STAND. COM. REP. NO. 1296

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 1057

       H.D. 1

       S.D. 2

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 1057, H.D. 1, S.D. 1, entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this measure is to allow third parties to contribute directly to a college savings account for a designated beneficiary.

 

Your Committee received one written comment on this measure.  The written comment may be reviewed on the Legislature’s website.

 

     Your Committee finds that the TuitionEDGE program is a college savings program established by the State of Hawaii to assist students and parents in saving money for a college education.  Your Committee finds that, currently, only the account owner is permitted to make contributions to TuitionEDGE accounts.  Your Committee believes that, by allowing third parties, such as grandparents, friends, and other family members, to contribute directly to a college savings account, the TuitionEDGE program will grow and assist more families in reaching their educational goals.

 

Your Committee has amended this measure by changing the effective date to July 1, 2050, to facilitate further discussion.

 

     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. 1057, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1057, H.D. 1, S.D. 2.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

 

 

____________________________

DONNA MERCADO KIM, Chair