Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 336 entitled:

begs leave to report as follows:

The purpose of this bill is to increase the income tax credit for contributions to Individual Development Accounts from fifty percent to one hundred percent of the amount contributed for taxable years beginning after December 31, 2000, and before January 1, 2005.

Bank of Hawaii, Hawaii Alliance for Community-Based Economic Development, Parents and Children Together, Waimanalo Community Development Corporation, Samoan Service Providers Association, and Alu Like, Inc., submitted testimony in support of this bill. The Department of Taxation submitted testimony in opposition to this bill. Tax Foundation of Hawaii submitted comments on this bill.

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. 336 and recommends that it pass Third Reading.