RELATING TO CONTRACTORS.

Provides an exemption from the general excise tax for resident contractors performing work on federal or state projects.

RELATING TO CAVE PROTECTION.

Permits entry into caves that are part of state or county parks if entry signs are posted. Expands allowable purposes for entering the caves to include recreational uses. Protects the State and counties from liability where open entry to caves is granted when entry and warning signs are posted.

RELATING TO CORPORATE DISCLOSURE.

Requires: (1) department of taxation to report on tax benefits for development assistance programs; (2) counties to disclose real property tax reductions and abatements; (3) disclosure of development assistance; (4) recapture of assistance from recipients who fail to achieve jobs, wage, and benefit goals.

RELATING TO AIRLINES.

Provides a tax credit for landing fees for airlines that have Honolulu-based fleets.

RELATING TO PARKS.

Creates an advisory task force to develop an action plan for the transfer of jurisdiction over state parks from DLNR to the counties; a timetable for the transfer; a list of all relevant federal and state funds, appropriations, and contracts that would be affected by the transfer; and recommendations for the enactment of any county ordinances or policies needed to protect the environment, historical and cultural sites, recreation, maintenance, funding, safety, and responsiveness to park users. Requires the governor to convene the task force within 30 days of the Act's effective date. Includes as members of the task force, the chair of DLNR, the four county directors with jurisdiction over parks and recreation, a park user appointed by the governor, and the chairs of the house of representatives' and the senate's standing committees with jurisdiction over intergovernmental affairs. Requires DLNR's chair to submit a report of recommendations and implementing legislation to the legislature no later than 20 days before the convening of the 2004 regular session.

RELATING TO WATERCRAFT.

Requires vessels more than one mile off shore to be equipped with a properly functioning Emergency Position Indicating Radio
Beacon (EPIRB) or VHF-FM radio. Exempts canoes, jet skis, surfboards, and paddleboards. Exempts kayaks and training sailboats accompanied by a vessel with an EPIRB or VHF-FM radio.

RELATING TO ECONOMIC DEVELOPMENT.

Increases the bid preference for Hawaii products that are competing for procurement by the State.

RELATING TO STATE GOVERNMENT.

Removes limitation on total amount of interest that may be charged to state agencies that fail to pay debts within thirty days.

RELATING TO TAX CREDITS FOR AIR FREIGHT SERVICE.

Provides income tax credit for taxpayers to establish and provide direct air freight service to county with population of less than 100,000 residents; sunset tax credit after December 31, 2008.