STAND. COM. REP. NO. 762

Honolulu, Hawaii

, 2005

RE: S.B. No. 1734

S.D. 2

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 1734, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO TAXATION,"

begs leave to report as follows:

The purpose of this measure is to establish an investment tax credit for investments made in the development of a motor sports recreation and public safety training and educational facility in Kalaeloa, parcel 9 at the former Barbers Point Naval Air Station.

Your Committee finds that the existing motor sports facility in Leeward Oahu was built over forty years ago and meets the minimum safety standards for facilities of its kind. The facility, however, does not include many of the more desirable safety standards that are part of modern motor sports facilities. A new motor sports facility will not only provide a modern and safe racing environment for racing motorists, but will also provide a temporary boost in construction activity and permanent jobs after the new facility is completed.

This measure provides the incentive to raise the necessary capital to build a new motor sports recreation and public safety training and educational facility at Kalaeloa, parcel 9.

Your Committee has amended the measure by:

(1) Changing the $60,000,000 aggregate amount for tax credits to an unspecified amount;

(2) Changing the effective date for purposes of furthering discussion;

(3) Replacing Kalaeloa, parcel 9 with an unspecified site; and

(4) Making technical amendments.

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. 1734, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1734, S.D. 2.

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

____________________________

BRIAN T. TANIGUCHI, Chair