STAND. COM. REP. NO. 920

Honolulu, Hawaii

, 2005

RE: H.B. No. 802

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 802 entitled:

"A BILL FOR AN ACT RELATING TO INDIVIDUAL DEVELOPMENT ACCOUNT CONTRIBUTION TAX CREDIT,"

begs leave to report as follows:

The purpose of this bill is to encourage contributions to individual development accounts (IDAs) by increasing the IDA Contribution Tax Credit to 100 percent of the amount contributed.

A concerned citizen supported this bill. Legal Aid Society of Hawaii supported this measure with amendments. The Hawaii Alliance for Community Based Economic Development supported the intent of this bill with amendments. The Department of Taxation and Tax Foundation of Hawaii offered comments.

Your Committee has amended this measure by changing the effective date to July 1, 2010, to promote further discussion.

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. 802, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 802, H.D. 1.

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

 

____________________________

DWIGHT TAKAMINE, Chair