STAND. COM. REP. NO.512

Honolulu, Hawaii

, 2003

RE: S.B. No. 1206

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committees on Economic Development and Energy and Environment, to which was referred S.B. No. 1206 entitled:

"A BILL FOR AN ACT RELATING TO TAXATION,"

beg leave to report as follows:

The purpose of this measure is to allow an aircraft operating lease investment tax credit.

Comments on this measure were received from the Department of Taxation and Tax Foundation of Hawaii.

This measure allows a lessee of an aircraft under an operating lease, to claim an aircraft operating lease investment tax credit of two per cent of the lease rent; provided that the aircraft utilizes "quiet technology", as defined in federal law. It is your Committees' understanding that aircraft includes, among other things, helicopters and small commercial planes.

Your Committees believe that because the State's fiscal outlook is uncertain at this time, this measure should continue in the legislative process to promote further discussion.

As affirmed by the records of votes of the members of your Committees on Economic Development and Energy and Environment that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 1206 and recommend that it pass Second Reading and be referred to the Committee on Ways and Means.

 

Respectfully submitted on behalf of the members of the Committees on Economic Development and Energy and Environment,

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J. KALANI ENGLISH, Chair

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CAROL FUKUNAGA, Chair