STAND. COM. REP. NO.  955

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 1658

      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. 1658 entitled:

 

"A BILL FOR AN ACT RELATING TO THE ANTARA MEDICAL TRUST FUND,"

 

begs leave to report as follows:

 

     The purpose of this bill is to develop a test to detect hepatitis by encouraging contributions for medical research through a nonrefundable tax credit.

 

     This bill establishes the Antara Medical Trust Fund (Fund) to support medical research to develop a commercially marketable diagnostic test for hepatitis.  Contributors to the Fund can claim a nonrefundable tax credit equal to a percentage of their contributions to the Fund.  If the diagnostic test proves successful and is commercially viable, a percentage of the commercial sales of the product will be earmarked to the Department of Health (DOH) for health care services and programs for low income and rural area residents.

 

     Eurus Genomics, Inc., and Antara BioSciences, Inc., testified in support of this bill.  DOH and the Department of Taxation opposed this measure.  The Tax Foundation of Hawaii offered comments.


 

     Your Committee has amended this bill by:

 

    (1)  Changing the effective date to January 1, 2020, to encourage continued discussion; and

 

    (2)  Making technical, nonsubstantive amendments for style.

 

     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. 1658, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1658, H.D. 1, and be placed on the calendar for Third Reading.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair