STAND. COM. REP. NO.858-02
Honolulu, Hawaii
, 2002
RE: S.B. No. 2831
S.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Sir:
Your Committee on Economic Development and Business Concerns, to which was referred S.B. No. 2831, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO AN EXTENSION OF THE RESIDENTIAL CONSTRUCTION AND REMODELING INCOME TAX CREDIT,"
begs leave to report as follows:
The purpose of this bill is to stimulate economic activity in residential construction by:
(1) Extending the time during which construction qualifies for the credit;
(2) Clarifying that the tax can be taken by the owner, developer, or lessee of the residential real property; and
(3) Further defining the type of construction to which the credit applies.
Your Committee notes that the date to which the credit is extended has been left blank to ensure further discussion.
The Department of Taxation, The Land Use Research Foundation of Hawaii, Subcontractors Association of Hawaii, General Contractors Association of Hawaii, Armstrong Builders, Ltd., a consultant with the Ko Olina Resort and Marina, and a number of homeowners or prospective homeowners testified in support of this bill. The Department of Business, Economic Development & Tourism testified in support of the intent of the measure. The Tax Foundation of Hawaii commented on the bill.
As affirmed by the record of votes of the members of your Committee on Economic Development and Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2831, S.D. 1, and recommends that it pass Second Reading and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Economic Development and Business Concerns,
|
____________________________ LEI AHU ISA, Chair |
||