STAND. COM. REP. NO.  67

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 1288

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Higher Education, to which was referred H.B. No. 1288 entitled:

 

"A BILL FOR AN ACT RELATING TO THE STATE OF HAWAII SECTION 529 COLLEGE SAVINGS PROGRAM,"

 

begs leave to report as follows:

 

     The purpose of this bill is to continue to assist and encourage Hawaii's families to set aside funds for future higher education expenses through Hawaii's College Savings Program (Program) by helping to increase participation in the Program, and increasing the Program's assets to command a lower program management fee.

 

     Specifically, this bill provides an income tax deduction for contributions to the Program.

 

     The Department of Budget and Finance, Department of Business, Economic Development and Tourism, Department of Taxation, and Hawaii Association of Independent Schools testified in support of this bill.  The Tax Foundation of Hawaii offered comments.

 

     As affirmed by the record of votes of the members of your Committee on Higher Education that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1288 and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

 

Respectfully submitted on behalf of the members of the Committee on Higher Education,

 

 

 

 

____________________________

JERRY L. CHANG, Chair