THE SENATE

THE TWENTY-SECOND LEGISLATURE

REGULAR SESSION OF 2004

COMMITTEE ON SCIENCE, ARTS, AND TECHNOLOGY

Senator David Y. Ige, Chair

Senator Melodie Aduja, Vice Chair

COMMITTEE ON ECONOMIC DEVELOPMENT

Senator Carol Fukunaga, Chair

Senator Melodie Aduja, Vice Chair

NOTICE OF HEARING

 

DATE:

Tuesday, February 10, 2004

TIME:

1:15 p.m.

PLACE:

Conference Room 229

State Capitol

415 South Beretania Street

A G E N D A

For SB2871, SB3024, and SB3166, please limit oral testimony to a discussion of the basic concepts of the three measures and their approaches to increasing venture capital investments in Hawaii. Recommendations for specific amendments may be submitted in writing for later review by the Committees.

SB 2871

RELATING TO CAPITAL INVESTMENTS

Proposes a 20% refundable tax credit for scientific research by qualified research and development companies. Clarifies the existing investment tax credit. Extends the technology infrastructure renovation tax credit. Proposes to establish a 20% business-research institute tax credit. Creates the Hawaii Private Investment Fund Program to increase the availability of equity and debt capital for the emerging, expanding, and restructuring enterprises. Appropriates $20 million from the Hawaii Strategic Development Corporation revolving fund for the operation of Program.

SAT/ECD, WAM

SB 3024

RELATING TO CAPITAL FORMATION

Adopts new capital formation incentives.

SAT/ECD, WAM

SB 3166

RELATING TO HIGH TECHNOLOGY TAX INCENTIVES

Adopts amendments to the high technology tax incentives program.

SAT/ECD, WAM

 

SB 2866

RELATING TO THE HAWAII STRATEGIC DEVELOPMENT CORPORATION

Repeals a section of Act 178, SLH 2003 which eliminates the Hawaii Strategic Development Corporation Revolving Fund to allow continued investment activity by the Hawaii Strategic Development Corporation.

SAT/ECD, WAM

SB 2281

 

RELATING TO THE HIGH TECHNOLOGY DEVELOPMENT CORPORATION

Allows moneys collected into the high technology special fund to be deposited into a private client account in any bank or financial institution. Deletes the fund's $3 million cap.

SAT/ECD, WAM

SB 3002

 

 

 

 

MAKING AN APPROPRIATION FOR THE PROJECT EAST INITIATIVE IN HAWAII'S PUBLIC SCHOOLS

Makes an appropriation for the continuation and expansion of the project east (environmental and spatial technology) initiative in Hawaii's public schools.

SAT/ECD, WAM

(Pending re-referral)

 

 

 

SB 2269

RELATING TO ENTERPRISE ZONES

Removes provisions that restrict telecommunications from being designated a qualified business for enterprise zone purposes.

ECD/SAT, WAM

SB 2566

RELATING TO ECONOMIC DEVELOPMENT

Mandates a four-year increase in the technology infrastructure renovation tax credit starting in 2005 and ending in 2008.

ECD/SAT, WAM

SB 3165

RELATING TO ENHANCING ECONOMIC DIVERSITY

Appropriates funds to study the feasibility of a Kalaeloa Technical Park project to enhance economic diversity.

ECD/SAT, WAM

 

Decision Making to follow, if time permits.

Persons wishing to testify should submit 30 copies of their testimony to the committee clerk, Room 215, State Capitol, 24 hours prior to the hearing. Testimony may also be faxed if less than 5 pages in length, to the Senate Sergeant-At-Arms Office at 586-6659 or 1-800-586-6659 (toll free for neighbor islands), at least 24 hours prior to the hearing. When faxing, please indicate to whom the testimony is being submitted, the date and time of the hearing, and the required number of copies needed for submittal.

If you require special assistance or auxiliary aids or services to participate in the public hearing process (i.e., sign language interpreter, wheelchair accessibility, or parking designated for the disabled) please contact the committee clerk 24 hours prior to the hearing so arrangements can be made.

Public Folder. A folder labeled "Public Folder" containing the measures and testimonies for the hearing will be available for shared use by members of the public.

FOR FURTHER INFORMATION, PLEASE CALL THE COMMITTEE CLERK AT 586-6230

 

 

________________________________________

Senator Carol Fukunaga

Chair

________________________________________

Senator David Y. Ige

Chair