOPMENT ACCOUNTS,"

begs leave to report as follows:

     The purpose of this measure is to encourage asset building
through individual development accounts by requesting the
Department of Human Services, the Housing and Community
Development Corporation of Hawaii, and the Department of
Business, Economic Development, and Tourism to collaborate with
individual development account practitioners and support
organizations to assist in the proliferation of individual
development accounts in Hawaii.

     Individual development accounts are interest-bearing,
subsidized, tax-benefitted accounts designed to provide
individuals and families with limited financial means an
opportunity to accumulate assets.  Individual development
accounts are effective vehicles to save for the purchase of a
first home, post-secondary education and business ownership.

     Your Committee finds that individual development accounts
have emerged in Hawaii as a successful anti-poverty initiative
that has already helped families formerly living in public

 
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housing to purchase their own homes.  Your Committee finds that
encouraging the use of individual development accounts will help
people realize a broader spectrum of opportunities.

     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 concurs with the intent and purpose of S.C.R. No. 194,
S.D. 1, and recommends its adoption.

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



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
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