Report Title:

Enterprise Zone; Island of Oahu

Description:

Designates the entire island of Oahu as an enterprise zone for two years from 07/01/2003 to 06/30/2005.

HOUSE OF REPRESENTATIVES

H.B. NO.

685

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to enterprise zone.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The legislature finds that the recovery of the State's economy is incomplete and faces grave threats in the foreseeable future as the nation's economy faces uncertainty, the threat of terrorism and war with Iraq loom, and key visitor markets, including Japan, continue to languish. For the purpose of stimulating economic recovery in the State, the legislature finds that it is both necessary and in the public interest to have the entire island of Oahu the city and county of Honolulu designated as an enterprise zone by the governor in order to give qualified businesses on Oahu the benefits of state and county tax incentives provided by chapter 209E, Hawaii Revised Statutes, for a temporary period of two years from July 1, 2003 to June 30, 2005.

SECTION 2. Any provision or requirement of chapter 209E, Hawaii Revised Statutes, to the contrary notwithstanding, the governor shall designate the entire island of Oahu, that is, all that area encompassed by the city and county of Honolulu, an enterprise zone, which shall receive all the benefits of an enterprise zone pursuant to chapter 209E, Hawaii Revised Statutes. This designation shall be for two years beginning on July 1, 2003, and shall end on June 30, 2005. All requirements, including those contained in sections 209E-4 and 209E-5, Hawaii Revised Statutes, relating to zone designation and application review, shall be waived for the purposes of this Act. If the city and county of Honolulu is unable or unwilling to provide any of the incentives set forth in section 209E-12, Hawaii Revised Statutes, or other incentives acceptable to the governor, the enterprise zone shall not terminate, as required in section 209E-13, Hawaii Revised Statutes, but instead shall continue to exist until June 30, 2005, and qualified businesses in the enterprise zone shall be eligible to receive the state tax incentives provided by chapter 209E, Hawaii Revised Statutes until the enterprise zone terminates on June 30, 2005.

SECTION 3. This Act shall take effect on July 1, 2003.

INTRODUCED BY:

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