STAND. COM. REP. NO.  936-20

 

Honolulu, Hawaii

                , 2020

 

RE:   H.B. No. 2138

      H.D. 1

 

 

 

 

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2020

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 2138, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO TAX CREDITS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to amend the aggregate cap amount of the tax credit for research activities to an unspecified amount, to apply to taxable years beginning after December 31, 2020.

 

     Your Committee received testimony in support of this measure from the Maui Chamber of Commerce; Oceanit; Sustainable Bioresources, LLC; Makai Ocean Engineering, Inc.; Hyperspective Studios, Inc.; Hoana Medical Inc.; Chamber of Commerce Hawaii; and two individuals.  Your Committee received comments on this measure from the Department of Taxation, Hawaii Technology Development Corporation, and Tax Foundation of Hawaii.

 

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2138, H.D. 1, and recommends that it pass Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Finance,

 

 

 

 

____________________________

SYLVIA LUKE, Chair