STAND. COM. REP. NO. 1506

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 1631

       H.D. 2

       S.D. 2

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 1631, H.D. 2, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO HIGH TECHNOLOGY BUSINESS INVESTMENT TAX CREDIT,"

 

begs leave to report as follows:

 

     The purpose of this measure is to provide greater transparency and effective evaluation of high technology tax incentives by:

 

     (1)  Requiring the Department of Taxation to report annually on information collected from July 1, 2004, and thereafter on qualified high technology businesses and related tax incentives to properly evaluate their effectiveness; and

 

     (2)  Appropriating unspecified amounts for the department to initiate and begin implementation.

 

     The Department of Business, Economic Development, and Tourism; Department of Taxation; Hawaii Science & Technology Council; Hawaii State Teachers Association; Honolulu Seawater Air Conditioning, LLC; and five individuals provided written testimony in support of this measure.

 

     Your Committee finds that this measure will contribute to meaningful evaluation for these high technology tax incentives and ensure greater oversight by both the Legislature and the Administration.

 

     Your Committee has amended this measure by changing the effective date from July 1, 2007, to July 1, 2050, for the purposes of continuing discussions.

 

     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. 1631, 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. 1631, H.D. 2, S.D. 2.

 

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

 

 

 

____________________________

ROSALYN H. BAKER, Chair