STAND. COM. REP. NO.957
Honolulu, Hawaii
, 2003
RE: S.B. No. 377
S.D. 1
Honorable Robert Bunda
President of the Senate
Twenty-Second State Legislature
Regular Session of 2003
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred S.B. No. 377 entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
The purpose of this measure is to establish an income tax credit up to a total aggregate limit of $75,000,000 for the private development of facilities for attractions and educational purposes at Ko Olina Resort and Marina on Oahu.
Your Committee finds that the tax credit established in this measure will stimulate economic development on the Leeward side of Oahu, including the second city of Kapolei, and enhance Hawaii as a tourism destination. The intended development at Ko Olina Resort and Marina will provide not only economic benefit to the State, but also will create additional jobs, both temporary and permanent, for area residents.
Your Committee notes that allowing the tax credit established in this measure does not mean that the project is a publicly funded project. Chapter 104, Hawaii Revised Statutes, however, will apply to the extent that the project is publicly funded.
Your Committee has amended this bill by:
(1) Clarifying the relationship between subsections (b),(d), and (g):
(a) Subsection (b) establishes monetary ceilings, which do not clearly apply to subsections (d) and (g);
(b) Subsection (g) was deleted as redundant to subsection (d); and
(c) Subsection (d) has been amended by clearly applying the monetary limits in subsection (b);
(2) Clarifying that if the tax credit under this bill is claimed, no other credit for costs or other activities or businesses may be claimed. This is intended to preclude claims for the tax credit in this bill, in addition to the high technology business investment tax credit, the tax credit for research activities, and other possible tax credits;
(3) Establishing that a statement furnished to the Director of Taxation regarding the amount of tax credit claimed, the qualifying costs, and the taxes against which claimed is a public document to provide appropriate information on the expenditure of state money;
(4) Changing the dollar amount of the tax credit to a blank amount; and
(5) Making technical amendments for the purpose of clarity.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 377, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 377, S.D. 1.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
|
____________________________ BRIAN T. TANIGUCHI, Chair |
||