STAND. COM. REP. NO.1368

Honolulu, Hawaii

, 2001

RE: H.B. No. 1074

H.D. 2

S.D. 2

 

 

Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 1074, H.D. 2, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO DROUGHT MITIGATING FACILITIES,"

begs leave to report as follows:

The purpose of this measure is to allow an income tax credit of four percent for construction of a new drought mitigating water storage facility, or repair or reconstruction of existing water storage facilities.

Your Committee received written testimony in favor of this measure from Hawaii Farm Bureau Federation, Kauai County Farm Bureau, Maui County Farm Bureau, and Pineapple Growers Association of Hawaii.

Your Committee finds that this measure will provide an incentive for producers to build agricultural water storage facilities to address extended drought periods and promote water conservation.

Your Committee has amended this measure by leaving blank the percentage amount of the tax credit to be determined after more research and discussion.

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 H.B. No. 1074, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1074, H.D. 2, S.D. 2.

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

____________________________

BRIAN T. TANIGUCHI, Chair