Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1448, H.D. 2, entitled:

begs leave to report as follows:

The purpose of this bill is to minimize the impact of residential fires by providing a tax credit for qualifying costs for each automatic fire sprinkler system that is installed and placed into service after June 30, 2006.

The State Fire Council supported this bill. The Hawaii Council of Associations of Apartment Owners supported the intent of this bill. The Department of Taxation opposed this measure.

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. 1448, H.D. 2, and recommends that it pass Third Reading.