STAND. COM. REP. NO. 710
RE: S.B. No. 1919
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fourth State Legislature
Regular Session of 2007
State of Hawaii
Your Committee on Ways and Means, to which was referred S.B. No. 1919, S.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO ASSET BUILDING,"
begs leave to report as follows:
The purpose of this measure is to provide a comprehensive set of asset building opportunities for Hawaii's low- and moderate‑income families by establishing a self-sufficiency standard that will determine a recipient's assistance allowance.
Specifically, this measure:
(1) Establishes a refundable state earned income tax credit;
(2) Provides for financial education to temporary assistance to needy families applicants and recipients;
(3) Expands the provision of individual development accounts; and
(4) Appropriates funds.
Your Committee received written comments in support of this measure from the Department of Business, Economic Development and Tourism; Hawai‘i Alliance for Community-Based Economic Development; Aloha United Way; Hawaii Government Employees Association; 3Point; and two individuals. Written comments were received from the Department of Taxation, Department of Human Services, and Tax Foundation of Hawaii.
Your Committee finds that the provisions of this measure present a unique and multi-faceted approach to helping Hawaii's low-income families to achieve self-sufficiency, but the extent of revenue losses is yet unclear. Your Committee believes that continuing legislative deliberations on this measure is necessary to more fully analyze and determine the merits of this unique, multi-faceted approach to helping Hawaii's families.
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. 1919, S.D. 2, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
ROSALYN H. BAKER, Chair