STAND. COM. REP. NO.  79

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 55

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Higher Education, to which was referred H.B. No. 55 entitled:

 

"A BILL FOR AN ACT RELATING TO A COLLEGE SAVINGS PROGRAM TAX CREDIT,"

 

begs leave to report as follows:

 

     The purpose of this bill is to provide incentives for families to save for college education expenses by providing a tax credit to apply to certain contributions made to a Hawaii College Savings Program account.

 

     The Hawaii Association of Independent Schools supported this bill.  The Department of Budget and Finance supported the intent of this measure.  The Department of Taxation provided comments.

 

     Your Committee has amended this bill by:

 

     (1)  Changing the effective date to July 1, 2050, to encourage further discussion; and

 

     (2)  Making technical, nonsubstantive amendments for clarity, consistency, and style.


     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. 55, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 55, H.D. 1, and be referred to the Committee on Finance.

 

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

 

 

 

 

____________________________

SCOTT NISHIMOTO, Chair