STAND. COM. REP. NO. 1141
RE: H.B. No. 1248
Honorable Shan S. Tsutsui
President of the Senate
Twenty-Sixth State Legislature
Regular Session of 2011
State of Hawaii
Your Committee on Ways and Means, to which was referred H.B. No. 1248, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO AGRICULTURAL LOANS,"
begs leave to report as follows:
The purpose and intent of this measure is to provide affordable capital for new farmers.
Specifically, this measure:
(1) Reduces the new farmer program loan interest rate;
(2) Increases the new farmer program loan limits;
(3) Reduces the number of credit denials required to qualify for the new farmer program; and
(4) Appropriates funds for the new farmer program.
Your Committee received written comments in support of this measure from Russell S. Kokubun, Chairperson, Board of Agriculture; and the Hawaii Farm Bureau Federation.
Your Committee finds that the State must assist local farmers if it is to meet its sustainability goals. One of the largest hurdles for new farmers is the availability of affordable credit. This measure will help provide affordable capital for new farmers, thereby increasing local food production and helping the State to become more self-reliant.
Your Committee has amended this measure by changing the effective date to July 1, 2117, to facilitate further discussion on the measure.
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. 1248, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1248, H.D. 1, S.D. 1.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
DAVID Y. IGE, Chair