STAND. COM. REP. NO.  1041

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 506

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 506 entitled:

 

"A BILL FOR AN ACT RELATING TO ETHANOL,"

 

begs leave to report as follows:

 

     The purpose of this bill is to encourage production of alternative fuels to ease Hawaii's dependence on foreign oil by extending from 2012 to 2017, the tax credit for a qualifying ethanol production facility.

 

     The Department of Business, Economic Development, and Tourism and Alexander and Baldwin, Inc., supported this bill.  The Department of Taxation and the Tax Foundation of Hawaii submitted comments.

 

     To encourage further discussion, your committee has amended this bill by changing its effective date to July 1, 2020.

 

     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. 506, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 506, H.D. 1.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair