Report Title:

Enterprise Zones; Island of Oahu

Description:

Directs the governor to work with the city and county of Honolulu to create additional enterprise zones in areas where commercial real estate have a vacancy rate of fifteen per cent or more. This designation will last for two years from 07/01/2003 to 06/30/2005. (HB685 HD2)

HOUSE OF REPRESENTATIVES

H.B. NO.

685

TWENTY-SECOND LEGISLATURE, 2003

H.D. 2

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to enterprise zoneS.

 

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 looms, and key visitor markets, including Japan, continue to languish. To stimulate economic recovery in the State, the legislature finds that it is both necessary and in the public interest to direct the governor to work with the city and county of Honolulu to create additional enterprise zones in areas where commercial real estate have a vacancy rate of fifteen per cent or more. Qualified businesses in these areas would be eligible for the benefits of state tax and county 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. Notwithstanding any provision or requirement of chapter 209E, Hawaii Revised Statutes, to the contrary, the governor shall work with the city and county of Honolulu to create additional enterprise zones in areas where commercial real estate have a vacancy rate of fifteen per cent or more. This designation shall last for two years beginning on July 1, 2003, and ending 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, 2010.