Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 712 entitled:

begs leave to report as follows:

The purpose of this bill is to reduce the amount of general excise tax revenues to be deposited to the State Educational Facilities Improvement Special Fund by the amount of certificates of participation, in addition to the amount of general obligation bonds, authorized for that fiscal year.

The Department of Education supported the intent of this measure. The Department of Taxation and Tax Foundation of Hawaii submitted comments.

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. 712 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.