Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Higher Education, to which was referred H.B. No. 339 entitled:

begs leave to report as follows:

The purpose of this bill is to allow a tax credit on amounts contributed to a College Savings Program.

The University of Hawaii submitted testimony in support of the intent of this bill. The Department of Taxation and Tax Foundation of Hawaii submitted comments on this bill.

Your Committee finds that college savings programs are a valuable tool to help make college more affordable to college students, while encouraging sensible financial planning. This bill would make saving for college even more feasible by providing a tax credit on amounts contributed to a College Savings Program.

Your Committee has amended this bill by:

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. 339, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 339, H.D. 1, and be referred to the Committee on Finance.