STAND. COM. REP. NO. 2476

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2842

       S.D. 2

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 2842, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE PERMITTED TRANSFERS IN TRUST ACT,"

 

begs leave to report as follows:

 

     The purpose of this measure is to allow the establishment of perpetual trusts that are protected against federal estate taxes and the claims of certain creditors.

 

     Your Committee received written comments in support of this measure from First Hawaiian Bank and one concerned individual.  The written comments may be reviewed on the Legislature's website.

 

     Your Committee finds that this measure will allow wealthy individuals to establish certain types of trusts within this State to protect a certain percentage of their assets.  The measure will also attract millions of dollars in trust assets for deposit in the State's financial institutions and will generate investment, tax revenue, and white-collar financial jobs at no cost to the State.

 

     Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity and style.

 

     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. 2842, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2842, S.D. 2.

 

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

 

 

 

____________________________

DONNA MERCADO KIM, Chair